GC Securities executive joins Paraline
Beat Capital Partners and Paraline UK are to merge in what they described as a bid to enhance and further build Beat’s platform to support independent underwriting businesses.
As a result of this merger, Paraline Group, a Bermuda-based insurance holding company, will join Neon Holdings as a strategic investment partner of Beat and Syndicate 4242 will be renamed Beat Syndicate 4242. The merger is subject to regulatory approval.
Bruce Schnitzer and John Struck of Paraline will join the Beat board of directors, which will be chaired by John Cavanagh. Paul Rayner, active underwriter of s.4242 and a director of Paraline Group, will also become chief financial officer of Beat.
The £110 million Paraline Syndicate 4242 at Lloyd’s is managed by Asta, a third party managing agency at Lloyd’s. At present Beat has two investments, Tarian, a cyber insurance specialist and Chord Re, a specialty reinsurance underwriter. Neon Syndicate 2468 leads underwriting support for both facilities. ICAT Managers, a managing general agent underwriting property catastrophe insurance to businesses and homeowners across the US, will continue its longstanding strategic underwriting relationship with s.4242.
“Beat has grown rapidly since its formation in 2017,” said Beat co-founder Tom Milligan. “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.”
Bruce Schnitzer, chairman of Paraline Group, said: “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.”
Martin Reith, group chief executive officer of Neon: “As a founder investor in Beat, we are thrilled to be partnering with Paraline Group in the next stage of Beat’s evolution.”
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