London-based MGA incubator acquired by US insurance group
Ambac Financial Group, the US-based insurance holding company, has agreed to acquire a 60% controlling stake in Beat Capital Partners, the specialist insurance underwriting and managing general agent incubator, for $282m (£220.6m).
Up to $40m of this will be paid in shares of Ambac common stock. The remainder will be paid in cash and is subject to closing adjustments.
Beat’s existing shareholders include Bain Capital and Beat’s management team, who will each retain an equity stake of about 20% in the business.
Beat has launched 13 underwriting franchises and MGAs.
These include RedRiff Agency, an accident and health underwriter launched in December 2023.
In addition, it has certain management rights for Syndicates 4242 and
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