Ambac Monetary Group stated it has accomplished the acquisition of a 60% controlling stake in London-based Beat Capital Companions for about $282 million, as much as $40 million of which will likely be paid in shares of Ambac frequent inventory.
The deal was introduced in early June. Beat will proceed to be lead by its administration workforce, together with Chairman John Cavanaugh.
Ambac stated the acquisition of the insurance coverage underwriting and managing basic company (MGA) incubation platform doubles the dimensions of its property/casualty insurance coverage operation, inserting it on monitor to supply roughly $1.4 billion in premiums on an annualized foundation for 2024. The variety of MGAs in Ambac’s Cirrata Group now stands at 16.
“We’re excited to finish this transaction, which materially scales our insurance coverage distribution enterprise and strengthens our place as a premier vacation spot for MGAs,” stated Ambac President and CEO Claude LeBlanc. “With its sturdy status, confirmed management workforce and the experience of its MGA CEOs, Beat will likely be an vital asset to our group as we proceed to execute our specialty P/C technique and drive long-term development
and worth creation for our shareholders.”
Associated: Beat Capital Partners to Launch Credit Insurance Business, Naming Pike as CEO | Beat Capital Launches Specialist Energy Insurance Business With Charlton as CEO
Subjects
Mergers & Acquisitions
London
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