Ambac Financial Group, an American financial services holding company, has purchased majority stakes in All Trans Risk Solutions and Capacity Marine Corporation.

Following the transaction, the two entities will be part of Cirrata Group, Ambac’s insurance distribution unit. 

As a full service managing general underwriter (MGU), All Trans Risk Solutions has expertise in commercial automobile insurance for specific ‘for-hire’ auto classes.

On the other hand, Capacity Marine Corporation serves as a wholesale and retail brokerage, and reinsurance intermediary focused on marine and international risk.

Ambac CEO Claude LeBlanc said: “We are very pleased to add All Trans and Capacity Marine to our growing specialty P&C (property and casualty) platform.

“These acquisitions add approximately $60m 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.”

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All Trans and Capacity Marine chairman Robert Lull said: “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 and Capacity Marine have jointly launched several businesses. The acquisitions are expected to help both the firms expand their portfolios and maximise growth opportunities.

All Trans president and chief underwriting officer Matt Simnor said: “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.”

Capacity Marine president Walter Wynne said: “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.”