Ambac completes acquisition of Beat Capital Partners
- September 16, 2025
- Posted by: Beth Musselwhite
- Category: Insurance
Ambac Financial Group has completed its acquisition of Beat Capital Partners, a London-based insurance underwriting and managing general agency (MGA) incubation platform.
The acquisition follows an announcement on June 5, 2024, where Ambac disclosed it had signed a definitive agreement to acquire a 60% controlling stake in Beat for approximately $282 million.
On the same day, members from Ambac and Beat held a conference call to discuss the transaction. During the call, Ambac’s President and CEO Claude LeBlanc, said that the company is “thrilled” to enter into a partnership with both the founders of Beat and Beat Capital.
Beat will continue to be led by its current management team, including Chairman John Cavanagh.
The acquisition effectively doubles the size of Ambac’s property and casualty insurance operations, positioning the company to generate around $1.4 billion in annual premiums for 2024. It also enhances Cirrata Group, Ambac’s insurance distribution division, by increasing the number of MGAs in Cirrata Group to 16.
LeBlanc commented, “We are excited to complete this transaction, which materially scales our insurance distribution business and strengthens our position as a premier destination for MGAs.
“With its strong reputation, proven leadership team and the expertise of its MGA CEOs, Beat will be an important asset to our organisation as we continue to execute our specialty P&C strategy and drive long-term growth and value creation for our shareholders.”
Cavanagh added, “Beat’s partnership with Ambac will enable us to take Beat to the next level, building on our established track record of achieving growth and strong margins. Together, with expanded international scale, we can offer an even stronger platform for MGAs and underwriting franchises, and we’ll have the firepower to grow and expand globally as well as in the U.S.”
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