Beat Capital
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A Lloyd’s consortium led by Beat Syndicate 4242 backs the MGA. -
Due diligence is essential to make sure incubators are backing winners.
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Amie Townsend will be responsible for developing Beat’s UK and Europe platform.
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There has been a period of staff displacement in the specialty reinsurance market.
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The company announced in June that it had agreed to take a majority stake in the firm.
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Ambac Financial Corporation recently acquired a majority stake in Beat.
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The chairman said PE ownership can be “sub-optimal” in softer market conditions.
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The A&H reinsurance underwriter was launched by Peter Wilkins at the end of last year.
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RedRiff Agency will underwrite A&H insurance and reinsurance through a Lloyd’s consortium led by Beat 4242.
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The underwriter will focus exclusively on onshore and offshore energy insurance worldwide outside the US, focusing on clients transitioning to a net zero environment.
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Underwriting agency Marcato Marine is based in Charlotte, North Carolina and will specialise in project cargo.
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The agency recruited Richard Edwards, Kevin Fussell and Joliana Hodges. The team will report to Magnolia president and CEO Justin Crawford.
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The MGA is one of the start-ups to have joined the D&O market since the dramatic change of conditions in 2020.
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The new hire will serve as president, reporting to US CEO April Galda Joyce.
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The founder said that taking a perpetual ownership approach rather than having an eye on exits would create better underwriting returns.
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Tegron is one of several new entrants to the market, easing pressure on capacity in the D&O sector.
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Tegron Capital will launch in July and focus on excess-of-loss cover for publicly traded companies.
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The new partner is a former COO of Ariel Re and Goldman Sachs banker.
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Beat Capital-backed MGA Chord Re has appointed CUO Tom Meyer as CEO, as incumbent Stefan Long moves to become executive director.
