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Beat Capital Partners Announces Strategic Partnership with Bain Capital Credit

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Beat Capital Partners Ltd. (‘Beat’) has announced a strategic partnership with Bain Capital Credit, L.P. (‘Bain Capital’). Financial terms of the private transaction were not disclosed...

The long-term strategic partnership will create a dedicated underwriting vehicle, funded by Bain Capital, which will provide capital through Syndicate 4242 to support Beat’s underwriting businesses operating in the Lloyd’s market.  In conjunction with the transaction, Bain Capital will become a significant minority investor in Beat and will join the Company’s Board of Directors.

“This transaction is an important milestone in the progression of our business that positions Beat for the next phase of our development in a market that offers significant opportunities for growth,” said John Cavanagh, Chairman of Beat.  “The combination of Bain Capital’s shared vision and underwriting capabilities to support our businesses is deeply compelling.  We are pleased to partner with a world-class strategic investor ahead of what will certainly be interesting times for our industry.”

“We are thrilled to partner with Beat to accelerate the evolution of their platform,” said Matt Cannan, a Director at Bain Capital Credit.  “Working with Tom Milligan, John Cavanagh and the Beat management team over the past several months has reinforced our view that this is a business with excellent leadership, talented underwriters and a clear strategy for the future.  We believe that because of market dislocation and pricing momentum, Beat has a unique opportunity to build on an outstanding underwriting track record and expand its managed premium base.  We look forward to helping strategically grow the business over time as attractive opportunities arise.”

The transaction is expected to close in late 2020. 

Evercore, GC Securities, RPC and Andrew Holderness Consultancy advised Beat on the transaction. Kirkland & Ellis, PWC, Holman Fenwick and Towers Watson advised Bain.