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.
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.
Under 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.”