Ambac Acquires Riverton Insurance Agency Corp.
07 Agosto 2023 - 8:25AM
Business Wire
Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial
services holding company, today announced that it has acquired a
majority stake in Riverton Insurance Agency Corp., a New
Jersey-based insurance services business consisting of an MGA and a
retail agency. Terms of the deal were not released.
Riverton’s MGA, Professionals’ Best, offers professional
liability insurance programs to licensed architects, engineers,
construction managers, and real estate professionals. The Riverton
platform also includes ALIA, a retail agency that places
professional liability for real estate agents with various
markets.
“We are excited to welcome Riverton to our growing portfolio of
insurance distribution businesses,” said Claude LeBlanc, President
and Chief Executive Officer of Ambac. “Our vision is to build a
best-in-class property and casualty insurance distribution
platform, and the addition of Riverton advances that goal.”
Riverton will join Ambac’s insurance distribution division,
Cirrata Group.
“The Riverton team has deep roots in professional lines,” said
Naveen Anand, President of Cirrata Group. “We look forward to
helping them build on the strong foundation they’ve already
laid.”
Riverton was founded in 2017 by L. Lenny Waldhauser, who has
more than three decades of experience in professional lines
insurance across several industry leading insurance
underwriters.
“Joining Ambac will position us to accelerate growth while
continuing to deliver profitable results for our carrier partners,”
Waldhauser, Riverton’s CEO, said. “The Cirrata platform gives us
access to a full suite of business services and resources that will
support and enable such growth while maintaining strong
underwriting selectivity.”
About Ambac
Ambac Financial Group, Inc. (“Ambac” or “AFG”) is a financial
services holding company headquartered in New York City. Ambac’s
core business is a growing specialty P&C distribution and
underwriting platform. Ambac also has a legacy financial guaranty
business in runoff. Ambac’s common stock trades on the New York
Stock Exchange under the symbol “AMBC”. Ambac is committed to
providing timely and accurate information to the investing public,
consistent with our legal and regulatory obligations. To that end,
we use our website to convey information about our businesses,
including the anticipated release of quarterly financial results,
quarterly financial, statistical and business-related information.
For more information, please go to www.ambac.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230807114844/en/
Investors: Charles Sebaski Managing Director, Investor Relations
csebaski@ambac.com
Media: Kate Smith Director, Corporate Communications
ksmith@ambac.com
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