Brit Limited, a global specialty insurer and reinsurer based in London, announce that it has made a significant strategic investment in Ambridge Partners LLC, a New York-based managing general underwriter of transactional insurance products and a key trading partner of Brit for the past nine years. The amount of the investment was not disclosed.
Brit said the investment offers attractive exposure to a fast-growing managing general underwriter in the U.S. and continues Brit’s selective international expansion into niche specialty businesses with distribution and underwriting capabilities.
Ambridge will retain its independence, continuing to underwrite as a managing general underwriter on behalf of its existing broad consortium of Lloyd’s syndicates and international insurers. The transaction is subject to regulatory approvals and expected to close in the fourth quarter.
Founded in 2000, by Jesseman Pryor (CEO) and Jeffrey Cowhey (president), Ambridge specializes in transactional insurance products with a team of 29 employees based in New York and London. It has projected premiums for 2015 of $150 million.
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