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.
Highly experienced management team in place, possessing the knowledge and skills required to manage and grow the business on an ongoing basis. Operates from premises based in South England, with leasehold and freehold options available. Offers invite...
Works with clients from across the financial services industry to ensure business operations are compliant with FCA regulations. Extensive experience including advising on obtaining FCA authorisation, operational risk and regulatory compliance. Offer...
Specialises in assisting clients claim compensation for mis-sold investments and pensions. Considerable potential to diversify into additional financial services and cross-sell to the company’s past and existing client base. Offers invited.
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