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.
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Long established. 230 Clients (120 Limited). Locations: Northamptonshire. Full staff availability. Offers invited.
Opportunity due to retirement. Excellent opportunity to acquire a long established Chartered Practice. Very high client retention rates. Flexible lease - Option to buy. Offers invited.
LEASEHOLD
This business operates in a niche sector. If you would like more information regarding this business for sale please let us know by emailing us or filling our contact form. Offers invited.
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