RedRiff will underwrite a portfolio of specialised accident and health (A&H) insurance and reinsurance businesses. Credit: Suphaksorn Thongwongboot/Shutterstock.com.

Beat Capital Partners, a long duration insurance industry-focused investor, has launched a new specialist A&H underwriter business, named RedRiff.

RedRiff will underwrite a variety of specialised A&H insurance and reinsurance businesses.

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The new business will carry out these operations via a Lloyd’s consortium led by Beat Synd 4242.

Beat Capital Partners has appointed Peter Wilkins as the CEO of RedRiff.

Wilkins, who joined RedRiff this month, is expected to commence underwriting in the first quarter of next year.

Before the underwriting begins, Beat Capital is planning to build the new business’ team in due course.

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Wilkins most recently served as the global chief underwriting officer (CUO) of QBE Re, a reinsurance division of QBE Insurance Group.

He also spearheaded the A&H account for QBE Syndicate 566.

“I am delighted to be working with Beat to establish a new business,” Wilkins said. “At a time when we are seeing strong conditions in the A&H market the challenge of establishing a new competitor is an exciting prospect and, with the backing of Beat, I am confident that we will not be considered a new entrant for very long.”

Beat Capital Partners chairman John Cavanagh said: “There are very few carriers who can lay claim to a market-leading underwriter with the experience of someone like Peter.

“His expertise and reputation exemplify Beat’s approach to business, talent and providing the best solutions for our clients; we are thrilled to partner with him and excited for the prospects of RedRiff.”

Founded in May 2017, Beat Capital focuses exclusively on the insurance industry and provides start-up funding, infrastructure and risk capital as well as required support to start-up businesses.

It helps in managing Syndicates 4242 and 1416 at Lloyd’s and Class 3a Bermudian reinsurer Cadenza Re, mainly on behalf of third-party capital.

In May this year, Beat Capital Partners announced plans to implement DXC Technology’s cloud-based insurance platform for its syndicated policy administration.