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Deal analysis · Insurtech

Azos: BRL 125 million Series C co-led by Kaszek and Kevin Efrusy

Less than a year after its Series B, the Brazilian individual-life MGA raises growth capital with BRL 307 million of annualised premiums and 11,000 brokers; in our reading, the price is set by distribution, not by the balance sheet.

By Israel Cerda de la Garza ( LinkedIn opens in a new window ) · · 5 min read

In March 2026 Azos, a Brazilian managing general agent (MGA) for individual life insurance founded in 2020, announced a BRL 125 million Series C (about USD 24 million) co-led by Kaszek and Kevin Efrusy, with Endeavor Catalyst as a new investor. The round comes less than a year after a BRL 170 million Series B led by Lightrock in 2025 and confirms that life and health concentrate the region’s insurtech capital.

The transaction

  • Parties. Azos as issuer. Kaszek and Kevin Efrusy co-lead; Endeavor Catalyst joins as a new investor (Brazil Journal, 11 March 2026).
  • Instrument and amount. Series C of BRL 125 million, approximately USD 24 million (LatamList, 13 March 2026). Valuation not disclosed.
  • Model. Azos designs and distributes individual life policies; the risk is underwritten by Excelsior Seguros and distribution runs through brokers.
  • Use of proceeds. Grow the engineering and product team by 50%; develop proprietary artificial intelligence for underwriting, claims and broker support (Insurtalks, 13 March 2026).
  • Disclosed metrics. About 100,000 active policies; BRL 307 million of annualised premiums in February 2026; 11,000 brokers; between BRL 100 billion and BRL 110 billion of insured capital; around 1% of Brazil’s individual life market; revenue more than doubled in 2025; NPS above 85; 65% of claims paid within eight business days.

Value drivers

Distribution before balance sheet. Azos does not carry the risk on its own balance sheet: it underwrites with Excelsior and sells through 11,000 brokers. In our reading, the round’s price pays for the broker network and the speed of issuance, not for regulatory capital, which belongs to the partner carrier.

Verifiable annualised premiums. BRL 307 million of annualised premiums over about 100,000 policies equates to an average premium in the order of BRL 3,000 per policy per year, by our arithmetic. With revenue more than doubled in 2025, the growth thesis rests on published data, not projections.

Claims as a commercial argument. Paying 65% of claims within eight business days and sustaining an NPS above 85 is, for a life product, the argument with which a broker recommends the brand over incumbent carriers.

Sector timing. Life and health captured 76% of the region’s insurtech capital in the first half of 2026 (Latam Insurtech Journey). Azos is the largest equity round within that concentration we recorded in Brazil this period.

What the market is signalling

For life MGAs in the region, the signal is that a company of relevant scale can be built without its own licence if it controls distribution and the claims experience. The partner carrier provides solvency capital; the MGA captures the growth and the valuation.

In Mexico, individual life insurance rests on the agent network and incumbent carriers concentrate the balance sheet. In our reading, the Azos model is replicable: a Mexican MGA with an underwriting agreement with a CNSF-authorised carrier, agent tooling and fast claims could attract the same funds, Kaszek among them, that already invest in insurtech in the country, as Sofía’s round in May 2026 shows.

For Mexican carriers, the reading is twofold: as underwriting partner, a digital MGA is a variable-cost channel; as competitor, it is the loss of control over the agent relationship.

G2’s reading for a mandate

An MGA going out to raise a Series B or C should present the business with the discipline of an insurer even though it is not one: monthly annualised premiums, average premium, persistency by cohort, ceded loss ratio, commission per broker and the terms of the capacity agreement, including its duration and termination conditions. That contract is the asset due diligence will review first; negotiating it before the round, with a long tenor and limited exclusivity, improves the valuation more than any projection.

Sources

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