Financial services holding company Ambac has announced that it has acquired majority stakes in both All Trans Risk Solutions, LLC and Capacity Marine Corporation.
All Trans Risk Solutions operates as a full service managing general underwriter (MGU) specialising in commercial automobile insurance for specific “for-hire” auto classes.
Meanwhile, Capacity Marine Corporation is a wholesale and retail brokerage and reinsurance intermediary specialising in marine and international risk.
Claude LeBlanc, CEO of Ambac, commented, “We are very pleased to add All Trans and Capacity Marine to our growing specialty P&C platform.
“These acquisitions add approximately $60 million of premium placed to our insurance distribution division, Cirrata Group. Moreover, we are pleased to add Bob Lull and his proven leadership team to our growing group of Cirrata partners.”
Ambac states that All Trans and Capacity Marine have built successful businesses with exceptional underwriting acumen and steady premium growth.
It adds that the acquisitions will enable both companies to further execute against their strategic priorities, diversify their portfolios and capitalise on accretive growth opportunities.
Robert Lull, Chairman of All Trans and Capacity Marine, added, “By joining Ambac’s Cirrata Group, we are positioning our business for continued growth. Cirrata gives us access to a full suite of business services and resources that will support and enable future expansion.”
Matt Simnor, President and Chief Underwriting Officer of All Trans, said, “The All Trans team is excited to join Ambac’s Cirrata platform. Under Ambac’s ownership, we can continue to focus on expanding our robust operations in the brokerage of transportation-based insurance products while maintaining our prudent approach to underwriting.”
Walter Wynne, President of Capacity Marine, noted, “The Ambac platform will provide Capacity Marine with the underlying support to continue doing what we do best—solving insurance and reinsurance challenges for our customers.”
