Insurer and reinsurer Brit Ltd has announced plans to combine its Brit Global Specialty USA (BGSU) platform and Ambridge, to create a leading U.S. MGA.
The combined entity will operate as Ambridge Partners LLC and creates an MGA managing more than $450 million in premium in the U.S. and over $100 million in premium written by Ambridge’s international affiliates.
Brit first made a strategic investment in its premier MGA, Ambridge, in 2015 before acquiring the company fully in 2019.
Under the terms of the transaction, all of Brit’s current U.S. employees across Brit Global Specialty USA will be part of the transition.
BGSU’s products will be distributed through Ambridge and sit beside Ambridge’s existing products in transactional insurance, complex management liability and intellectual property. Brit states that this will enable the combined underwriting teams increased flexibility and greater opportunities to grow premium while expanding the product offering under the Ambridge brand.
The new and enlarged Ambridge will now trade through three segments: Ambridge Transactional will consist of D&O, IP Liability, Reps and Warranties, Special Situation Contingency, and Tax; Ambridge Specialty Casualty will consist of Cyber, Excess Casualty, General Liability, Professional Lines, Construction Professional, and Public-Entity Non-Profit; and Ambridge Re will consist of Casualty Reinsurance, Political Violence, and Property FAC.
Additionally, Brit has revealed that BGSU’s Programs team will underwrite directly into Brit Syndicate 2987.
The new combined Ambridge will be led by Jess Pryor as Executive Chairman, who will also remain in his role as Executive Chairman of Scion, which will remain a stand-alone MGA business headquartered in Texas and led by Scion President, Scott Brock.
Pryor commented: “We believe that there is compelling rationale in bringing these two businesses together, creating a single, scale MGA under the highly regarded Ambridge brand. At a time when market conditions continue to improve, it will give our underwriting teams the ability to respond to opportunities and empower a more entrepreneurial approach.
“Our clients and broker partners across both businesses will experience no change in their products or underwriting teams, however it will enable a greater focus on service, making it easier for them to engage with an enlarged set of products offered under the Ambridge brand. We are excited about the opportunity to bring the two teams together.”
