Beat Capital Partners ("Beat"), a London-based incubator of underwriting franchises and a subsidiary of Ambac Financial Group, Inc. ("Ambac") (NYSE: AMBC), has partnered with former CrossCover executive Brett Dupre to launch U.S.-based Fallow Grove Insurance Services ("Fallow Grove"). Dupre has more than 35 years of industry experience and was also a former executive at AmRisc Group and FM Global.
The Fallow Grove product offering is focused on excess and surplus lines technical and general commercial property insurance, designed to address the complex risks, exposures and challenges faced by businesses across the United States.
Dupre, president and chief executive officer of Fallow Grove, emphasized the company's strategic approach, stating, "Our core mission at Fallow Grove is to serve the unique needs of the middle market property space with a level of precision, expertise and service that is unmatched in the industry. Our partnership with Beat and an excellent, knowledgeable panel of capacity partners enhances our ability to deliver top-tier commercial property products tailored to the diverse requirements of our clients."
Backed by A+ rated capacity, Fallow Grove writes on behalf of a consortium led by Beat Syndicate 4242 at Lloyd's and offers a robust line of property products, including industrial, flood, builder's risk and general property risks. Its products will be distributed exclusively through wholesale brokers.
John Cavanagh, chairman of Beat, added, "We are excited about the potential of Fallow Grove to be a top-tier underwriter in the commercial property insurance landscape with market-leading underwriting returns. With Brett's leadership and our collective team of experts, we are poised to provide innovative solutions that are effective, tailored and in high demand."
Claude LeBlanc, president and chief executive officer of Ambac, stated, "We are excited to welcome Brett Dupre, whose extensive technical underwriting background, prior leadership roles, and proven track record of building similar, successful businesses will continue the trend of developing future value for the group. The launch furthers a core component of our organic growth strategy, with our multiyear goal being to launch eight to 10 new MGAs."
About Fallow Grove Insurance Services
Fallow Grove Insurance Services specializes in commercial property insurance for the middle market, offering a suite of products that cover the technical and general commercial property insurance marketplaces. With the backing of highly rated capacity and plans to bring on a team of seasoned industry professionals, Fallow Grove is committed to excellence and innovation in meeting the insurance needs of its clients by helping them deal with the ever evolving property risk landscape accompanied by market leading service for its distribution partners.
About Ambac
Ambac Financial Group, Inc. ("Ambac") is an insurance holding company headquartered in New York City. Ambac's core business is a growing specialty P&C distribution and underwriting platform. Ambac's common stock trades on the New York Stock Exchange under the symbol "AMBC". For more information, please visit www.ambac.com.
Beat Capital Partners
Beat Capital Partners is a London-based incubator of underwriting franchises which offers select individuals and teams' infrastructure, risk capital, and highly rated paper, alongside experienced guidance and support from its seasoned management team. Beat has launched a broad portfolio of specialty underwriting businesses since its founding in 2017 and services Lloyd's Syndicates 4242/1416. Beat is a subsidiary of Ambac Financial Group, Inc. (NYSE: AMBC). For more information, see www.beatcapital.com.
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Contacts:
Investors:
Charles J. Sebaski
Managing Director, Investor Relations
csebaski@ambac.com
Media:
Kate Smith
Director, Corporate Communications
ksmith@ambac.com
David Haggie
Haggie Partners
david@haggiepartners.com
Olivia Thomson
Haggie Partners
Olivia.Thomson@haggiepartners.com
