Ambac Acquires Specialty Insurance MGU All Trans Risk Solutions, LLC and Wholesale Broker Capacity Marine Corporation
November 08 2022 - 8:30AM
Business Wire
Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial
services holding company, today announced that it has acquired
majority stakes in both All Trans Risk Solutions, LLC and Capacity
Marine Corporation.
“We are very pleased to add All Trans and Capacity Marine to our
growing specialty P&C platform,” said Claude LeBlanc, CEO of
Ambac. “These acquisitions add approximately $60 million of premium
placed to our insurance distribution division, Cirrata Group.
Moreover, we are pleased to add Bob Lull and his proven leadership
team to our growing group of Cirrata partners.”
Robert Lull, Chairman of All Trans and Capacity Marine, added,
“By joining Ambac’s Cirrata Group, we are positioning our business
for continued growth. Cirrata gives us access to a full suite of
business services and resources that will support and enable future
expansion.”
All Trans Risk Solutions, LLC is a full service managing general
underwriter (MGU) specializing in commercial automobile insurance
for specific "for-hire" auto classes.
Capacity Marine Corporation is a wholesale and retail brokerage
and reinsurance intermediary specializing in marine and
international risk.
“The All Trans team is excited to join Ambac’s Cirrata
platform,” said Matt Simnor, President and Chief Underwriting
Officer of All Trans. “Under Ambac’s ownership we can continue to
focus on expanding our robust operations in the brokerage of
transportation-based insurance products while maintaining our
prudent approach to underwriting.”
Walter Wynne, President of Capacity Marine, added, “The Ambac
platform will provide Capacity Marine with the underlying support
to continue doing what we do best—solving insurance and reinsurance
challenges for our customers.”
With over 60 years of combined experience, All Trans and
Capacity Marine have built successful businesses with exceptional
underwriting acumen and steady premium growth. These acquisitions
by Ambac will enable both companies to further execute against
their strategic priorities, diversify their portfolios and
capitalize on accretive growth opportunities.
About Ambac
Ambac Financial Group, Inc. (“Ambac” or “AFG”) is a financial
services holding company headquartered in New York City. Ambac’s
core business is a growing specialty P&C distribution and
underwriting platform. Ambac also has a legacy financial guaranty
business in runoff. Ambac’s common stock trades on the New York
Stock Exchange under the symbol “AMBC”. Ambac is committed to
providing timely and accurate information to the investing public,
consistent with our legal and regulatory obligations. To that end,
we use our website to convey information about our businesses,
including the anticipated release of quarterly financial results,
quarterly financial, statistical and business-related information.
For more information, please go to www.ambac.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221108005451/en/
Investors: Charles Sebaski Managing Director, Investor Relations
csebaski@ambac.com Media: Kate Smith Director, Corporate
Communications ksmith@ambac.com
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