The deal covers the US, UK, and Germany
By Terry Gangcuangco
Fairfax Financial Holdings subsidiary Brit Ltd has completed the sale of its management of general underwriter operation Ambridge Group to Amynta Group.
As previously reported, the $400 million deal covers Ambridge in the US, UK, and Germany.
At the time, Amynta chair and chief executive Robert Giammarco said: “Ambridge has significantly expanded our MGA (managing general agent) business, now writing over $2 billion in premiums, and significantly increasing our business in the E&S (surplus and surplus) market.
“Ambridge will operate on a decentralized basis, and we look forward to supporting Jess [Pryor]Jeff [Cowhey]and the Ambridge team to develop their business in the long term.
Pryor is the executive chair of Ambridge while Cowhey is the company’s CEO. Founded 22 years ago, Ambridge has written more than $600 million in gross written premium.
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