Ambac Financial Group’s London-based subsidiary and underwriting franchises incubator Beat Capital Partners has teamed up with former CrossCover chief underwriting officer Brett Dupre to introduce Fallow Grove Insurance Services in the US.
The new managing general agent aims to cater to businesses nationwide, with a focus on excess and surplus lines technical and general commercial property insurance.
With over 35 years of experience, including roles at AmRisc Group and FM Global, Dupre will lead Fallow Grove as president and chief executive.
“Our core mission at Fallow Grove is to serve the unique needs of the middle market property space with a level of precision, expertise, and service that is unmatched in the industry,” Dupre said.
“Our partnership with Beat and an excellent, knowledgeable panel of capacity partners enhances our ability to deliver top-tier commercial property products tailored to the diverse requirements of our clients.”
The MGA will underwrite a wide range of property products, including industrial, flood, builder’s risk, and general property coverage. It is backed by a consortium led by Beat Syndicate 4242 at Lloyd’s, supported by A+ rated capacity. Distribution will be exclusively through wholesale brokers.
Beat chair John Cavanagh (pictured) expressed optimism about Fallow Grove’s prospects, stating: “We are excited about the potential of Fallow Grove to be a top-tier underwriter in the commercial property insurance landscape with market-leading underwriting returns.”
Ambac CEO Claude LeBlanc added that the launch aligns with the company’s strategic goal of expanding its MGA footprint, with a long-term objective of establishing eight to 10 new MGAs.
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