Slingshot

Confidential

The carrier built for the future of the insurance market.

AI-native insurance infrastructure for the embedded economy.

April 2026

Seed Round

The Tension

Insurance is a $3 trillion industry still running on email and Excel.

Six months to onboard a partner. Eight months to launch a product. Spreadsheets emailed between people who have never met. Reinsurers frustrated by data they cannot verify. Somewhere in the middle, a founder with a great idea -- waiting on hold.

The Market Has Inverted

200 years of optimization. For the wrong market.

Legacy carriers built economics for rare, catastrophic events -- the burning house, the totaled car, the hundred-million-dollar program. The growth market is now small, frequent, and embedded in every checkout.

The Inversion Same volume. Opposite shape.

Legacy Apex Up

Transactions: Low
Volume / policy: High
Min. program: $20M+

Inverted Apex Down

Transactions: High
Volume / policy: Low
Avg. policy: $25

Market Opportunity

$72B

Embedded insurance today (3% of global P&C)

2025 2034

$745B

Embedded insurance by 2034 (20% of global P&C)

Growth Rate

30%+ YoY

MGA Count

3,000+

Embedded MGAs

300+

Currently Served

Virtually none.

We are not capturing TAM. We are creating the TAM that legacy carrier economics made impossible.

Why Existing Solutions Fail

You cannot bolt embedded onto legacy.

Fronting Carriers

Provide paper and nothing else. 5% fee for forwarding faxes. No technology, no transparency, no accountability. Six-month onboarding is standard.

State National, Trisura, Concert

Technology Wrapper

Technology wrappers that do not own the carrier. When complexity arrives -- filings, reinsurance, claims disputes -- you discover the infrastructure is rented.

Sure, Foxquilt

Legacy Carriers

Built for $50,000 policies at low frequency. Their OpEx base requires $20M+ programs to break even. A $25 policy at checkout is architecturally impossible.

Markel, Travelers, Great American

Introducing Slingshot

The Stripe of insurance.

A fully licensed, AI-native insurance carrier built from the first line of code for the high transactions, low volume embedded market that legacy carriers cannot serve.

Market Structure Neither side can reach the other without transiting Slingshot.

Embedded Distribution →

SaaS Platforms

Embedded MGAs

Marketplace Checkouts

Vertical Insure

+ N more

Slingshot Platform Layer

Capital & Capacity →

Reinsurance Capital

Regulatory Surplus

Carrier License

Balance Sheet

Carrier Capacity

Real licenses. Real surplus. Real carrier -- not paper, not rented.

AI Operating System

Purpose-built, ground-up infrastructure. Not vendors stitched together.

Data Trust

Every data object has a birth certificate. Audit-ready by default.

Partner Collective

Curated, tech-forward partner network. Intelligence compounds with every member.

The Architecture

Every data object has a birth certificate.

01

Pillar

Artifact Data Trust

Chain of custody · version history

Every object carries a birth certificate. The bordereau number is provably the real number — not the version after quiet adjustments nobody documented.

02

Pillar

Institutional Memory

Intelligence compounds every transaction

When an underwriter leaves a legacy carrier, the knowledge walks out the door. Our memory engine keeps it — and lets it compound across every partner.

03

Pillar

AI Agents · On-Demand Expertise

Carrier-grade reasoning across the insurance lifecycle

From underwriting referrals to claims decisions to actuarial analysis, agents turn trusted data and institutional memory into usable judgment.

SLINGSHOT OS

The system claim Each pillar writes into the next. Cut one and there is no loop — just three disconnected tools.

Competitive Landscape

107 competitors analyzed. Zero have all four.

There is no shortage of insurance companies, but none have the architecture Slingshot requires. We analyzed the 107 most sophisticated carriers, MGAs, and fronting platforms. Each capability below is rare on its own. No single competitor has all four -- the combination required to serve the embedded market.

Of 107 Competitors

Artifact Data Trust

8%

Of 107 Competitors

Institutional Memory

5%

Of 107 Competitors

Sub-$20M Programs

3%

Of 107 Competitors

Embedded-Only Carrier

3%

Business Model

An AI company that owns a carrier.

Carrier Fee

~5% of GWP per policy. Industry-standard rate, dramatically more value. Full-stack AI operations, not paper.

