Brit invests in Ambridge Partners
Re/insurer Brit has invested in Ambridge Partners, a managing general underwriter (MGU) of transactional insurance products and a key trading partner of Brit for the past nine years.
According to the re/insurer, the investment offers attractive exposure and continues the firm’s selective international expansion into niche specialty businesses.
Ambridge will retain its independence, continuing to underwrite as an MGU on behalf of its existing consortium of Lloyd’s syndicates and international insurers.
Jesseman Pryor and Jeffrey Cowhey, co-founders of Ambridge, said: “We are very excited to secure Brit as an investment partner. Brit’s reputation, reach and expertise will empower us to achieve our next phase of growth as the Ambridge team continues to provide our clients with creative and responsive solutions for their Transactional Insurance needs.”
Matthew Wilson, chief executive officer (CEO) of Brit Global Specialty and Brit Group deputy CEO, added: “We are delighted to announce our investment in Ambridge; Jeff, Jess and their team have built a profitable niche business, well-established in both the US and London, and we look forward to supporting the team to further expand Ambridge’s offering and platform.”
The transaction is subject to regulatory approvals and expected to close in the fourth quarter.
