Shepherd
Commercial insurance for builders and operators in construction and infrastructure
Overview
Shepherd is a commercial property and casualty MGA (managing general underwriter) that underwrites construction and infrastructure risks for general contractors, specialty builders, energy developers, and related operators across North America. Founded in 2021 and backed by Y Combinator, the company distributes through retail broker partners including Marsh.
The company underwrites primary casualty, excess casualty, commercial auto, and builder's risk programs. Intact Private Capital serves as a key capacity provider and lead investor in the 2026 Series B. Core Specialty provides capacity for excess casualty lines. Shepherd operates as an MGU with full binding authority over its programs.
Shepherd has grown revenue more than 7x over 24 months, insuring over USD 400 billion in project value across more than 1,500 policies and 600-plus customers. The platform reduces underwriting indication times by approximately 90% compared to traditional insurers by integrating real-time construction project data from partners such as Procore, Autodesk, OpenSpace, DroneDeploy, and Samsara.
Products & Services
Primary Casualty
Ongoing general liability and commercial auto coverage for construction and infrastructure operators, including general contractors, specialty subcontractors, and energy developers.
Key Features
- General liability for construction operations
- Commercial auto for contractor fleets
- Behavioral data-driven pricing that rewards safer construction practices
Target Users: Mid-market to enterprise construction and infrastructure companies
Distribution: Retail brokers, including Marsh
Excess Casualty
Additional capacity and limits for larger or more complex construction risks, priced using behavioral data from partner platforms.
Key Features
- Excess limits over primary casualty programs
- Data-driven differentiated pricing at renewal
- Access to Core Specialty capacity
Target Users: General contractors and specialty builders requiring higher limits
Distribution: Retail brokers
Builder's Risk
First-party property coverage protecting construction projects during the build phase. Launched April 2025.
Key Features
- Coverage for damage to structures and materials during construction
- Integrated underwriting with casualty programs
- Supports complex infrastructure and energy projects
Target Users: Developers and owners of projects under construction
Distribution: Retail brokers
Renewable Energy and Power
Casualty and property coverage for energy developers, AI infrastructure operators, chip manufacturers, and hyperscale data center projects. Expanded vertical launched in 2025.
Key Features
- General liability and excess coverage for energy and power projects
- Tailored to the specific risk profile of AI infrastructure and renewable buildout
- Program-level underwriting with integration data inputs
Target Users: Renewable energy developers, AI lab operators, hyperscalers, data center builders
Distribution: Retail brokers
At a Glance
- Founded
- 2021
- Headquarters
- San Francisco, CA, USA
- Employees
- 201-500
- Funding
- USD 67 million total
Category & Focus
Links
Last updated: 2026-05-18