Brit mega-merger forms giant US MGA
Global specialty (re)insurer Brit Ltd has announced it will be merging its US service company platform, Brit Global Specialty USA (BGSU), with its premier managing general agency (MGA), Ambridge.
The combined entity will operate as Ambridge Partners LLC and will manage in excess of $450 million in premium in the US, as well as over $110 million in premium written by Ambridge’s international affiliates.
“We believe that there is compelling rationale in bringing these two businesses together, creating a single, scale MGA under the highly regarded Ambridge brand,” said Jess Pryor, who will lead Ambridge as executive chairman, in addition to his ongoing role as executive chairman of Scion, a stand-alone MGA business headquartered in Dallas, Texas.
“At a time when market conditions continue to improve, it will give our underwriting teams the ability to respond to opportunities and empower a more entrepreneurial approach.”
The merger will see BGSU’s products distributed through Ambridge and offered alongside Ambridge’s existing products in transactional insurance, complex management liability and intellectual property.
The enlarged Ambridge business will trade through three segments:
- Ambridge Transactional, which will consist of D&O, IP liability, reps and warranties, special situation contingency, and tax;
- Ambridge Specialty Casualty, which will handle cyber, excess casualty, general liability, professional lines, construction professional, and public entity non-profit; and,
- Ambridge Re, which will consist of casualty reinsurance, political violence, and property.
All of Brit’s US employees across BGCU will be part of the merger with Ambridge.
“Our clients and broker partners across both businesses will experience no change in their products or underwriting teams, however it will enable a greater focus on service, making it easier for them to engage with an enlarged set of products offered under the Ambridge brand,” Pryor added. “We’re excited about the opportunity to bring the two teams together.”