Reinsurance News
Ambac
Ambac’s specialty P&C insurance production hits $165m in Q2
6th August 2024
Ambac has revealed that specialty P&C insurance production, which includes gross written premiums (GWP) by its Specialty P&C Insurance segment and premiums placed by the Insurance Distribution segment, totalled $165 million in Q2 of 2024, an increase of 74.9% from Q2 of 2023. The firm's total GWP in Q2 of 2024 ... Read the full article
Ambac completes acquisition of Beat Capital Partners
2nd August 2024
Ambac Financial Group has completed its acquisition of Beat Capital Partners, a London-based insurance underwriting and managing general agency (MGA) incubation platform. The acquisition follows an announcement on June 5, 2024, where Ambac disclosed it had signed a definitive agreement to acquire a 60% controlling stake in Beat for approximately ... Read the full article
Ambac launches Tara Hill for E&S liability coverage, led by Peter McKeegan
24th June 2024
Ambac Financial Group (Ambac) has partnered with former Core Specialty Senior Vice President Peter McKeegan to launch a new program administrator, Tara Hill Insurance Services. McKeegan will serve as Tara Hill’s Chief Executive Officer, reporting directly to Naveen Anand, President of Cirrata Group, Ambac’s distribution division. As part of the Cirrata Group, ... Read the full article
Beat is a “perfect fit” for our strategic vision for the future of Ambac, CEO, LeBlanc
5th June 2024
Earlier today it was announced that Ambac Financial Group had signed a definitive agreement to acquire a 60% controlling stake in Beat Capital Partners Limited. This afternoon, a conference call was held which involved members of Ambac and Beat, discussing further details of the transaction. During the call, Ambac's President ... Read the full article
Ambac to sell its legacy financial guarantee businesses to Oaktree for $420mn
5th June 2024
Ambac Financial Group, Inc., an insurance holding company, has announced it is to sell its legacy financial guarantee businesses, Ambac Assurance Corporation (AAC) and Ambac UK (AUK), to funds managed by Oaktree Capital Management, L.P.. The company has signed a definitive agreement to sell these businesses to Oaktree for $420 million ... Read the full article
Ambac to acquire majority stake in Beat Capital Partners for $282m
5th June 2024
Ambac Financial Group has signed a definitive agreement to acquire a 60% controlling stake in Beat Capital Partners Limited, a London-based insurance underwriting and managing general agency (MGA) incubation platform, for approximately $282 million. As per Ambac, up to $40 million of the total approximation will be paid in shares of ... Read the full article
Ambac’s Everspan produces second consecutive quarterly pre-tax profit
28th February 2024
Financial services holding company Ambac has posted a net loss of $16 million and an adjusted net income of $10 million for the fourth quarter of 2023. Included in the company's Q423 results is Everspan, the organisation's specialty program insurer, which produced its second consecutive quarterly pre-tax profit and wrote gross ... Read the full article
Ambac appoints Michael Price and Kristi Matus to its Board of Directors
30th June 2023
Ambac Financial Group, Inc., a financial services holding company, has announced the appointment of Michael D. Price and Kristi A. Matus as members of its Board of Directors, effective immediately. Matus will be a member of the Board’s Audit and Compensation committees, while Price will be a member of the ... Read the full article
Naveen Anand named President of Cirrata Group, Ambac’s insurance distribution division
17th May 2023
Ambac Financial Group, a financial services holding company, has appointed Naveen Anand as President of Cirrata Group, Ambac's insurance distribution division. Anand, a seasoned executive in the property and casualty insurance market, brings a wealth of expertise and industry relationships to his new role, the company said. Reporting directly to Claude LeBlanc, ... Read the full article
Ambac falls to Q1 loss despite Everspan premium surge
10th May 2023
Financial services holding company Ambac has reported a net loss of $33.4 million for the first quarter of 2023, having reported a positive income result of $2.0 million for the same period last year. This was despite Ambac more than doubling its gross written premium to $60.7 million over the same ... Read the full article
Tatum named Business Development Officer for Ambac’s Cirrata Group
1st February 2023
Ambac Financial Group, a financial services holding company, has appointed John Tatum to the newly created position of Managing Director and Business Development Officer for its insurance distribution division, Cirrata Group. In his new position, Tatum will be responsible for expanding the company’s platform of managing general agencies (MGAs) and managing ... Read the full article
Ambac acquires All Trans Risk Solutions & Capacity Marine Corporation
10th November 2022
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 ... Read the full article
Ambac partners with MGU and DE&I platform Embrace Partners
25th August 2022
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 ... Read the full article
Everspan gets ratings for four of its program insurers
8th August 2022
AM Best has assigned a Financial Strength Rating of A- and a Long-Term Issuer Credit Rating of “a-” to four subsidiaries of the Everspan Group. Providence Washington Insurance Company is considered part of the Everspan Group rating unit based on its role and importance to the group’s strategy, shared day-to-day operations, ... Read the full article
Ambac posts specialty P&C loss amid business transition
12th May 2022
Ambac Financial Group, Inc. has posted net income of $2 million for the first quarter of 2022, and adjusted earnings of $14 million. This compares to net income of $17 million and adjusted earnings of $41 million for the same period last year. However, its specialty property and casualty business segment recorded ... Read the full article
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