Beat Capital Partners, the London-based Ambac subsidiary, introduced a new managing general agent: 1889 Specialty Insurance Service.
The MGA targets U.S. financial institutions with management liability and professional lines coverage, written on an E&S basis and distributed through wholesale channels.
1889 Specialty is backed by a consortium led by Beat Syndicate 4242 at Lloyd’s.
The business is aimed at small and mid-size financial institutions, asset managers, insurers, and intermediaries such as agents and brokers.
Leading the new venture is Blair Bartlett, named president and CEO. Bartlett brings more than 20 years of financial lines experience and most recently served as vice president of financial institutions at Crum & Forster.
He said the MGA’s edge lies in tailoring coverage to address the core risks that financial institutions face.
Beat Capital positions itself as an incubator for underwriting franchises, providing infrastructure, risk capital, and strategic support.
The launch of 1889 Specialty comes shortly after another Beat-backed MGA, Alcor Group, expanded its U.S. property underwriting presence with a new Atlanta office in July.
For Beat and Ambac, the move broadens their U.S. specialty footprint while extending Lloyd’s capacity to a market hungry for targeted financial lines solutions.
Beat Capital Partners was incorporated in May 2017 as a long duration venture capital investor exclusively focused on the insurance industry.
Beat offers the right teams start-up funding, infrastructure, risk capital and A+ rated paper plus experienced guidance and support. Beat backs certain start-up teams and seeks partnership opportunities involving existing portfolios, platforms or technologies, where our expertise brings value.
In addition to the management group, Beat shareholders include Ambac Financial Group (an owner and operator specialty property and casualty insurance businesses), and Bain Capital Credit (a leading global credit specialist with over $40 bn in assets under management).
Since its inception, Beat has invested in multiple start-up businesses, with combined annual gross premiums in excess of $550 mn for 2024.
Beat helps manage Syndicates 4242 and 1416 at Lloyd’s and Cadenza Re, a Class 3a Bermudian reinsurer, all on behalf of third party capital.
