The New Year is starting off on a strong footing for Amynta Group which has today announced its acquisition of Ambridge Group from Brit, a subsidiary of Fairfax. The strategic partnership will see Amynta acquire Ambridge Group - the MGU operations of Brit - for $400 million (approx. £329 million) and enter into a multi-year agreement for Brit to be a significant capacity partner to Ambridge.
In a Press release, it was noted that the deal includes Ambridge in the US as well as international units in the United Kingdom and Germany. The transaction, which is subject to customary closing conditions (including regulatory approvals), is expected to close in Q2 2023.
Ambridge, an MGU which offers a broad variety of transactional, specialty casualty, cyber, professional liability and reinsurance coverages, places over $600 million of GWP on behalf of Brit and a number of highly rated global insurers. It was founded 22 years ago by executive chairman Jess Pryor and CEO Jeff Cowhey, who will continue to lead the company.
Commenting on the deal, Robert Giammarco, chairman and CEO of Amynta, said the group was excited to welcome Pryor, Cowhey and the Ambridge team. He noted Ambridge’s successful long-term track record and pinpointed the business as a “high-quality company with an outstanding management team”.
“Ambridge significantly expands our MGA business, now writing over $2 billion in premiums, and significantly increases our business in the E&S market,” he said. “Ambridge will operate on a decentralised basis and we look forward to supporting Jess, Jeff and the Ambridge team in growing their business over the long term.”
Pryor also commented on the “exciting news” for Ambridge, its people and its partners. As part of Brit, the business developed into a leading specialist MGU, he said, and Amynta was the right partner to support its continued growth and evolution.
“Their focus on working with entrepreneurial MGUs, underpinned by deep experience and strong market relationships, makes them a natural fit for Ambridge and our customers,” he continued. “Their platform supports our underwriting and service led model and will enable us to continue delivering innovative solutions to our customers. I would like to extend our thanks to Brit, who have been fantastic owners, and I look forward to building on our partnership.”
Discussing the deal, Martin Thompson, CEO of Brit, highlighted that Pryor and Cowhey had built a great business in Ambridge and - with the combination with BGSU in 2021 - had established a “highly regarded and fast-growing international MGA”.
“While we are proud of what we have helped to create,” he said, “we believe now is the appropriate time for Brit to realise the value of its investment as we focus our strategic priorities on our core underwriting capabilities across our broad distribution networks and our investment in building out market-leading digital capabilities to support this.
“In Amynta we were pleased to find the perfect owners to take Ambridge forward, in particular as they are building a high-quality MGA business. Importantly, Ambridge and Amynta remain key partners for Brit, and we look forward to a long and deep relationship with them as an independent MGA.”
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