Ambridge Announces Alliance with CNA Global Specialty Lines
5/9/2001
(New York, May 9, 2001) Ambridge Partners LLC (“Ambridge”) announced today that it has entered into an agreement with CNA Global Specialty Lines unit of CNA, wherein Ambridge will act as managing general underwriter for CNA Global Specialty Lines for Loss Mitigation Insurance and Transaction Facilitation Insurance (“TFI”) Products outside of North America.
Separately, in a strategic alliance entered into between Ambridge, CNA Global Specialty Lines and Syndicate 1007 at Lloyd’s of London (“Syndicate 1007”), it was announced that Ambridge will act as the managing general underwriter for all North American TFI on behalf of both Syndicate 1007 and CNA Global Specialty Lines. Both CNA Global Specialty Lines and Syndicate 1007 will participate on insurance programs underwritten by Ambridge for these product lines.
“We at Ambridge are excited about the opportunity that these agreements provide us to enhance the TFI capabilities that we can offer our clients, to expand on our association with one of the premier Lloyd’s syndicates, and to develop a relationship with a premier international insurer such as CNA” said Jeffrey Cowhey of Ambridge. Mark Wheeler, Active Underwriter of Syndicate 1007 added: “CNA and Syndicate 1007 have a trading relationship that goes back to the beginnings of our syndicate. We look forward to partnering with CNA Global Specialty Lines to build upon the foundation that was laid with the goal of creating a leading underwriting platform for TFI products when we entered into a binding authority with the principals of Ambridge in October of 2000.” John Van Decker, Managing Director of CNA Global Specialty Lines offered, “we are pleased to be associated with Ambridge Partners and Syndicate 1007, the collective skills and capabilities contained within this strategic alliance will certainly be a winning combination.”
In connection with the alliance, Brian Wanat and Mark LaChance both of CNA Global Specialty Lines, will be joining Ambridge as Directors.
Ambridge Partners LLC is a highly specialized managing general underwriter for Transaction Facilitation Insurance Products. Ambridge has offices in New York, New York and Pennington, New Jersey.
CNA Global Specialty Lines is a unit of CNA specializing in Management Liability and Professional Liability Insurance Products.
Syndicate 1007 at Lloyd’s of London is managed by SVB Syndicates Limited. Mark Wheeler is the syndicate’s Active Underwriter. SVB Syndicates Limited is a leading Lloyds’ managing agent that was established in 1986.
Transaction Facilitation Insurance Products are products such as Representations & Warranties Insurance, Tax Opinion Insurance, Tax Issue Insurance, Loss Mitigation Insurance, Legislative and Administrative Contingency Insurance, and similar custom insurance products designed to address known or potential contingencies which: (i) have caused an impasse in negotiations relating to a business transaction, or (ii) create economic uncertainty for a potential transaction counter-party such that the transaction consideration is significantly reduced or the deal cannot be consummated.
MEDIA CONTACTS:
Ambridge Partners LLC
Jeffrey D. Cowhey
212.871.5402
jcowhey@ambridgepartners.com
CNA Global Specialty Lines
John VanDecker
212-440-2908
john.vandecker@CNA.com
SVB Syndicates Limited
John Prentis
+44 20 7903 7300
John.Prentis@svb.co.uk
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