Shepherd Doubles GWP Run Rate and Secures Strategic U.S. Casualty Partnership with Intact

Shepherd, the AI-native commercial insurance platform for high-hazard industries, today announced a new partnership with Intact Financial Corporation (TSX:IFC), a global provider of property and casualty insurance, to write primary and excess casualty on Intact's AM Best A+ (Superior) rated paper across the United States, effective July 1, 2026.

For Shepherd, the agreement is a marker of strong, sustained momentum since their initial launch in 2022. The company doubled its GWP run-rate through the first half of 2026 and grew 23x from 2022 to 2025, building a portfolio of Property & Casualty offerings across multiple verticals. Shepherd now adds a global P&C insurer with a growing commercial and specialty solutions network as a capacity partner under a delegated authority model. Intact Private Capital led Shepherd's $42M Series B earlier this year. The capacity agreement was underwritten on its own against Shepherd's risk selection, underwriting discipline, and technology innovation, the same qualities that brought the two companies together in the first place. Together, they form the foundations of a strategic relationship built for long-term profitability.

For the brokers who place business with Shepherd and for the builders, operators, owners and developers they insure, the signal is clear: Shepherd is positioned for long-term durability and accelerated product innovation.

Everything that has made Shepherd succeed to date is accelerated by this partnership: an innovative, autonomous AI underwriting platform that enables pricing risk 10-to-15 times faster than traditional carriers, differentiated pricing, programs like Shepherd Savings, and a level of service brokers and insureds do not get from legacy markets. This also arrives in a moment when the AI infrastructure boom is driving construction and energy demand to record highs. That plays directly to Shepherd's strengths and abilities to cover and service complex risk with the speed and precision this wave requires.

"We continue to believe that commercial insurance is plagued by outdated systems and high-friction workflows. We built Shepherd to modernize the delivery of high-quality insurance products and innovate using data and technology. We're thrilled that Intact recognized that, and are proud of the work our teams have done together over the last several years to reach our program launch on July 1," said Justin Levine, CEO and Co-Founder of Shepherd. "When one of the largest carriers in the world puts its balance sheet behind you, it says something powerful about the team and everything we have built to get here. What excites me most is what comes next. This is where we start, but we are already mapping out with Intact what we build together from here. There is a lot more coming."

"We are selective about the partners we put our capacity behind and invest in, and Shepherd earned that through the discipline in how their team selects and prices risk," said Michael Seff, Senior Vice President, Specialty Lines at Intact Insurance. "Specialty casualty is a segment where deep expertise, live data, speed and service make a real difference, and Shepherd has all of those. As part of our partnership, we are working closely with Shepherd on deepening insights for pricing and risk selection and claims service for clients. We are genuinely excited about working with Shepherd and fully expect to add our expertise in pricing and risk selection to the platform as it grows."