Beat Capital Partners ("Beat"), a London-based incubator of underwriting franchises and a subsidiary of Ambac Financial Group, Inc. ("Ambac") (NYSE: AMBC), and Doug Karpp, former executive at Hiscox and AIG with over two decades of industry experience, announce proRISE Insurance Services ("proRISE'") to launch on Oct. 1. proRISE specializes in management and professional liability insurance with a focus on small and medium-sized enterprises (SMEs). Backed by A+ rated capacity, proRISE writes on behalf of a consortium led by Beat Syndicate 4242 at Lloyd's. It offers a robust line of products tailored to the diverse needs of professionals and executives. Its products will be distributed through wholesale brokers.
Under the leadership of Karpp, proRISE is dedicated to delivering specialized insurance solutions that address the unique risks faced by SMEs. The company's offerings include private directors and officers, non-profit directors and officers, employment practices liability, fiduciary liability, crime, and professional liability insurance tailored for miscellaneous professionals, architects engineers, and allied health professionals.
Karpp, proRISE's president and chief executive officer, said: "I am incredibly excited to launch proRISE bringing Respect, Integrity, Service and Expertise to our broker partners to provide their clients tailored insurance solutions. With backing and support from Beat, I am confident proRISE will become the go-to solution for the SME executive and professional lines market."
John Cavanagh, chairman of Beat, commented on the launch, saying, "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."
Claude LeBlanc, president and chief executive officer of Ambac, stated, "We are excited to welcome Doug Karpp, whose experience, leadership and comprehensive suite of products will provide significant value to our group. 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 10 new MGAs. Beat's proven expertise in standing up insurance distribution businesses will be a key component to reaching our goals."
About proRISE Insurance Services
proRISE Insurance Services specializes in management and professional liability insurance for SMEs, offering a wide range of tailored solutions to protect against the unique challenges faced by businesses today. With the backing of highly rated capacity and led by a seasoned team of industry experts, proRISE is poised to set new standards in the insurance industry for SMEs across various sectors. proRISE is committed to expertise and client-centric service, ensuring that SMEs receive the highest standard of protection against evolving risks in their respective fields.
About Beat Capital Partners
Beat Capital Partners is a London-based incubator of underwriting franchises which offers select individuals and teams infrastructure, risk capital, and highly rated paper, alongside experienced guidance and support from its seasoned management team. Beat has launched 12 businesses since its founding in 2017 and services Lloyd's Syndicates 4242/1416. Beat is a subsidiary of Ambac Financial Group, Inc. (NYSE: AMBC). For more information, see www.beatcapital.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240920715800/en/
Contacts:
Investors:
Charles J. Sebaski
Managing Director, Investor Relations
csebaski@ambac.com
Media:
Kate Smith
Director, Corporate Communications
ksmith@ambac.com
David Haggie
Haggie Partners
david@haggiepartners.com
Olivia Thomson
Haggie Partners
Olivia.Thomson@haggiepartners.com
