Insurance is one of the world’s oldest, largest, and least digitized industries. It is a sector that accounts for 12% of US GDP and generates over $2 trillion in annual premiums globally, yet fewer than 10% of those premiums are distributed digitally. For decades, technology companies have attempted to modernize this space, but most have only managed to build digital facades over crumbling analogue infrastructure.
As a Fund, we seek to invest in companies with undeniable market traction, relentlessly driven founders and the ability to become the commercial engine for their industry.
That is why we are thrilled to announce our investment in Corgi, the world’s first AI-native, full-stack insurance carrier.
The Problem
Insurance is, at its core, a words-based industry. It relies on processing vast amounts of unstructured data such as policies, claims, risk assessments, and regulatory filings. Historically, this has required armies of humans to read, interpret, and adjudicate, resulting in high costs and slow innovative cycles.
Nico Laqua and Emily Yuan, Corgi’s co-founders, recognized something profound in 2022: insurance was the single biggest untapped domain for Large Language Model (LLM) automation. However, applying AI to insurance is impossible if you are merely a Managing General Agent (MGA) relying on legacy carriers for your license. To truly automate the lifecycle of a policy, you need to own the rails.
The Solution
Corgi it is a fully licensed carrier and reinsurer. Not an AI wrapper. By securing full regulatory approval in July 2024, Corgi has built a regulatory moat that is incredibly difficult to replicate, and compete with.
This full-stack model allows Corgi to operate at the intersection of technology, regulation, and financial infrastructure. Unlike competitors who rely on third-party licensing, Corgi owns the entire value chain from underwriting and distribution to reinsurance. This enables the company to offer a “SaaS-like” experience with embedded-finance economics, allowing partners to plug in and offer coverage seamlessly without managing complex compliance workflows themselves.
Summary
At Quadri, we prioritize clear indicators of sales traction as evidence that a solution resonates with the enterprise. Corgi’s traction is, simply put, historic.
Since receiving regulatory approval, Corgi has grown at an average of roughly 40% month-over-month. Annual Recurring Revenue (ARR) exploded from approximately $6 million in May 2025 to $40m ARR at year end. This trajectory makes Corgi one of the fastest-growing B2B companies in history.
The company has achieved this hyper-growth while maintaining zero churn, proving that their product works, is sticky and mission critical.
Corgi is led by Nico Laqua (CEO) and Emily Yuan (COO), second-time founders who previously scaled a consumer platform to over 200 million monthly active users. They have supplemented their product velocity with deep industry DNA, bringing on veterans like Doug Keys (40+ years underwriting experience) and Heber Beddes (former insurance regulator). This team reflects an exceptional concentration of founder market fit blending agility and drive with the regulatory maturity required to build a generational financial institution.
Corgi is building the next-generation operating system for risk. By automating the heavy lifting of compliance and claims through AI agents, they are creating a flywheel where more data leads to better underwriting, lower costs, and faster distribution.
At Quadri, we firmly believe Corgi has the potential to become a generational company and to re-define financial infrastructure. We are proud to support Nico, Emily, and the entire Corgi team alongside our co-investors Y Combinator, Kindred, Oliver Jung, and others as they rebuild the insurance industry from the ground up.