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Beat Capital Partners Ltd. has formed Tegron Specialty, an underwriting vehicle led by industry veteran Paul Shore that will provide fresh capacity in the directors and officers liability insurance market.
Mr. Shore will serve as CEO of Tegron, the London-based venture capital company said in a statement Tuesday. He was most recently head of financial lines, international at Navigators Insurance Co., the global specialty unit of The Hartford Financial Services Group Inc.
Tegron will focus on D&O insurance for publicly traded companies and specialize in excess of loss placements, Beat Capital said.
From July 1, Tegron will underwrite via a Lloyd’s of London consortium, led and managed by syndicate 4242, which Beat acquired in 2018. Syndicate 4242 has 2021 underwriting capacity of £225 million ($312.1 million).
Tegron will also be an appointed representative of Asta Managing Agency Ltd., Beat Capital said.
The D&O market, one of the toughest lines of business in the current hard market, is seeing increased capacity via a growing number of new entrants.
Substantial rate increases in the U.S. directors and officers liability sector will continue to hold through 2021, as underwriting results deteriorate despite record premium growth, Fitch Ratings Inc. said in a report Wednesday.