--- title: "Insurtech Private Equity: Carrier Operations | Capstreet" description: "Capstreet invests in insurtech: technology-enabled services and software that improve carrier sales, underwriting, administration and claims management." url: https://capstreet.multisites.ai/industries/insurance publisher: Capstreet phone: +1-713-332-2700 contact: https://capstreet.multisites.ai/contact --- # Insurtech private equity for carrier-focused companies Capstreet invests in insurtech businesses that improve how insurance carriers operate. It looks for technology-enabled services and software in digital sales enablement, underwriting, service and administration, and claims management. Owners should have $3 to $15 million of EBITDA and want a majority capital partner. IndustryUpdated November 10, 20263 min read ![Portfolio company leaders at Capstreet’s 2023 CEO and CFO summit](https://capstreet.multisites.ai/_astro/ceo-summit-awards.RPn2Lp5__1amMTd.webp) ## Carrier operations Capstreet focuses on technology that helps carriers work better. ## Four named areas Digital sales enablement, underwriting, service and administration, and claims management. ## Ontellus A record retrieval provider serving insurance carriers, now realized (sold in 2025). ## Why does Capstreet invest in insurance? Capstreet believes insurance is going through a rapid digital shift. That shift allows better risk management, better underwriting and wider, more targeted distribution to customers. Capstreet states its view this way on its [What We Do](https://capstreet.multisites.ai/what-we-do) page: > We believe the insurance industry is undergoing a rapid digital transformation that allows more efficient risk management and underwriting processes, and wider and more targeted distribution to customers. Within Insurtech, we look for technology-enabled services and software businesses that enhance carrier operations, including digital sales enablement, underwriting, service and administration, and claims management. The firm looks for two kinds of company in the space: technology-enabled services and software. Both are named. That is useful if you run a services business with strong systems, because you are not forced to call yourself a software company. The common thread is carrier operations. Capstreet wants businesses that help carriers do their work, not carriers themselves. ## What kinds of insurance businesses fit Capstreet? A fit is a technology-enabled services or software business that enhances carrier operations in one of four areas: sales enablement, underwriting, service and administration, or claims. Area What Capstreet describes Digital sales enablement Tools that help carriers sell and distribute Underwriting Technology that supports risk selection and pricing decisions Service and administration Systems for policy service and back-office work Claims management Tools and services that speed claims work Business type Technology-enabled services or software If you sell into carriers, match your offer to the table. Then test yourself against the firm’s [criteria](https://capstreet.multisites.ai/deal-criteria), including EBITDA, ownership and a team that wants a majority partner. ## How do Capstreet’s criteria apply to insurance companies? Capstreet publishes five criteria, and they apply to insurance owners the same way they apply to every other industry. Each one is listed below. - Entrepreneur-owned businesses services companies - $3 to $15 million of EBITDA - Primarily majority investments - Entrepreneurs reinvest alongside Capstreet - Ability to apply the Capvalue Framework® The firm also says it looks for “a tenured team of owners or managers seeking a majority capital partner, with solid financials, a defensive business model, untapped growth potential, and competitive advantages within their market niche.” Claims and underwriting work repeats every day, which can support a defensive business model. A services business with strong technology may also have a competitive advantage within its niche, as Capstreet describes. We offer this as a reading of the criteria, not as a Capstreet claim. Its $3 to $15 million EBITDA range sits in what many call the [lower middle market](https://capstreet.multisites.ai/glossary/lower-middle-market). An [add-on acquisition](https://capstreet.multisites.ai/glossary/add-on-acquisition) is a smaller company that a platform buys and folds in. ## Which insurance companies has Capstreet backed? Capstreet lists one insurance company in its portfolio. It is a realized investment. Status is shown as Capstreet publishes it on its [portfolio](https://capstreet.multisites.ai/our-companies) pages. - **[Ontellus](https://capstreet.multisites.ai/portfolio/ontellus)**: Past, Fund IV and V. A national, privately held, technology-enabled record retrieval provider that served insurance carriers, self-insured corporations and law firms. It was founded in 1975 as Keais Records Retrieval and rebranded in 2017. Capstreet invested in 2015, and the case study says the company was sold in 2025. Capstreet publishes a case study you can read: [Ontellus](https://capstreet.multisites.ai/cases/ontellus). It describes what the company did, not what investors earned. ## What does Capstreet do after it invests? Capstreet applies its [Capvalue Framework®](https://capstreet.multisites.ai/building-greatness) in three steps: Research, Build Scalable Platform, and Drive Business Transformation. Across its history, the firm reports 50+ Platform Acquisitions and 200+ Add-on Acquisitions. 1. **Research.** Perform deep research to identify markets and build relationships with key entrepreneurs. 2. **Build Scalable Platform.** Invest in top talent and technologies, and provide functional expertise for scale. 3. **Drive Business Transformation.