Amynta Group, a premier insurance services company, is to acquire Ambridge Group, a Managing General Underwriter (MGU), for $400m.
Amynta Group, a subsidiary of FairFax Financial Holdings, entered into a strategic partnership with FairFax ahead of the acquisition. Amynta Group will also enter into a multi-year agreement for Brit to be a significant capacity partner to Ambridge.
Ambridge was 22 years ago by Jess Pryor, executive chairman of Ambridge, and Jeff Cowhey, chief executive officer of Ambridge, who will continue to lead the Company.
The global MGU offers a broad range of transactional, specialty casualty, cyber, professional liability and reinsurance coverages. Ambridge places over $600m of gross premium written on behalf of Brit and a number of highly rated global insurers.
Amynta Group is a premier insurance services company with more than $3.5bn in total managed premium and 2,000 associates across North America, Europe, and Australia.
An independent, customer-centered and underwriting-focused company, Amynta serves leading carriers, wholesalers, retail agencies, auto dealers, OEMs, and consumer product retailers with innovative insurance and warranty protection solutions.
Jess Pryor, executive chairman of Ambridge, said, “This is exciting news for Ambridge, our people, and our partners. As part of the Brit Group, we have developed into a leading specialist MGU and Amynta is the right partner to enable our continued growth and evolution. Their focus on working with entrepreneurial MGUs, underpinned by deep experience and strong market relationships, makes them a natural fit for Ambridge and our customers.
“Their platform supports our underwriting and service led model and will enable us to continue delivering innovative solutions to our customers. I would like to extend our thanks to Brit, who have been fantastic owners, and I look forward to building on our partnership.”
Earlier this month, MagMutual Insurance Company, a provider of medical professional liability insurance, completed its acquisition of MDAdvantage Insurance Company of New Jersey.
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