Ambac Financial Group’s London-based subsidiary and underwriting franchise, Beat Capital Partners and market veteran, Doug Karpp will launch proRISE Insurance Services (proRISE) on October 1st, 2024, which will specialise in management and professional liability insurance with a focus on small and medium-sized enterprises (SMEs).
Karpp is a former executive at Hiscox and AIG with over two decades of industry experience.
In addition, proRISE is backed by A+ rated capacity and writes on behalf of a consortium led by Beat Syndicate 4242 at Lloyd’s.
The firm will reportedly offer products tailored to the diverse needs of professionals and executives, distributed through wholesale brokers.
The company’s offerings also delve into private directors and officers, non-profit directors and officers, employment practices liability, fiduciary liability, crime, and professional liability insurance tailored for miscellaneous professionals, architects & engineers, and allied health professionals.
Karpp, President and Chief Executive Officer (CEO), proRISE, said: “I am incredibly excited to launch proRISE bringing Respect, Integrity, Service and Expertise to our broker partners to provide their clients tailored insurance solutions.
“With backing and support from Beat, I am confident proRISE will become the go-to solution for the SME executive and professional lines market.”
John Cavanagh, Chairman, Beat, commented on the launch, “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.”
Claude LeBlanc, President and CEO, Ambac, stated, “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 multiyear 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.”
The post Beat Capital and ex-AIG exec Doug Karpp to launch proRISE Insurance Services appeared first on ReinsuranceNe.ws.