Insurance holding company Ambac Financial Group has completed the acquisition of a 60% controlling stake in London-based general agency incubation and insurance underwriting platform Beat Capital Partners.

The completed acquisition effectively doubles the size of Ambac’s property and casualty insurance operations, positioning the group to generate approximately $1.4 billion in annual premiums this year. It also enhances the scale and diversity of Cirrata Group, Ambac’s insurance distribution division, increasing its portfolio to include 16 MGAs.

“We are excited to complete this transaction, which will significantly expand our insurance distribution business and strengthen our position as a premier destination for insurance management agencies,” said Claude LeBlanc (pictured), Chairman and CEO of Ampak.

LeBlanc emphasized the importance of Beat’s strong reputation and experienced leadership in supporting Ambac’s strategy in the property and casualty insurance space and creating long-term shareholder value.

“Beat’s partnership with Ambac will enable us to take Beat to the next level, building on our proven track record of growth and strong margins,” commented John Kavanagh, Beat’s Chairman, who continues to lead.

“Together, with expanded international scale, we can provide a stronger platform for MGAs and underwriting franchises, and will have the strength to grow and expand globally as well as in the United States.”

When the equity deal was announced two months ago, Kavanagh said: “Our compliant capabilities, affiliate carrier capabilities and global licensing provide leading specialty insurance companies with a zero-tolerance focus on underwriting profits with the ideal platform to build their business.”

The platform has launched 13 underwriting and MGA franchises since 2017 while also retaining management rights to Lloyd’s Syndicates 4242 and 1416 and has an exclusive capacity relationship with Bermuda reinsurer Cadenza Re. In 2023, Beat’s business generated $533 million in aggregate gross premiums.

Following the Ambac acquisition, the remaining 40% of the company was split between Beat’s management team and existing shareholder Bain Capital.

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