London insurer invests in New York managing general underwriter
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London-based Brit Ltd. has made a strategic investment in New York-based Ambridge Partners L.L.C., a managing general underwriter of transactional insurance, Ambridge Partners announced Wednesday.
A spokesman for Brit declined to comment on the size of the investment, which is subject to regulatory approval.
The specialty insurer and reinsurer has been a trading partner of Ambridge since 2008, the two parties noted in statements.
The Brit spokesman said the investment was part of Brit’s strategy of focusing on specialty segments where it sees opportunity, notably in the United States.
“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,” Brit said in its statement.
“Ambridge will retain its independence, continuing to underwrite as a managing general underwriter on behalf of its existing broad consortium of Lloyd’s of London syndicates and international insurers,” Brit added.
“We are very excited to have secured Brit as an investment partner,” said Jesseman Pryor and Jeffrey Cowhey, co-founders of Ambridge, in a statement.
“Brit’s reputation, reach and expertise will empower us to achieve our next phase of growth as we continue to expand the depth and breadth of our product offerings,” they added.
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