British venture capital firm Beat Capital Partners is gearing up to launch new underwriting vehicle in partnership with credit specialist Bain Capital.

The vehicle supports Beat’s underwriting businesses operating in the Lloyd’s market by providing capital through Syndicate 4242, the reports said.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

As part of the agreement, Bain Capital will acquire a minority stake in Beat and sit on the company’s board.

Beat chairman John Cavanagh was quoted by Reinsurance News as saying: “This transaction is an important milestone in the progression of our business that positions Beat for the next phase of our development in a market that offers significant opportunities for growth.

“The combination of Bain Capital’s shared vision and underwriting capabilities to support our businesses is deeply compelling. We are pleased to partner with a world-class strategic investor ahead of what will certainly be interesting times for our industry.”

Bain Capital Credit director Matt Cannan was quoted as saying: “Working with Tom Milligan, John Cavanagh and the Beat management team over the past several months has reinforced our view that this is a business with excellent leadership, talented underwriters and a clear strategy for the future.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We believe that because of market dislocation and pricing momentum, Beat has a unique opportunity to build on an outstanding underwriting track record and expand its managed premium base. We look forward to helping strategically grow the business over time as attractive opportunities arise.”

In 2018, Beat Capital Partners merged with insurance investment vehicle Paraline UK to further build its platform and support independent underwriting businesses.