Brit Limited (‘Brit'), the global specialty insurer and reinsurer, is pleased to announce that it has made a significant strategic investment in Ambridge Partners LLC (‘Ambridge'), one of the world's leading managing general underwriters of Transactional Insurance products and a key trading partner of Brit for the past nine years.The investment offers attractive exposure to a fast-growing MGU in the United States and continues Brit's selective international expansion into niche specialty businesses with a strong track record in distribution and underwriting capabilities. Ambridge will retain its independence, continuing to underwrite as a managing general underwriter on behalf of its existing broad consortium of Lloyd's syndicates and international insurers. The transaction is subject to regulatory approvals and expected to close in Q4.
Founded in 2000, by Jesseman Pryor (CEO) and Jeffrey Cowhey (President), Ambridge specialises in Transactional Insurance products with a team of 29 employees based in New York and London. It has projected premiums for 2015 of $150m.
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 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."
Jesseman Pryor and Jeffrey Cowhey, co-founders of Ambridge, added:
"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."