Convergence is an innovative insurer bridging the gap between lenders and the insurance ecosystem. We source, underwrite, and manage credit exposure via bespoke insurance solutions, utilising our proprietary technology platform.
We are strategically positioned to meet the evolving demands of the finance sector’s use of the Credit Non-Payment Insurance product. Our pioneering platform enhances efficiency and provides unique insights and greater transparency, enabling us to better facilitate credit insurance distribution.
Convergence was founded to address the critical inflexion point where the Credit and Insurance markets meet.
Extensive Market Access: At Convergence, our focus ranges from single name through to granular portfolios, originated across a wide range of distribution channels.
Bespoke Technology and Analytics Platform: Recognising the data-intensive nature of credit assets; we built Convergence’s state-of-the-art platform to effectively analyse, augment, underwrite, and report on a wide variety of risks and structures.
Flexible (Re)Insurance Capital Platform: To ensure the most efficient risk distribution, Convergence operates multiple access points for (re)insurance. Our flexible (re)insurance capital platform is designed to maximize line size and minimize counterparty concentration. All led by our syndicate 4242.
We address the need for bespoke and creative solutions for banks, harnessing insurance market capacity led by our Lloyd’s Consortium (AA- rated). Our focus is on bringing a fresh approach to a trusted product.
We specialize in transaction structuring, leveraging expertise in insurance, capital markets, policy drafting, and technology. Our team’s skill in handling complex financial transactions, regulatory environments, and bank operations sets us apart.
Our platform enables market leading responsiveness and client feedback. This efficiency and reporting transparency across the policy lifecycle is attracting (re)insurance capacity to these solutions.
Our unique insurance company via the Lloyd’s platform enables us to scale insurance capacity via multiple access points whilst retaining a single point of contact for clients to negotiate policy documentation and claims handling.
We thrive in risk remote structures where there is limited funded capacity. These areas of reduced competition deliver superior loss ratios.
Direct financings for unique assets or obligors, such as corporate loans, asset-based lending, commercial and project finance.
Exposures collateralised by multiple assets or cash flow streams, such as lender finance, NAV, private fund finance, borrowing base facilities, or securitised products.
Unique set of loans based on a specific product or origination team. Static or evolving portfolios based upon pre-agreed parameters.
Effective quota share of a division of a bank based on sector.
Granular or semi-granular loan pools housed on bank balance sheets, seeking exposure in SRT/CRT, or other synthetic securitizations referencing corporate, SME, or real assets.
Convergence was founded in 2023 by management and Beat Capital Partners to initially focus on bringing new capacity to the credit insurance market. The company started underwriting in 2024 via a Lloyd’s Consortium led by Beat Syndicate 4242.
Convergence is the brand behind the Consortium which is led by Beat Syndicate 4242 (s4242) and operates through Asta Managing Agency.
Clients benefit from Lloyd’s AA- rated paper with policyholders also gaining the additional comfort from the Lloyd’s central fund and the broad international licencing that Lloyds paper provides.
John has had a 48-year career in the global insurance market.
He retired as Global CEO of Willis Re (now Gallagher Re) at the end of 2017, where he was responsible for Willis Re’s worldwide operations.
Prior to joining Willis in 2009, John was joint CEO at international specialty reinsurance broker RK Carvill. John started his career in 1975 in the reinsurance division at Alexander, Howden and Swann.
John founded Beat Capital Partners alongside Tom Milligan in 2017.
Stephen has 20 years’ experience in the credit markets.
Prior to founding Convergence Stephen was the Global Head of Credit and Political Risk at Canopius. The later 3 years he established and built out the Portfolio Solutions team at Canopius to provide clients with a wide range of credit insurance solutions.
Prior to Canopius Stephen was at ED&F Man Capital Markets where he co-led the build out of the global trade finance business across the group’s commodity divisions and headed up the global trade finance team in London.
Jeremy has 9 years’ experience at the intersection of insurance and the capital markets.
Prior to joining Convergence, Jeremy led the Portfolio Solutions team at Canopius, focusing on analysing and underwriting SRTs, bespoke portfolios, structured finance etc.
He started his career at Aon Securities, structuring and distributing insurance-linked securities and worked on many large catastrophe bond, sidecar and solvency II sub-debt transactions. He then joined Finacity where he worked as an ABS structurer with a focus on analysing, arranging and structuring data-driven receivable pools.
Following graduation from Warwick University with a 1st class honours degree in economics, Elliot joined the Bank of America Merrill Lynch Credit Analyst graduate programme in 2014. He spent over 4 years at the bank, gaining exposure to various sectors across a number of rotations, ultimately becoming an Associate within the Leveraged Finance & Infrastructure Credit team. Elliot moved to the Credit Risk Insurance market in 2018 and has been focused on growing and further developing insurance solutions for banking clients across a wide range of sectors and products. Prior to making the move to Convergence, Elliot was an Underwriting Manager at Liberty Specialty Markets.
Tim has over 25 years’ experience in credit markets.
Prior to joining Convergence Tim was Head of Syndicated Finance for Europe at Royal Bank of Canada, where he was responsible for underwriting and distributing leveraged, infrastructure and corporate loans.
Tim has previously been Head of Loan Sales at Lloyds Bank, Head of Leveraged Syndicate at UniCredit and has been on the syndicate desks of Morgan Stanley and Bankers Trust. Tim is a qualified chartered accountant.
Emily Lo is a highly skilled and proficient individual with a strong background in computer science and fintech.
She holds a BSc in Computer Science from the University of Nottingham and is currently pursuing an MSc in Financial Technology at Nottingham University Business School. Emily has completed a software engineering internship at Tanand Technology, where she led a team in delivering an IoT automation project. She is also
qualified in Blockchain technology and is an AWS Cloud Practitioner.
Max joined Convergence to advise on the build-out of the firm’s analytical and modelling capabilities.
Max is assisting in the conception and development of a suite of leading probabilistic modelling tools. He joins from University College London where he is completing a PhD in Statistics with a focus on Markov-Chain Monte Carlo methods.
Prior to UCL, Max worked as a software engineer at Structured Software solutions. He has a BSc in Mathematics from the University of Oxford and an MSc in Statistics from UCL.
Jonathan joined from AEGIS London where he was Head of Claims Operations.
Jonathan has over 25 years’ experience handling claims in the Lloyd’s market across multiple lines of business, and has overseen the market response on some of the largest catastrophe losses.
Jonathan is a member of the LMA Reinsurance Claims Group and currently co-chairs the LMA Delegated Authority Claims Group.
Scott…
Andrew has been with s4242 since 2020, firstly serving as Deputy Active Underwriter, Andrew was appointed Active Underwriter in 2023, taking over from Tom Milligan.
He is a qualified Actuary and has over 25 years’ experience in the insurance industry, with Odyssey Re, Brit, Guy Carpenter, and Hampden.
Andrew has direct oversight of s4242’s Actuarial and Exposure Management functions.
Tamsin has over 25 years’ experience of working for a global insurance company supporting the Operations Team and Directors around the UK and Europe in various EA roles.
Tamsin has supported various C Suite level executives.
