Ambridge Partners, the managing general underwriter of Transactional Insurance products, announced that Brit, the global specialty insurer and reinsurer and a key trading partner of Ambridge since 2008, has made, subject to regulatory approval, a significant strategic investment in Ambridge.
The investment will enable Ambridge to accelerate its growth and increase its product offering and highly customized insurance solutions for customers.
During the past three years, there has been a sharp increase in the global utilization of Transactional Insurance products.
As a leading provider of Transactional Insurance products, Ambridge has made significant investments in its people, expertise and underwriting and distribution platforms in order to meet this demand. Working with Brit as an investment partner will allow Ambridge to continue building out its existing platform as well as support new opportunities.
Under the arrangement, Ambridge will retain its independence and continue to build upon its industry-leading reputation as a responsive and efficient managing general underwriter focused on providing clients with customized insurance solutions.
Ambridge’s products span a wide range of transactional circumstances including financings and investments, licensing agreements, liquidations, mergers and acquisitions, and restructurings.
Together with Ambridge Europe Limited (Ambridge Europe), Ambridge will continue to underwrite as a managing general underwriter on behalf of their existing broad consortium of Lloyd’s syndicates and international insurers.
Since its formation in 2000, Ambridge has specialized in Transactional Insurance products. In early 2015, its Ambridge Europe subsidiary completed its transition from a marketing and distribution subsidiary to become a full service managing general underwriter of Transactional Insurance products. Ambridge and Ambridge Europe together have 29 employees and projected premiums for 2015 are $150 million.
Jesseman Pryor and Jeffrey Cowhey, co-founders of Ambridge, added: "We are very excited to have secured Brit as an investment partner. The fundamental strategy of the entire Ambridge team since our formation in 2000 has been to provide our clients with creative and responsive insurance solutions for their Transactional Insurance needs.
Matthew Wilson, CEO Brit Global Specialty and Brit Group Deputy CEO, commented: "We are delighted to announce our investment in Ambridge; Jeff, Jess and their team have built a profitable business, well-established in both the U.S. and London and we look forward to supporting the team to further expand Ambridge’s offering and platform."
Brit Limited is a market-leading global specialty insurer and reinsurer, focused on underwriting complex risks.
The Brit Group underwrites a broad class of commercial specialty insurance with a strong focus on property, casualty and energy business. Its capabilities are underpinned by robust financials. Brit Limited is fully owned by Fairfax Financial Holdings.