It’s been announced that Beat Capital Partners and Paraline UK are to merge in order to enhance and further build Beat’s platform in an effort to support independent underwriting businesses.
Following the merger, Beat, a Bermuda domiciled insurance holding company, will join Neon Holdings Ltd. as a strategic investment partner of Beat, and, Syndicate 4242 is to be renamed Beat Syndicate 4242.
Paraline’s John Struck and Bruce Schnitzer will join the Beat board of directors, which is to be chaired by John Cavanagh, former Chief Executive Officer (CEO) of Willis Re, the reinsurance arm of broker Willis Towers Watson.
Furthermore, Paul Rayner, Active Underwriter of Syndicate 4242 as well as a Director of Paraline, is to become Chief Financial Officer (CFO) of Beat.
Paraline’s £110 million Lloyd’s Syndicate 4242 is managed by Asta, a third-party Managing Agent at the specialist Lloyd’s of London insurance and reinsurance marketplace.
Currently, Beat has two investments, including Tarian, a cyber insurer, and Chord Re, a specialty reinsurance underwriter. The underwriting support for both facilities is led by Neon Syndicate 2468.
The announcement also reveals that ICAT Managers, a managing general agent (MGA), will continue its strategic underwriting relationship with Syndicate 4242.
Tom Milligan, Co-Founder of Beat, said: “Beat has grown rapidly since its formation in 2017. This deal gives us access to a second Lloyd’s platform alongside Neon 2468 that benefits our existing investee companies and enhances our offering to proven lead underwriters who have the ambition to build their own business. We are delighted to partner with Paraline, who have a track record of successful insurance investment.”
Schnitzer, added: “This transaction is a great move for our business. It brings together a talented group of established insurance leaders and a powerful shareholder group with a shared, long-term vision.”
While the Group CEO of Neon, Martin Reith, said: “As a founder investor in Beat, we are thrilled to be partnering with Paraline Group in the next stage of Beat’s evolution.”
