The latest move from Ambac Financial;
Ambac Financial Group, Inc. (“Ambac”) (NYSE: AMBC), an insurance holding company, today announced the completion of its previously disclosed acquisition of Beat Capital Partners (“Beat”), a London-based insurance underwriting and managing general agency (MGA) incubation platform. Ambac purchased a 60% controlling stake in Beat, which will continue to be led by its existing management team, including Chairman John Cavanagh.
The acquisition doubles the size of Ambac’s property and casualty insurance operation, placing it on track to produce approximately $1.4 billion in premiums on an annualized basis for 2024. The acquisition of Beat adds immediate scale and diversification to Cirrata Group, Ambac’s insurance distribution division, increasing the number of MGAs in Cirrata Group to 16.
“We are excited to complete this transaction, which materially scales our insurance distribution business and strengthens our position as a premier destination for MGAs,” said Ambac President and Chief Executive Officer Claude LeBlanc. “With its strong reputation, proven leadership team and the expertise of its MGA CEOs, Beat will be an important asset to our organization as we continue to execute our specialty P&C strategy and drive long-term growth and value creation for our shareholders.”
Cavanagh said, “Beat’s partnership with Ambac will enable us to take Beat to the next level, building on our established track record of achieving growth and strong margins. Together, with expanded international scale, we can offer an even stronger platform for MGAs and underwriting franchises, and we’ll have the firepower to grow and expand globally as well as in the U.S.”
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