Every bank or private credit fund that makes a loan assumes the risk that the borrower may default. Credit insurance helps transfer that risk to an insurer in exchange for premium, creating two forms of value: capital relief for the lender and uncorrelated credit exposure for the insurer. While the product has existed for decades, bringing these transactions together is complex. Each deal must satisfy the risk, pricing, and capital objectives of borrowers, lenders, and insurers.

Zach and Adam had spent their careers approaching these transactions from complementary sides of the market. That perspective gave them both the relationships and the practical underwriting knowledge needed to identify where existing solutions were falling short. Their version for LimitFi was a technology-enabled underwriting platform focused on conservatively structured credit risks and purpose-built for a market that required judgement, speed, and precision.

In June 2021, ManchesterStory led LimitFi's Series Seed financing as the sole institutional investor. The investment reflected several qualities we look for in companies operating at the intersection of insurance, credit, and capital markets:

• Founders with specialized experience and a clear understanding of both lender and insurer needs.
• A large addressable market shaped by demand for more efficient capital and risk-transfer solutions.
• A disciplined underwriting model supported by technology and focused on complex, underserved credit risks.

Over the next five years, Adam and Zach built LimitFi into a leading capital and credit-risk insurance platform specializing in default-risk transfer and alternative credit solutions. In July 2026, that work culminated in a highly favorable exit to DOXA, an award-winning specialty insurance platform backed by Goldman Sachs.

LimitFi is a strong example of ManchesterStory's investment approach: backing exceptional founders and identifying high-growth, high-margin opportunities where related sectors converge.