New underwriting business to enter SME professional lines market
New underwriting business to enter SME professional lines market | Insurance Business America
Insurance News
New underwriting business to enter SME professional lines market
Incubator partners with AIG alum for the specialized offering
Insurance News
By
Terry Gangcuangco
Underwriting franchises incubator Beat Capital Partners, part of Ambac Financial Group, has partnered with industry veteran Doug Karpp to form proRISE Insurance Services.
Set to debut on October 1, proRISE will focus on offering management and professional liability insurance tailored specifically for small- and medium-sized enterprises. It will operate with the backing of highly rated capacity, writing policies through a consortium led by Beat Syndicate 4242 at Lloyd’s, with distribution handled by wholesale brokers.
Under the direction of Karpp, who brings more than 20 years of experience from the likes of Hiscox and AIG, proRISE will have a portfolio spanning private and non-profit directors and officers insurance, employment practices liability, fiduciary liability, crime coverage, and professional liability for miscellaneous professionals, architects & engineers, and allied health workers.
“I am incredibly excited to launch proRISE, bringing Respect, Integrity, Service, and Expertise to our broker partners to provide their clients tailored insurance solutions,” commented Karpp, president and chief executive of proRISE. “With backing and support from Beat, I am confident proRISE will become the go-to solution for the SME executive and professional lines market.”
Beat chair John Cavanagh (pictured) had this to say about the new venture: “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.”
Meanwhile Claude LeBlanc, president and CEO of Ambac, highlighted the strategic value of the launch for the parent company, stating: “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 multi-year 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.”
Ambac’s completion of its acquisition of a 60% controlling stake in Beat was announced in August.
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