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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.
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.
These 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.”
"Beat Capital to introduce SME-focused proRISE Insurance Services in October" was originally created and published by Life Insurance International, a GlobalData owned brand.
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