Ambac finalizes swoop for Beat Capital Partners

Ambac finalizes swoop for Beat Capital Partners | Insurance Business America

Insurance News

Ambac finalizes swoop for Beat Capital Partners

Deal doubles the size of buyer’s property & casualty insurance operations

Insurance News

By
Terry Gangcuangco

Insurance holding company Ambac Financial Group has finalized its acquisition of a 60% controlling stake in London-based insurance underwriting and managing general agency incubation platform Beat Capital Partners.

The completed acquisition effectively doubles the size of Ambac’s property and casualty insurance operations, positioning the group to achieve approximately $1.4 billion in annualized premiums for this year. It enhances the scale and diversity of Cirrata Group, Ambac’s insurance distribution division, increasing its portfolio to include 16 MGAs.

“We are excited to complete this transaction, which materially scales our insurance distribution business and strengthens our position as a premier destination for MGAs,” stated Claude LeBlanc (pictured), president and chief executive of Ambac.

LeBlanc emphasized the significance of Beat’s strong reputation and experienced leadership in supporting Ambac’s specialty P&C strategy and creating long-term value for shareholders.

Beat chair John Cavanagh, who remains at the helm, commented: “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 the shareholding deal was announced two months ago, Cavanagh highlighted: “Our aligned capacity, affiliated carrier capabilities, and global licensing offers leading specialty underwriters who have an absolute focus on underwriting profit the perfect platform to build their businesses.”

The platform has launched 13 underwriting franchises and MGAs since 2017 while at the same time holding management rights for Lloyd’s Syndicates 4242 and 1416 and having an exclusive capacity relationship with Bermuda reinsurer Cadenza Re. In 2023, Beat’s businesses produced $533 million in combined gross premiums.

Following Ambac’s swoop, the remaining 40% of the company is split between the Beat management team and existing shareholder Bain Capital.

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