Beat Capital Partners is planning to launch Convergence, a specialty credit non-payment insurance underwriter. Convergence aims to target the insurance of credit risk portfolios, addressing the growing needs for portfolio solutions among banks and global financial institutions. With an initial focus on Europe and North America, the business is expected to underwrite through a Lloyd's consortium, with Stephen Pike as CEO and founder and Jeremy Hatchuel as co-founder and partner. Pike previously served as global head of credit and political risk (CPR) at Canopius, where Hatchual led the portfolio solutions team. Convergence will apply a combination of technology and data analytics, powered by a proprietary algorithmic modelling platform developed in partnership with University College London (UCL). The platform will enable Convergence to swiftly integrate, enhance and use the extensive data provided by financial institutions to support economic risk management. Pike comments: “Convergence will be launched to take advantage of the many opportunities available in the CPR market. “We will be data driven and have developed a proprietary model with UCL which will provide scalable solutions for our clients.” John Cavanagh, chairman of Beat, says: “Beat is always looking for fresh and innovative insurance business ideas led by entrepreneurs with extensive knowledge and expertise in their field. “Pike stood out in this class due to his depth of client understanding, and [his] unique focus on bringing technology to launch a truly differentiated business in the credit insurance market.”
