Ambridge Partners LLC, a managing general underwriter of transactional insurance products, announced that specialty insurer Brit Limited has made a “significant strategic investment” in Ambridge. The amount of the investment, which is subject to regulatory approval, was not disclosed.
Brit Limited is owned by Fairfax Financial Holdings and has been a trading partner of Ambridge since 2008.
Ambridge said Brit’s investment will enable it to accelerate its growth and increase its product offering at a time when there has been a sharp increase in interest in transactional insurance products.
Transactional and specialty management liability insurance products can used in connection with financing and investments, licensing agreements, liquidations, mergers and acquisitions, and restructurings and workouts.
Under the arrangement, Ambridge will retain its independence and continue to to underwrite as a managing general underwriter on behalf of its existing Lloyd’s syndicates and insurers, the broker said.
Ambridge Partners, based in New York, and Ambridge Europe together have 29 employees and projected premiums for 2015 are $150 million.
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