Ambac Financial Group, Inc. to Acquire Majority Stake in Beat Capital Partners
Summary
“ The acquisition of Beat, which is one of the largest UK independent underwriting managers, aligns with our vision of being a premier destination for MGAs and materially accelerates our progress towards our three-year target of generating in excess of $100 million of annual EBITDA. “ We are not simply acquiring a leading specialty underwriting platform; we are aligning with a team that has proven ability to build and launch profitable de novo MGAs, which is a core pillar of our growth strategy. This joint enterprise now represents one of the foremost global platforms for MGAs and Underwriting Franchises, with a significant footprint in the US, UK and Bermudan markets and scope to grow into other geographies. With the addition of Beat, Ambac’s specialty property and casualty insurance platform is projected to generate in excess of $1.4 billion in gross written premiums on a combined full-year 2024 pro forma basis. Beat has launched eight businesses since its founding in 2017, which will collectively write gross premiums of an estimated US $650 million in 2022 and operates Lloyd’s Syndicate 4242.