Fairfax Financial Holdings subsidiary Brit Ltd has completed the sale of its managing general underwriter operations Ambridge Group to Amynta Group.
As previously reported, the US$400 million deal spans Ambridge in the US, the UK, and Germany.
Now finalised, the transaction was first announced in January.
At the time, Amynta chair and chief executive Robert Giammarco said: “Ambridge significantly expands our MGA (managing general agent) business, now writing over US$2 billion in premiums, and significantly increases our business in the E&S (excess and surplus) market.
“Ambridge will operate on a decentralised basis, and we look forward to supporting Jess [Pryor], Jeff [Cowhey], and the Ambridge team in growing their business over the long term.”
Pryor is Ambridge’s executive chair while Cowhey is the company’s CEO. Founded 22 years ago, Ambridge places more than US$600 million of gross written premium.
