Brit Limited (‘Brit’), the global specialty insurer, is pleased to announce that it will act as lead partner for Ambridge Partners LLC (‘Ambridge’) as it increases capacity to $175 million in its transactional liability facility.
The increase in capacity follows Brit’s investment in Ambridge in September 2015, providing attractive exposure to a fast-growing MGU in the United States and continuing Brit’s selective international expansion into niche specialty businesses with a strong track record in distribution and underwriting capabilities.
Ambridge specialises in transactional liability insurance products with a team of 30 employees based in offices in New York and London.
The increased capacity for Ambridge will be provided by a group of Lloyd’s syndicates, with Brit acting as lead partner. Regulatory approvals were secured in Q4 2015.
Matthew Wilson, Brit Group Deputy CEO and Brit Global Specialty CEO, commented:
‘’We are delighted we are able to build on last year’s investment in Ambridge by leading on this capacity increase. Ambridge is an important partner for Brit and we are pleased we are able to support the team as they look to further expand and grow Ambridge’s offering and platform.’’
Jesseman Pryor and Jeffrey Cowhey, co-founders of Ambridge, added:
“This increased capacity will enable Ambridge to further cement its position as a leading MGU in the transactional liability space. Securing Brit’s support as lead partner so soon after its strategic investment in us is a clear indication of our strong relationship and the benefits this brings for both parties.”