The acquisition will essentially double the size of Ambac’s P&C insurance operations, enabling the group to achieve approximately $1.4 billion in annualised premiums for 2024. This move will significantly expand the scale and diversity of Cirrata Group, Ambac’s insurance distribution division, increasing its portfolio to include 16 MGAs.
Claude LeBlanc, (pictured) President and Chief Executive of Ambac, commented: “We are excited to complete this transaction, which materially scales our insurance distribution business and strengthens our position as a premier destination for MGAs.” LeBlanc emphasised the value of Beat’s strong reputation and expansive leadership in supporting Ambac’s specialty P&C strategy and creating long-term value for shareholders.
John Cavanagh, who will remain as Chair of Beat, added: “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 US.”
When announcing the framework of the deal two months ago, Cavanagh highlighted: “Our aligned capacity, affiliated carrier capabilities, and global licensing offer leading specialty underwriters who have an absolute focus on underwriting profit the perfect platform to build their businesses.”
Beat has launched 13 underwriting franchises and MGAs since 2017 while also holding management rights for Lloyd’s Syndicates 4242 and 1416. It also maintains an exclusive capacity relationship with Bermuda reinsurer Cadenza Re. In 2023, Beat’s businesses completed $533 million in combined gross premiums.
Following Ambac’s investment, the remaining 40% of the company will be split between the Beat Management Team and existing shareholder Bain.