** Develop a long-term strategic roadmap and execute a buy and build strategy. The Ontellus case study lists the work: a strategic roadmap, new leaders, new technology and seven strategic acquisitions. Capstreet also says that in late 2019 Aquiline Capital Partners did a majority equity recapitalization, with Capstreet and other unit holders rolling over. See [rollover equity](https://capstreet.multisites.ai/glossary/rollover-equity) for what that term means. There can be no guarantee that Capstreet will be successful in applying its Capvalue Framework®. ## Next step If your company serves insurance, read the full [deal criteria](https://capstreet.multisites.ai/deal-criteria), then start a confidential conversation through the [contact page](https://capstreet.multisites.ai/contact). You can also call 713-332-2700 or email [connect@capstreet.com](mailto:connect@capstreet.com). See all [industries](https://capstreet.multisites.ai/industries) Capstreet lists. ## Frequently asked questions ### What insurance companies does Capstreet invest in? Capstreet invests in insurtech: technology-enabled services and software that enhance carrier operations. Its named areas are digital sales enablement, underwriting, service and administration, and claims management. The business should also meet the firm's general criteria, including $3 to $15 million of EBITDA. ### Does Capstreet invest in insurance agencies or carriers? Capstreet's published thesis targets businesses that serve carriers, not carriers or agencies. If you own an agency or carrier, contact the firm to ask whether a conversation makes sense. Do not assume a fit from the insurtech page alone. ### What was Ontellus? Ontellus was a national, technology-enabled record retrieval provider for insurance carriers, self-insured corporations and law firms. Capstreet invested in 2015 and lists the company as sold in 2025. The firm's case study describes seven strategic acquisitions during the investment. ### Can a services company count as insurtech? Yes, based on Capstreet's wording. The firm says it looks for technology-enabled services and software businesses that enhance carrier operations. Ontellus, a record retrieval provider, was an example of a technology-enabled service in the portfolio. ## Terms on this page - [Lower Middle Market](https://capstreet.multisites.ai/glossary/lower-middle-market) - [Add-On Acquisition](https://capstreet.multisites.ai/glossary/add-on-acquisition) - [Recapitalization](https://capstreet.multisites.ai/glossary/recapitalization) - [Rollover Equity](https://capstreet.multisites.ai/glossary/rollover-equity) - [Buy and Build](https://capstreet.multisites.ai/glossary/buy-and-build) - [EBITDA](https://capstreet.multisites.ai/glossary/ebitda) ## Insurance companies we have backed - [**Ontellus**Realized · Insurance](https://capstreet.multisites.ai/portfolio/ontellus) ## Keep reading - [Automotive technology private equity for dealer-focused companiesCapstreet invests in automotive technology businesses that help dealerships. The firm targets solutions for sales, marketing, finance and insurance, and service lane operations. It describes several recent investments in the sector and looks for owners with $3 to $15 million of EBITDA who want a majority capital partner.](https://capstreet.multisites.ai/industries/automotive) - [Construction technology private equity for software ownersCapstreet believes technology can drive large changes in construction efficiency and project delivery. It targets software businesses that support project and financial management for general contractors and sub-contractors. The firm sees the industry as early on its technology adoption curve and looks for owners with $3 to $15 million of EBITDA.](https://capstreet.multisites.ai/industries/construction) - [Healthcare private equity for business services ownersCapstreet invests in business-to-business healthcare companies that help providers and payers run more efficiently. The firm names compliance, revenue cycle management and practice management software as its focus areas. Owners should have $3 to $15 million of EBITDA and want a majority capital partner.](https://capstreet.multisites.ai/industries/healthcare) - [Legal services and legal technology private equityCapstreet believes the legal services and technology market remains fragmented and under-adopted. It says it has a strong track record of helping businesses scale where those conditions exist, plus specific experience with the nuances of the legal industry. It looks for owners with $3 to $15 million of EBITDA.](https://capstreet.multisites.ai/industries/legal) - [Capstreet deal criteria: the companies we look forCapstreet looks for entrepreneur-owned business services companies with $3 to $15 million of EBITDA. We make primarily majority investments, and entrepreneurs reinvest alongside Capstreet. We want a tenured team, solid financials, a defensive business model, untapped growth potential and a niche advantage. We invest across 12 industries.](https://capstreet.multisites.ai/deal-criteria) - [Government technology (GovTech) private equityCapstreet believes government technology is behind on adoption but could gain large efficiency from specialized vertical software. It says GovTech shares the attractive traits of other stable, regulated industries where the firm knows how to help businesses scale. It looks for owners with $3 to $15 million of EBITDA.](https://capstreet.multisites.ai/industries/government) ## Ready to get started? Let’s talk. Tell us about your company and what you want next. Conversations are private, and there is no obligation. [Start a conversation](https://capstreet.multisites.ai/contact) [(713) 332-2700](tel:+1-713-332-2700)[connect@capstreet.com](mailto:connect@capstreet.com) ![Capstreet team members at a Houston elementary school for Houston Reads Day](https://capstreet.multisites.ai/_astro/houston-reads-day.DxNd9bIr_tggWP.webp)