Beat Capital Partners, a London-based incubator of underwriting franchises and a subsidiary of Ambac Financial Group, Inc., has launched Fallow Grove Insurance Services in partnership with former CrossCover executive Brett Dupre.
The Fallow Grove product offering primarily specialises in technical and general commercial property insurance for excess and surplus lines, tailored to cater to the complex risks, exposures, and challenges faced by various businesses across the United States.
Dupre, who has over 35 years of industry experience, will lead the company as president and chief executive officer.
He commented: “Our core mission at Fallow Grove is to serve the unique needs of the middle market property space with a level of precision, expertise and service that is unmatched in the industry.
“Our partnership with Beat and an excellent, knowledgeable panel of capacity partners enhances our ability to deliver top-tier commercial property products tailored to the diverse requirements of our clients.”
Fallow Grove, supported by an A+ rated capacity, represents a consortium led by Beat Syndicate 4242 at Lloyd’s, and offers a comprehensive range of property insurance products tailored to various sectors.
These products include industrial, flood, builder’s risk, and general property coverage. The offerings will be exclusively distributed through wholesale brokers.
John Cavanagh, chairman of Beat, said: “We are excited about the potential of Fallow Grove to be a top- tier underwriter in the commercial property insurance landscape with market-leading underwriting returns.
“With Brett’s leadership and our collective team of experts, we are poised to provide innovative solutions that are effective, tailored and in high demand.”
Claude LeBlanc, president and chief executive officer of Ambac, added: “We are excited to welcome Brett Dupre, whose extensive technical underwriting background, prior leadership roles, and proven track record of building similar, successful businesses will continue the trend of developing future value for the group. The launch furthers a core component of our organic growth strategy, with our multiyear goal being to launch eight to 10 new MGAs.”
