Ambac swoops for commercial auto, marine insurance firms

Ambac swoops for commercial auto, marine insurance firms | Insurance Business America

Ambac swoops for commercial auto, marine insurance firms

Financial services holding company Ambac Financial Group has announced that it has acquired majority stakes in both All Trans Risk Solutions and Capacity Marine Corporation.

All Trans is a full-service managing general underwriter specializing in commercial auto 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.

“We are very pleased to add All Trans and Capacity Marine to our growing specialty P&C platform,” said Claude LeBlanc (pictured above), Ambac CEO. “These acquisitions add approximately $60 million of premium placed to our insurance distribution division, Cirrata Group. Moreover, we are pleased to add Bob Lull and his proven leadership team to our growing group of Cirrata partners.

“By joining Ambac’s Cirrata Group, we are positioning our business for continued growth,” said Robert Lull, chairman of All Trans and Capacity Marine. “Cirrata can give us access to a full suite of business services and resources that will support and enable future expansion.”

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“The All Trans team is excited to join Ambac’s Cirrata platform,” said Matt Simnor, president and chief underwriting officer of All Trans. “Under Ambac’s ownership, we can continue to focus on expanding our robust operations in the brokerage of transportation-based insurance products while maintaining our prudent approach to underwriting.”

“The Ambac platform will provide Capacity Marine with the underlying support to continue doing what we do best – solving insurance and reinsurance challenges for our customers,” said Walter Wynne, president of Capacity Marine.