NR 08:52 AM EST, 01/09/2023 (MT Newswires) -- Insurance services company Amynta Group, specialty insurer and reinsurer, Brit Ltd, which is a subsidiary of Fairfax Financial Holdings Limited (FFH.TO, FFH-U.TO), and Fairfax announced Monday a strategic partnership in which Amynta will acquire Ambridge Group, the MGU operations of Brit, for $400 million and enter into a multi-year agreement for Brit to be a significant capacity partner to Ambridge. It is not clear from the statement, but the figure appears to be in USD.
According to a statement, the transaction includes Ambridge in the U.S. and international units in the United Kingdom and Germany. It said the transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second quarter of 2023.
Ambridge is a global Managing General Underwriter (MGU), offering a range of transactional, specialty casualty, cyber, professional liability and reinsurance coverages. Ambridge places over $600 million of gross premium written on behalf of Brit and a number of global insurers. Ambridge was founded 22 years ago by Jess Pryor, Executive Chairman of Ambridge, and Jeff Cowhey, Chief Executive Officer of Ambridge, who will continue to lead the company.