Ambac acquires MGU, brokerage
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New York-based financial services holding company Ambac Financial Group Inc. said Tuesday it has acquired majority stakes in All Trans Risk Solutions LLC, a managing general underwriter, and Capacity Marine Corp., a wholesale and retail brokerage.
Terms of the transactions were not disclosed.
Mahwah, New Jersey-based All Trans has 10 employees and Capacity Marine, also based in Mahwah, has five employees, all of whom will be joining Ambac, a spokeswoman said via email.
All Trans writes niche commercial auto business for specific “for-hire” auto classes, including school buses, charter buses, limousines and paratransit. Capacity Marine places marine cargo and port services business in addition to non-marine coverages.
“These acquisitions add approximately $60 million of premium placed to our insurance distribution division, Cirrata Group,” Claude LeBlanc, CEO of Ambac said in a statement.
