A new subscription business to enter the SME professional lines market

Underwriting franchise incubator Beat Capital Partners, part of Ambac Financial Group, has partnered with industry veteran Doug Karpp to form proRISE Insurance Services.

Scheduled to begin on October 1, proRISE will focus on providing management and professional liability insurance designed for small and medium-sized businesses. It will operate with very limited volume support, underwriting policies led by Beat Syndicate 4242 at Lloyd's, and distribution handled by wholesale brokers.

Under the direction of Karpp, who brings more than 20 years of experience from the likes of Hiscox and AIG, proRISE will have a portfolio that includes directors and officers insurance for private and non-profits, employment liability, fiduciary liability, criminal coverage, and specialist. the responsibility of various professionals, architects and engineers, and allied health professionals.

“I am incredibly excited to introduce proRISE, bringing Respect, Integrity, Service, and Expertise to our dealers to provide their clients with personalized insurance solutions,” commented Karpp, president and CEO of proRISE. “With the support and support from Beat, I am confident that proRISE will be the solution for the SME market and professional lines.”

Beat chairman John Cavanagh (pictured) had this to say about the new venture: “We are delighted to introduce proRISE to the market with the support of a very limited A+ capacity. We think proRISE's focus on SMEs will fill a gap in the market by providing affordable and valuable service-based insurance solutions for the management and professional sectors.”

Meanwhile, Claude LeBlanc, president and CEO of Ambac, highlighted the strategic importance of the launch of the parent company, saying: “We are happy to welcome Doug Karpp, whose experience, leadership and complete product portfolio will provide great value to our team. .

“The launch of proRISE shows why we are excited to bring Beat into the Ambac family. De novo launches are a key part of our organic growth strategy, our multi-year goal is to launch eight to 10 new MGAs. Beat's proven expertise in setting up insurance distribution businesses will be an important part of achieving our goals.”

Ambac's completion of its acquisition of a 60% controlling stake in Beat was announced in August.

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