Beat Capital Partners, a London-based venture capital investor that focuses on the insurance industry, announced it is planning to launch a specialty and tech-enabled credit non-payment insurance underwriter.
Called “Convergence,” the business is expected to underwrite through a Lloyd’s consortium, led by Beat Syndicate 4242, with Stephen Pike as CEO and founder. Its initial focus will be on Europe and North America.
The date of the launch hasn’t yet been announced.
Convergence will step into the market to meet the growing and largely unaddressed need for portfolio solutions among banks and global financial institutions, specifically targeting the insurance of credit risk portfolios, Beat Capital said.
Convergence plans to leverage a combination of technology and data analytics, powered by a proprietary algorithmic modeling platform developed in partnership with University College London (UCL). This platform enables Convergence to swiftly integrate, enhance, and utilize the extensive data provided by financial institutions. Through this innovative and tech-driven platform, it will offer unparalleled efficiency and precision in servicing a broad spectrum of opportunities in economic risk management.
With 20 years of credit experience, Pike previously held the role of global head of credit and political risk (CPR) at Canopius, having joined the CPR team in 2017. Pike went on to evolve the global reinsurer’s proposition from single situations through the creation of a portfolio credit team.
Prior to that he was co-head of trade finance at ED&F MAN Capital Markets where he established the business’ global trade finance business. He started his career at Merrill Lynch and went on to be a portfolio analyst at Cyrus Capital, a credit special situations fund.
Pike will be joined by Jeremy Hatchuel, co-founder and partner. He brings 10 years of quantitative expertise at the intersection of the capital markets and insurance, starting his career as an ILS structurer at Aon Securities and later joining the Canopius CPR team to lead its portfolio solutions function. Hatchuel has an Master of Science degree in Cognitive Science and conducted research in computational neuroscience at UCL.
“Convergence will be launched to take advantage of the many opportunities available in the CPR market. It is a complex sector and the team has a wealth of experience,” Pike said. “We will be data driven and have developed a proprietary model with UCL which will provide scalable solutions for our clients. Our purpose-built technology, industry knowledge and understanding of individual clients will give us a market leading position.”
About Beat Capital Partners
Beat Capital Partners is a long duration venture capital investor exclusively focused on the insurance industry. Beat provides underwriting teams with equity in their own business, the potential to access to highly rated Lloyd’s (AA-) and other partner paper, a full-service back office, start-up financing, expedient set up and launch plus partnership with Beat’s team and proven record of success. Beat operates 11 underwriting franchises that write US$700 million in gross written premiums in diverse lines of business in the UK, Bermuda and the U.S. Beat also helps manage Syndicates 4242 / 1416 in Lloyd’s and Cadenza Re, a Beat-dedicated reinsurer, in Bermuda.
Source: Beat Capital Partners
Topics New Markets
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