Fairfax Financial Holdings’ subsidiary Amynta Group, Brit (Brit) has closed the previously announced deal to acquire insurance services provider Ambridge Group.
The $400m deal covers Ambridge’s US and international divisions in Germany and the UK.
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Established 22 years ago, Ambridge offers professional liability, reinsurance, transactional, speciality casualty, and cyber services.
The business writes more than $600m of gross premiums on behalf of Brit and other global insurers.
It operates through three segments, namely managing general agencies; warranty; as well as speciality risk services.
The business will continue under the leadership of existing CEO Jeff Cowhey while its other employees will be retained.
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By GlobalDataUnder the deal, announced in January, Amynta also signed a multi-year agreement for Brit to serve as a significant capacity partner to Ambridge.
While announcing the deal, Amynta chairman and CEO Robert Giammarco said: “Ambridge is a high-quality company with an outstanding management team and a successful long-term track record built around innovation, service and underwriting excellence.
“Ambridge significantly expands our MGA business, now writing over $2bn in premiums, and significantly increases our business in the E&S market. Ambridge will operate on a decentralised basis and we look forward to supporting Jess, Jeff and the Ambridge team in growing their business over the long term.”
