Ambac Financial Group, an insurance holding company, has successfully acquired a 60% controlling stake in Beat Capital Partners, a London-based insurance underwriting and managing general agency (MGA) incubation platform.
This acquisition significantly expands Ambac’s property and casualty insurance operations, effectively doubling its size and positioning the company to achieve approximately $1.4 billion in annualized premiums this year. The move enhances the scale and diversity of Cirrata Group, Ambac’s insurance distribution division, bringing its portfolio to 16 MGAs.
Claude LeBlanc, president and CEO of Ambac, expressed enthusiasm about the completion of the transaction, stating, “We are excited to complete this transaction, which materially scales our insurance distribution business and strengthens our position as a premier destination for MGAs.”
LeBlanc highlighted the importance of Beat’s strong reputation and experienced leadership in supporting Ambac’s specialty property and casualty strategy, ultimately creating long-term value for shareholders.
John Cavanagh, Beat’s chair who will continue to lead the company, remarked, “Beat’s partnership with Ambac will enable us to take Beat to the next level, building on our established track record of achieving growth and strong margins.”
Cavanagh added, “Together, with expanded international scale, we can offer an even stronger platform for MGAs and underwriting franchises, and we’ll have the firepower to grow and expand globally as well as in the US.”
Two months ago, when the shareholding deal was announced, Cavanagh emphasized, “Our aligned capacity, affiliated carrier capabilities, and global licensing offer leading specialty underwriters the perfect platform to build their businesses.”
Since its inception in 2017, Beat has launched 13 underwriting franchises and MGAs while managing rights for Lloyd’s Syndicates 4242 and 1416 and maintaining an exclusive capacity relationship with Bermuda reinsurer Cadenza Re. In 2023, Beat’s businesses produced $533 million in combined gross premiums.
Post-acquisition, the remaining 40% of Beat is held by the Beat management team and existing shareholder Bain Capital.
