Ambac Financial Group Inc., a financial services holding company, acquired majority stakes in both All Trans Risk Solutions LLC and Capacity Marine Corporation.

All Trans Risk Solutions LLC is a full-service managing general underwriter specializing in commercial automobile insurance for specific for-hire auto classes. Capacity Marine Corporation is a wholesale and retail brokerage and reinsurance intermediary specializing in marine and international risk.

Ambac CEO Claude LeBlanc said in a company press release that these acquisitions add approximately $60 million of premium placed to its insurance distribution division, Cirrata Group. The transaction also means that All Trans and Capacity Marine Chairman Robert Lull and his leadership team will be added to the group.

“Cirrata gives us access to a full suite of business services and resources that will support and enable future expansion,” Lull said in the release.

With these acquisitions, Cirrata is now up to four companies. The group acquired Xchange Benefits LLC, an MGU that primarily underwrites employer stop loss, in December 2020. In June 2022, it announced the hiring of Penny Parisoff to build an MGA focused on the health and human services sector. Parisoff’s business will start writing coverage in 2023. Ambac is also the parent of Everspan, a specialty property/casualty hybrid fronting carrier.

Matt Simnor, president and chief underwriting officer of All Trans, added in the release that under Ambac’s ownership, the company will be able to focus on expanding its operations in the brokerage of transportation-based insurance products.

With more than 60 years of combined experience, these acquisitions by Ambac will also enable All Trans and Capacity Marine to further execute against their strategic priorities, diversify their portfolios and capitalize on accretive growth opportunities, the release said.

Source: Ambac Financial Group Inc.