Ambac Financial Group said it has completed the acquisition of a 60% controlling stake in London-based Beat Capital Partners for about $282 million, up to $40 million of which will be paid in shares of Ambac common stock.
The deal was announced in early June. Beat will continue to be lead by its management team, including Chairman John Cavanaugh.
Ambac said the acquisition of the insurance underwriting and managing general agency (MGA) incubation platform doubles the size of its property/casualty insurance operation, placing it on track to produce approximately $1.4 billion in premiums on an annualized basis for 2024. The number of MGAs in Ambac’s Cirrata Group now stands at 16.
“We are excited to complete this transaction, which materially scales our insurance distribution business and strengthens our position as a premier destination for MGAs,” said Ambac President and CEO Claude LeBlanc. “With its strong reputation, proven leadership team and the expertise of its MGA CEOs, Beat will be an important asset to our organization as we continue to execute our specialty P/C strategy and drive long-term growth
and value creation for our shareholders.”
Related: Beat Capital Partners to Launch Credit Insurance Business, Naming Pike as CEO | Beat Capital Launches Specialist Energy Insurance Business With Charlton as CEO
Topics Mergers & Acquisitions London
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