Ambac Monetary Group, the US-based insurance coverage holding firm, has agreed to amass a 60% controlling stake in Beat Capital Companions, the specialist insurance coverage underwriting and managing common agent incubator, for $282m (£220.6m).
As much as $40m of this can be paid in shares of Ambac widespread inventory. The rest can be paid in money and is topic to closing changes.
Beat’s present shareholders embody Bain Capital and Beat’s administration group, who will every retain an fairness stake of about 20% within the enterprise.
Beat has launched 13 underwriting franchises and MGAs.
These embody RedRiff Company, an accident and well being underwriter launched in December 2023.
As well as, it has sure administration rights for Syndicates 4242 and
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