Financial services holding company Ambac, has announced a “strategic” partnership via a minority ownership stake in Embrace Partners, a tech-driven managing general underwriter (MGU) of specialty commercial insurance and surety.
Embrace – whose platform also consists of a diversity, equity and inclusion (DE&I) consulting firm – is led by industry veteran David Cayemitte, who will remain the majority owner.
According to the announcement, Embrace will trade on Cayemitte’s commitment to deliver a compelling, tech-driven risk management platform, incorporating insurance and surety solutions for brokers and clients to advance parity goals.
It will offer educational services through the Minority Business Development Institute, a 501(c)(3) corporation founded by Cayemitte in 2010 to provide economic opportunities for minority-owned businesses.
Claude LeBlanc, Ambac CEO said: “David Cayemitte is both a visionary and a tactician, having launched The Cayemitte Group, an insurance brokerage MBE, in 2005.
“He is a well-respected thought leader, dedicated partner and active participant in the minority business enterprise (MBE) marketplace. We are excited about this strategic partnership and investment in Embrace and proud to support this mission-driven company.”
Cayemitte commented: “Diversity has become a top priority for leading organisations both in the public and private sectors. Insurance procurement and DE&I-focused programs are formidable mediums for firms to advance their Environmental, Social and Governance (ESG) commitments. The Embrace platform offers the opportunity to spend responsibly in exchange for excellent products and services.
“The formation of Embrace Partners marks a momentous achievement within the insurance industry. We are leading a broader movement to bring economic opportunities to historically marginalised groups.
“One of our primary goals is to increase participation by minority- and women-owned business enterprises and service disabled veteran-owned businesses in public projects through access to training, working capital and insurance placement.
“Our collective efforts seek to balance a moral view with a business objective of aligning corporate America in a way that will help to bridge the gaps of inequality.”
