Financial services holding company Ambac Financial Group, Inc. announced that it has acquired majority stakes in both All Trans Risk Solutions, LLC and Capacity Marine Corp, both of Mahwah, New Jersey.
All Trans is a managing general underwriter (MGU) specializing in commercial automobile insurance for specific “for-hire” auto classes. Capacity Marine is a wholesale and retail brokerage and reinsurance intermediary specializing in marine and international risk.
Claude LeBlanc, CEO of Ambac, said the acquisitions will add approximately $60 million of premium placed to hid firm’s insurance distribution division, Cirrata Group.
Robert Lull, chairman of All Trans and Capacity Marine, added that joining Ambac’s Cirrata Group gives his team access to a full suite of business services and resources to support and enable future expansion.
Ambac’s core business is a growing specialty property/casualty distribution and underwriting platform. Ambac also has a legacy financial guaranty business in runoff.
Source: Ambac
Topics Mergers & Acquisitions Auto Agencies Commercial Lines Business Insurance New Jersey Insurance Wholesale
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