Beat Capital Partners launches Convergence

Beat Capital Partners, a long duration venture capital investor exclusively focused on the insurance industry, has announced the launch of Convergence, a tech-enabled credit insurance underwriter.

Led by CEO and founder Stephen Pike, a credit insurance veteran with 20 years of experience, Convergence will utilize a “proprietary algorithmic modeling platform” developed in partnership with University College London. The platform allows for the “swift integration and analysis” of high-resolution data provided by financial institutions, enabling unparalleled efficiency and precision in credit risk management, according to the company.

With an initial focus on Europe and North America, the business is expected to underwrite through a Lloyd’s consortium, led by Beat Syndicate 4242.

“Convergence will be launched to take advantage of the many opportunities available in the CPR market. It is a complex sector and the team has a wealth of experience. We will be data driven and have developed a proprietary model with UCL which will provide scalable solutions for our clients. Our purpose-built technology, industry knowledge and understanding of individual clients will give us a market leading position.” – Stephen Pike.

“Beat is always looking for fresh and innovative insurance business ideas led by entrepreneurs with extensive knowledge and expertise in their field. Stephen stood out in this class due to his depth of client understanding and unique focus on bringing the best-in-class technology to launch a truly differentiated business in the credit insurance market. We look forward to working with them when they get started and to supporting their innovation.” – John Cavanagh, chairman of Beat.