Progressive Risk Retention

As data matures, retain 10-20% of risk on well-performing books. Combined with platform fees, advisory services, and E&S tax reporting, this expands blended margins from 5% toward 20%.

Reinsurance Optimization

Better data creates better economics for the entire chain. Reinsurers release collateral faster when the actuarial models are objective, transparent, and statistically sound.

Advisory Services

Product design, actuarial advisory, MGA bootstrapping, regulatory filings. Revenue from teaching the category.

Net Margin Trajectory

Year 1

~5%

Year 3

~12%

Year 5

~20%

Unit Economics

The math is a moat.

Legacy Carrier

Employees for $2B revenue 2,000

Minimum viable program $20M+

Onboarding timeline 6 months

Product launch 8+ months

Platform philosophy 16+ vendors

Slingshot

Target team at scale ~100

Minimum viable program $1M

Onboarding timeline Weeks

Product launch Weeks

Platform philosophy Built in-house

Financial Projections

	2026	2027	2028	2029	2030
Revenue
Net Earned Premium	$0.3M	$4.7M	$23.0M	$78.5M	$210.1M
Fronting Fees	$0.5M	$2.9M	$6.2M	$11.4M	$19.6M
Investment Income	$0.3M	$0.5M	$1.6M	$2.3M	$3.5M
Other	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M
Total Revenue	$1.1M	$8.1M	$30.9M	$92.2M	$233.2M
Expenses
Net Losses and LAE	$0.1M	$1.4M	$7.7M	$28.3M	$79.3M
Net Commission	$0.1M	$1.2M	$6.8M	$29.0M	$86.7M
Other UW Expense	$0.0M	$0.0M	$0.0M	$0.1M	$0.3M
Staffing	$1.2M	$4.4M	$8.2M	$12.4M	$17.9M
Other	$1.7M	$3.8M	$6.5M	$10.8M	$18.4M
Total Expenses	$3.0M	$10.8M	$29.2M	$80.6M	$202.7M
EBITDA Crossover: 2027 → 2028
EBITDA	-$2.0M	-$2.7M	+$1.7M	+$11.6M	+$30.5M

EBITDA crosses into profitability in 2028 and reaches a ~13% operating margin by 2030. Revenue mix expands beyond underwriting and fronting to include platform fees, advisory services, and E&S surplus-lines tax reporting as the partner network scales.

Early Traction

Building in public. Shipping in private.

1

Carrier Acquisition

Shell carrier in advanced stages. Form A approval in process. Targeting Q3/Q4 2026 operational launch.

1st

Customer On Day One

Vertical Insure -- co-founder Brock's embedded insurance MGA. 750,000+ customers. Our product is being built with the customer at the table.

OS

Prototype Built

Slingshot OS prototype operational. Actuaries write production code. BlankMetal (Rally portfolio) as development partner.

300+

Embedded MGAs

Target segment outpacing the broader MGA market. Embedded programs skew smaller, but growing disproportionately as SaaS platforms and marketplaces add insurance as a revenue line.

Strategic Advantage

Rally Ventures. Founding partner.

Not a board seat and a check. Hands-on from the first line of code.

Operational Support

GPs actively involved in initial build, strategic decisions, and carrier acquisition. BlankMetal -- Rally portfolio company -- serves as development partner.

Portfolio Go-to-Market

Rally's playbook puts Slingshot in front of portfolio companies. Embedded insurance is a natural revenue line for vertical SaaS platforms in the Rally network.

Category Credibility

Rally has backed embedded finance from its earliest days. Their thesis -- that every software company becomes a fintech company -- validates the embedded insurance opportunity.

The Team

Ethan Genteman

Co-Founder + CEO

Former Chief Actuary and Chief Data Officer at Palomar -- a $4B carrier with $1B in top-line revenue. Prior: Intact Financial, a large institutional carrier, and the TigerRisk reinsurance team.

Fellow-level actuary who writes production code. The rare combination of insurance domain mastery and technical architecture ability.

Saw firsthand that institutional resistance to data and AI innovation was intractable -- not because the people were incompetent, but because the architecture was incompatible. Left to build what could not be built inside an existing carrier.

Brock Noland

Co-Founder + First Customer

Founder of Vertical Insure -- an embedded insurance MGA serving 750,000+ customers at $25 average premium (master policy structure).

