Ambridge Partners LLC Announces Strategic Investment by Brit Limited
New York, September 23, 2015 – Ambridge Partners LLC (“Ambridge”), the managing general underwriter of Transactional Insurance products, is pleased to announce that Brit Limited (“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. Brit’s reputation, reach and expertise will empower us to achieve our next phase of growth as we continue to expand the depth and breadth of our product offerings.”
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.”
About Brit Limited
Brit Limited is a market-leading global specialty insurer and reinsurer, focused on underwriting complex risks. It has a major presence in Lloyd’s of London, the world’s specialist insurance market provider, with significant U.S. and international reach. 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.
About Ambridge Partners LLC
Ambridge and its wholly owned subsidiary, Ambridge Europe, are specialized managing general underwriters of Transactional and Specialty Management Liability Insurance products. Its underwriting team is focused on providing clients with customized insurance solutions for their unique exposures; this can be in connection with a wide range of circumstances or situations such as financings & investments, licensing agreements, liquidations, mergers & acquisitions, and restructurings & workouts. Ambridge Europe Limited is authorized and regulated by the Financial Conduct Authority.