Ambac Financial Group, Inc. to Acquire Majority Stake in Beat Capital Partners to Strengthen Specialty Insurance Platform
Ambac Financial Group, Inc. to Acquire Majority Stake in Beat Capital Partners to Strengthen Specialty Insurance Platform
06/05/24, 10:43 AM
Location
new york
londonIndustry
finance
financial services
venture capital
Ambac Financial Group, Inc. (“Ambac”) has signed a definitive agreement to acquire a 60% controlling stake in Beat Capital Partners Limited (“Beat”), a London-based insurance underwriting and managing general agency (MGA) incubation platform, for approximately $282 million. This acquisition significantly accelerates Ambac's progress towards its financial targets, strengthening its specialty property and casualty insurance platform to generate in excess of $1.4 billion in gross written premiums on a combined full-year 2024 pro forma basis.
Company Info
Location
New York, New York, United States
Company info
Ambac Financial Group, Inc. (“Ambac”) is an insurance holding company with a strong presence in the specialty property and casualty insurance market. It is listed on the New York Stock Exchange under the ticker symbol AMBC and has a vision of being a premier destination for MGAs (Managing General Agencies), aligning with a team that has proven ability to build and launch profitable de novo MGAs. Ambac's acquisition of 60% controlling stake in Beat Capital Partners Limited significantly accelerates its progress towards its financial targets and strengthens its position in the global insurance market.