Heritage Group buys 33% stake in MGA specialist Ambant Underwriting Services
By James Brewer
Insurance and financial services specialist Heritage Group has taken a 33% stake in City -headquartered Ambant Underwriting Services (AUS), which provides launch and host services for managing general agents.
AUS is a subsidiary of Ambant, a Lloyd’s, London and international insurance markets professional services firm which is owned by its founding directors including AUS chief executive Steven Crabb, who has had 26 years in the London market, latterly supporting in a service and consultancy capacity Lloyd’s syndicates, reinsurance companies and intermediaries.
Heritage Group chief executive Richard Tee said: “Our investment in AUS is part of our strategy of expansion into the dynamic London market. It gives us greater access to this leading firm’s considerable expertise and provides us with a solid professional platform on which to launch the MGAs we sponsor.”
Mr Crabb added: “Heritage’s investment in AUS is particularly significant given the increasing interest that MGAs are generating in the market. MGAs need access to specific regulatory support and business knowhow – and that’s exactly what AUS specialises in. We welcome this development and the closer partnership it brings to our two firms. Now that Heritage is on board we will be further expanding our offering to MGAs.”
Launched in October 2013, AUS already has nine MGA clients with a £90m gross written premium forecast turnover for 2015.
Ambant Underwriting Services support projects have included the launch of Concordia Employment Services, an employment practice liability insurance intermediary; the launch of OPUS Underwriting, a managing general agent specialising in intellectual property insurance; and Solon Risk Services, a managing general agency dealing with recycling industry risks in the UK and European Union.
Management-owned Guernsey-based Heritage Group is involved in fund administration and in fiduciary, corporate and trust services. Its activities include all aspects of the sale, acquisition and management of marine and aviation assets.
Mr Crabb takes an active role in Ambant Underwriting Services and sits on the boards of several of its MGA clients.
Ambant Underwriting Services sets out to give MGAs a secure and easy route to market. It is capable of getting such businesses up and running in a matter of weeks. Support includes broker services, authorisation status, underwriting systems, financial management, underwriting management controls, management information, full or bespoke back office operations support infrastructure, compliance, regulatory and governance support, distribution and capacity management, and product and business development.
Each member of the Ambant management team has over 25 years of experience in the insurance industry. Ambant is approved as a fully accredited Lloyd’s Broker.