UK-based insurance underwriting and managing general agent (MGA) incubation platform Beat Capital Partners is set to launch proRISE Insurance Services (proRISE).
The new venture will commence operations on 1 October, under the leadership of insurance industry veteran Doug Karpp, who formerly worked at Hiscox and AIG.
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proRISE will specialise in management and professional liability insurance, targeting small and medium-sized enterprises (SMEs).
With backing from A+ rated capacity, proRISE will write policies on behalf of a consortium led by Beat Syndicate 4242 at Lloyd’s.
The company aims to offer a comprehensive suite of products designed to meet the varied requirements of professionals and executives, with distribution channels focused on wholesale brokers.
Its product portfolio includes private directors and officers, non-profit directors and officers, employment practices liability, fiduciary liability, crime, and professional liability insurance.
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By GlobalDataThese products are specifically tailored for miscellaneous professionals, architects, engineers and allied health professionals.
Beat chairman John Cavanagh said: “We are thrilled to introduce proRISE to the market with the support of highly rated A+ capacity. We think proRISE’s focused approach on SMEs will fill a gap in the market by providing bespoke, service-oriented insurance solutions that are both accessible and essential for the management and professional sectors.”
Last month, insurance holding company Ambac finalised the acquisition of a 60% stake in Beat.
First announced in June, this deal established Ambac as the majority shareholder while Bain Capital and the management team of Beat each retained a 20% equity stake.
Since its establishment in 2017, Beat has launched 13 underwriting franchises and MGAs.
Ambac president and CEO Claude LeBlanc said: “The launch of proRISE illustrates why we were so excited to bring Beat into the Ambac family. De novo launches are a core component of our organic growth strategy, with our multiyear goal being to launch eight to ten new MGAs.
“Beat’s proven expertise in standing up insurance distribution businesses will be a key component to reaching our goals.”