Experienced every pain point from the MGA side: six-month carrier onboarding, opaque data, carriers that "provide paper and nothing else."

The voice of the customer permanently at the founding table. What Brock needs is what every embedded MGA needs.

Justin Kaufenberg

Co-Founder + Strategic Partner

Rally Ventures GP and serial embedded-solutions entrepreneur. Prior companies include SportsEngine, Vertical Insure, Yardstik, JustiFi, and Otto.

Brings the Stripe/Shopify thesis to insurance: when carrier infrastructure becomes accessible, the number of embedded MGAs grows 10-100x.

Deep pattern recognition on what it takes to build and scale embedded infrastructure businesses across verticals.

Jeff Hinck

Co-Founder + Strategic Partner

Prolific fintech investor and entrepreneur. Companies include SoFi, Figure Technology Solutions, Bold, Pace Loan Group, Vertical Insure, and JustiFi.

Brings capital markets, regulatory architecture, and fintech scaling playbook to the carrier build -- bridging strategic vision and day-to-day execution in regulated environments.

Liz Benz

Chief Revenue Officer

Seasoned revenue leader who took her last company from $70M to $700M in ARR. Deep experience building go-to-market engines for insurance and fintech companies from early stage through scale.

Owns the MGA partnership pipeline, onboarding experience, and revenue expansion strategy. Rally's go-to-market playbook runs through Liz -- providing an immediate channel for MGA acquisition at zero customer acquisition cost.

The commercial engine that converts Slingshot's technical advantage into market share.

Why Now

This window is wide open.

AI capabilities crossed the threshold

A year ago, the models were not good enough. Now they can handle actuarial reasoning, regulatory compliance, and data normalization at carrier-grade quality.

Embedded insurance is at inflection

30%+ YoY growth. Every SaaS platform, every checkout, every digital marketplace is discovering insurance as a revenue line. No carrier exists to serve them.

Legacy carriers cannot pivot

Swiss Re tried with iptiQ -- $1.1bn in written premiums, unlimited capital -- and is selling it off. The problem is not capital. It is architecture. You cannot bolt embedded onto legacy.

Software engineering is commoditized

The advantage is no longer in building software. It is in knowing what to build. Insurance domain expertise combined with modern architecture is the rare combination.

First-mover compounds

The institutional memory engine creates a data moat. Every partner that joins makes the platform smarter. Day 1 performance equals Year 5 knowledge. Competitors will say they do what we do before they build what we build. The data lead is the moat.

First-Mover Advantages

Data Moat Compounds Daily

Every transaction across every partner feeds the institutional memory engine. Year 2 data advantage is structurally unreachable by a Year 3 entrant. The platform gets smarter with every policy.

Reinsurance Relationships Compound

Better data earns better treaty terms. Better terms attract more MGAs. More MGAs generate more data. The flywheel is architectural, not commercial.

Switching Costs Are Structural

Once an MGA's data flows through the Slingshot OS with artifact-level trust and institutional memory, migrating to another carrier means abandoning the intelligence layer entirely. The cost of off-boarding is functionally prohibitive.

Category Definition

By naming and owning "the inverted market," Slingshot defines the vocabulary competitors must borrow. When the market conversation is "high transactions, low volume, embedded," every entrant validates our thesis.

Embedded Customers Are Sticky

$25 policies embedded in checkout flows have near-zero price elasticity and extreme switching costs. Once integrated, the carrier relationship is infrastructure, not a vendor contract.

The Ask

$20M

Seed Round

Capital to acquire and capitalize a carrier shell, build the full Slingshot OS, hire the founding team, and onboard the first cohort of embedded MGA partners.

Use of Funds

Total: $20M

$15M / 75% to carrier acquisition & regulatory surplus

75% · Carrier & Surplus

Tech

~8%

Team

~8%

GTM

~8%

$15M of statutory surplus is the regulatory floor required for E&S policy writing — verifiable, not discretionary. Shell acquisition + Form A approvals included. The remaining $5M funds Slingshot OS, founding hires, and MGA onboarding.

Slingshot

We are not rebuilding insurance. We are building what embedded insurance needs right now.

The only carrier whose economics were built from the first line of code for the market that actually matters.

ethan@slingshotinsurance.com