Ambac Financial Group, Inc. has announced the completion of its acquisition of Beat Capital Partners, a London-based insurance underwriting and managing general agency (MGA) incubation platform. With this acquisition, Ambac has purchased a 60% controlling stake in Beat, effectively doubling the size of its property and casualty insurance operation. This move places Ambac on track to produce approximately $1.4 billion in premiums on an annualized basis for 2024.
The acquisition of Beat has added immediate scale and diversification to Cirrata Group, Ambac’s insurance distribution division, increasing the number of MGAs in Cirrata Group to 16. This has significantly strengthened Ambac’s position in the insurance distribution business.
As a result of this acquisition, Ambac's President and CEO, Claude LeBlanc, expressed enthusiasm about the transaction, citing its material impact on scaling their insurance distribution business and reinforcing their status as a premier destination for MGAs. The existing management team at Beat, including Chairman John Cavanagh, will continue to lead the company.
John Cavanagh also expressed optimism about the partnership with Ambac, emphasizing the potential for growth and expansion globally, as well as in the U.S. This acquisition is expected to provide a stronger platform for MGAs and underwriting franchises, enabling both Ambac and Beat to achieve growth and strong margins.
Ambac Financial Group, Inc., headquartered in New York City, is a specialty insurance holding company with a core business in growing specialty P&C distribution and underwriting platform, alongside a legacy financial guaranty business in runoff. Ambac’s common stock trades on the New York Stock Exchange under the symbol “AMBC”. The market has reacted to these announcements by moving the company's shares -2.4% to a price of $12.18. For more information, read the company's full 8-K submission here.
