Ambridge, an MGU offering a wide range of transactional, special casualty, cyber, professional indemnity and reinsurance cover, places over $600m 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.
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Commenting on the deal, Robert Giammarco, chairman and chief executive officer of Amynta, said the group was excited to welcome Pryor, Cowhey and the Ambridge team. He highlighted Ambridge’s successful long-term track record and highlighted the business as a “high-quality company with an outstanding management team.”
“Ambridge significantly expands our MGA business, now writing more than $2 billion in premiums, and significantly increases our business in the E&S market,” he said. “Ambridge will operate on a decentralized basis and we look forward to supporting Jess, Jeff and the Ambridge team in the long-term development of their business.”
Pryor also commented on the “exciting news” for Ambridge, his people and his 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, backed by deep experience and strong market relationships, makes them a natural fit for Ambridge and our clients,” he continued. “Their platform supports our download and service delivery model and will allow us to continue to provide innovative solutions to our customers. I would like to express our gratitude to Brit, who has been a fantastic owner, and I look forward to building our partnership.”
Discussing the deal, Martin Thompson, CEO of Brit, noted that Pryor and Cowhey had built a great business at Ambridge and – through the combination with BGSU in 2021 – established a “highly respected and fast-growing international MGA”.
“While we are proud of what we have helped to create,” he said, “we believe now is the right time for Brit to realize the value of its investment as we focus our strategic priorities on our core risk-taking capabilities across our extensive distribution networks. and our investment in building market-leading digital capabilities to support it.
“In Amynta, we were pleased to have found the perfect owners to take Ambridge forward, particularly 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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