Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial services holding company, today announced that it has acquired majority stakes in both All Trans Risk Solutions, LLC and Capacity Marine Corporation.
“We are very pleased to add All Trans and Capacity Marine to our growing specialty P&C platform,” said Claude LeBlanc, CEO of Ambac. “These acquisitions add approximately $60 million of premium placed to our insurance distribution division, Cirrata Group. Moreover, we are pleased to add Bob Lull and his proven leadership team to our growing group of Cirrata partners.”
Robert Lull, Chairman of All Trans and Capacity Marine, added, “By joining Ambac’s Cirrata Group, we are positioning our business for continued growth. Cirrata gives us access to a full suite of business services and resources that will support and enable future expansion.”
All Trans Risk Solutions, LLC is a full service managing general underwriter (MGU) specializing in commercial automobile insurance for specific "for-hire" auto classes.
Capacity Marine Corporation is a wholesale and retail brokerage and reinsurance intermediary specializing in marine and international risk.
“The All Trans team is excited to join Ambac’s Cirrata platform,” said Matt Simnor, President and Chief Underwriting Officer of All Trans. “Under Ambac’s ownership we can continue to focus on expanding our robust operations in the brokerage of transportation-based insurance products while maintaining our prudent approach to underwriting.”
Walter Wynne, President of Capacity Marine, added, “The Ambac platform will provide Capacity Marine with the underlying support to continue doing what we do best—solving insurance and reinsurance challenges for our customers.”
With over 60 years of combined experience, All Trans and Capacity Marine have built successful businesses with exceptional underwriting acumen and steady premium growth. These acquisitions by Ambac will enable both companies to further execute against their strategic priorities, diversify their portfolios and capitalize on accretive growth opportunities.
About Ambac
Ambac Financial Group, Inc. (“Ambac” or “AFG”) is a financial services holding company headquartered in New York City. Ambac’s core business is a growing specialty P&C distribution and underwriting platform. Ambac also has a legacy financial guaranty business in runoff. Ambac’s common stock trades on the New York Stock Exchange under the symbol “AMBC”. Ambac is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, we use our website to convey information about our businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information. For more information, please go to www.ambac.com.
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Contacts
Investors:
Charles Sebaski
Managing Director, Investor Relations
csebaski@ambac.com
Media:
Kate Smith
Director, Corporate Communications
ksmith@ambac.com
