London-based incubator specialist Beat Capital Partners, a subsidiary of Ambac Financial Group, will launch proRISE Insurance Services on 1st October. It will offer management and professional liability insurance with a focus on small and medium-sized enterprises. Doug Karpp, former executive at Hiscox and AIG will head up the new managing general agent.

Claude LeBlanc, president and chief executive officer of Ambac, said: “We are excited to welcome Doug Karpp, whose experience, leadership and comprehensive suite of products will provide significant value to our group.

“The launch of proRISE illustrates why we were so excited to bring Beat into the Ambac family. De novo launches are a core component of our organic growth strategy, with our multiyear goal being to launch eight to 10 new MGAs. Beat’s proven expertise in standing up insurance distribution businesses will be a key component to reaching our goals.”