New underwriter set to launch with ex-Hiscox and AIG leader as chief executive

Former Hiscox and AIG executive Doug Karpp has teamed up with London-based incubator Beat Capital Partners to launch a new underwriter.

Called Prorise Insurance Services, the firm will specialise in management and professional liability insurance and target small and medium-sized enterprises (SMEs).

Offerings include private directors and officers, non-profit directors and officers, employment practices liability, fiduciary liability, crime and professional liability insurance.

The business will be backed by A+ rated capacity and write on behalf of a consortium led by Beat Syndicate 4242 at Lloyd’s.

Karpp, who will serve as Prorise’s president and chief executive, 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.”

Launch date

The firm will enter the market on 1 October 2024 and its products will be distributed through wholesale brokers.

John Cavanagh, chairman at Beat, said: “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.”