Corgi's Move to Owned Carrier

This reveals that carrier ownership is not just a licensing detail, it changes the unit economics and renewal control of startup insurance. A broker or MGA like Embroker can make quoting feel simple on screen, but the actual policy still depends on outside risk carriers to supply paper and balance sheet. That means part of every premium is shared with the fronting carrier, and product continuity depends on keeping that carrier relationship renewed and aligned.

• Embroker has publicly highlighted Everspan as a strategic partner for new programs on its ONE platform, which shows the platform is digital, but the insurance capacity still comes through third party carrier relationships rather than owned paper.
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• Corgi moved from MGA status to full carrier approval in July 2025, which let it write policies on its own paper. That removes fronting fees, keeps more premium in house, and makes repricing or bundling new lines faster because no outside carrier approval is needed for each step.
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• Coalition and At-Bay show the other major model in startup insurance, cyber specialists that pair insurance with security software and monitoring. At-Bay focuses mainly on cyber, Tech E&O, and MPL, while Corgi is built around the broader startup bundle across D&O, EPL, general liability, cyber, and tech E&O.
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The market is moving toward fuller vertical integration. As startup insurers add more lines and want steadier margins, owning the carrier layer becomes more valuable because it turns insurance from a distribution business into an underwriting business, with more control over price, renewals, and product expansion.