Beat joins Ambac Financial Group

Beat Capital Partners Ltd. to join with Ambac Financial Group Inc.

Beat Capital Partners Ltd. (“Beat”), is pleased to announce that Ambac Financial Group, Inc. (“Ambac”) (NYSE: AMBC) will be acquiring a controlling stake of the company in a definitive agreement for approximately $282 million, up to $40 million of which will be paid in Ambac common stock. The transaction is expected to close in the third quarter of 2024, subject to regulatory approval.

Ambac will purchase 60% of Beat from existing shareholders and become its largest shareholder. Bain Capital and Beat’s management team will each retain an equity stake of approximately 20% of Beat. While Beat will become majority owned, it will remain an independent subsidiary and will continue to trade as Beat Capital Partners Ltd., pursuing its strategy of investing in innovative and entrepreneurial insurance businesses, which is consistent with Ambac’s insurance distribution strategy. The underwriting businesses Beat currently supports will continue to operate with their own independent identities, management and strategies.

John Cavanagh, chairman of Beat, said: “This is a transformational partnership for Beat. Ambac’s well-established MGA incubation and carrier capabilities and its outstanding leadership team is a perfect fit with Beat’s existing platform and team. This joint enterprise now represents one of the foremost global platforms for MGAs and Underwriting Franchises, with a significant footprint in the US, UK and Bermudian markets and scope to grow into other geographies. Our aligned capacity, affiliated carrier capabilities and global licensing offers leading specialty underwriters who have an absolute focus on underwriting profit the perfect platform to build their businesses.”

Claude LeBlanc, President and Chief Executive of Ambac has publicly commented that: ““This is a monumental day for Ambac. The acquisition of Beat, which is one of the largest UK independent underwriting managers, aligns with our vision of being a premier destination for MGAs and materially accelerates our progress towards our three-year target of generating in excess of $100 million of annual EBITDA.”

Mr. LeBlanc further noted that “This acquisition propels Ambac to the forefront of the specialty program insurance market. We are not simply acquiring a leading specialty underwriting platform; we are aligning with a team that has proven ability to build and launch profitable de novo MGAs, which is a core pillar of our growth strategy. Adding Beat to our platform gives us immediate scale and a strong pipeline to fuel future growth.”

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