Mon, 27 Aug 2018 | MERGER
Subject to regulatory approval, the merger between Beat Capital Partners and insurance investment vehicle Paraline UK is set to go ahead and will see the Beat platform supporting independent underwriting businesses.
A venture capital investor, Beat backs insurance industry businesses by providing infrastructure, risk capital, “A+” rated papers as well as guidance and support.
Established in 2010 and with £110 million worth of capacity, Paraline UK is managed by Asta and is the third party managing agency for Lloyd’s. Paraline is owned by private investors including Wand Partners Inc.
Co-founder Tom Milligan said: “Beat has grown rapidly since its formation in 2017. 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, chair of Paraline Group, and John Struck of Paraline will join the Beat board of directors, which will be chaired by John Cavanagh, who is currently the non-executive director of Beat. Active underwriter and a director of Paraline Group of Syndicate 4242, Paul Rayner will also become chief financial officer of Beat.
Schnitzer commented: “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.”
As a result of the merger, Bermuda-based insurance holding company Paraline Group will join Neon Holdings Ltd as Beat’s strategic investment partner.
For more news stories about mergers, click here. For all our business for sale listings, click here.
A highly regarded firm operating for over a decade. Delivers an extensive range of bespoke quantity surveying and project management services, as well as employers agent, contract administration and fund monitoring solutions.
LEASEHOLD
A reputable business successfully operating for five years with continued growth. Offers dedicated temporary and permanent recruitment services to key market sectors, including hotels, grounds maintenance and warehousing and distribution.
LEASEHOLD
Prepares bills of quantities, cost plans, estimates and tenders for construction projects in a variety of sectors including residential, commercial, industrial and education.
FREEHOLD
|
13
|
|
May
|
Shopping centre business put up for sale | BUSINESS SALE
A West Yorkshire shopping centre that sees up to 5 million c...
|
13
|
|
May
|
Assets up for sale as Scottish grain merchant falls into administration | ADMINISTRATION
East Lothian-based grain merchant Alexander Inglis & Son has...
|
12
|
|
May
|
Sassoon Academy to appoint administrators | ADMINISTRATION
Hairdressing school Sassoon Academy has revealed that it is ...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources