Stephen Pike to head new credit insurance venture backed by Investor Beat Capital Partners

April 19, 2024

Investor Beat Capital Partners is set to launch Convergence, a credit insurance business led by founder and chief executive Stephen Pike.

Convergence aims to address a significant gap in the market for credit and political risk (CPR) insurance, leveraging Pike’s extensive experience and expertise in the field, according to Insurance Business Mag.

The business, expected to underwrite through a Lloyd’s consortium led by Beat Syndicate 4242, is poised to become a specialty and technology-enabled credit non-payment insurance underwriter.

Pike, a seasoned professional with two decades of credit experience, expressed the need for such an initiative, stating, “Convergence will be launched to take advantage of the many opportunities available in the CPR (credit and political risk) 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 (University College London) 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.”

This model aims to provide scalable solutions for clients by combining purpose-built technology, industry knowledge, and individual client understanding, positioning Convergence as a market leader.

Joining Pike in this venture is Convergence co-founder and partner Jeremy Hatchuel, bringing a decade of quantitative expertise bridging capital markets and insurance. Hatchuel’s background includes roles as an insurance-linked securities structurer at Aon Securities and as part of the CPR team at Canopius.

Beat chair John Cavanagh stated, “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.”

Combining technology and data analytics, Convergence’s proprietary algorithmic modelling platform will enable the new credit insurance business to swiftly integrate, enhance, and utilise extensive data provided by financial institutions. The initial focus of Convergence will be on Europe and North America.