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 Crum & Forster executive Blair Bartlett to launch U.S.-based 1889 Specialty Insurance Services (“1889 Specialty”).

1889 Specialty offers management liability and professional lines insurance coverage to small and medium size (SME) financial institutions, asset managers, insurance companies, and insurance agents and brokers. Products are written on an excess and surplus (E&S) basis and distributed primarily through wholesale channels. Backed by A+ rated capacity, 1889 Specialty writes on behalf of a consortium led by Beat Syndicate 4242 at Lloyd’s.

Bartlett, the president and CEO of 1889 Specialty, has more than 20 years of financial lines experience at market-leading firms. Most recently he was Vice President of Financial Institutions at Crum & Forster, and prior to that he held similar underwriting leadership positions at CapSpecialty and Allied World.

“I am thrilled to partner with Beat and Ambac on the launch of 1889 Specialty,” Bartlett said. “Our mission is to profitably underwrite superior products while also delivering the highest levels of service to our appointed brokers. Our detailed knowledge of financial institutions’ business practices and exposures enables us to tailor coverage to provide protection against keys risks. Our expertise, product suite, and responsiveness set us apart.”

John Cavanagh, chairman of Beat, added, “Blair has a long-standing track record of building profitable portfolios in the SME financial institutions segment and a market reputation for outstanding service. With his leadership and expertise, 1889 Specialty has the potential to become a leading underwriter in this space.”

Claude LeBlanc, president and chief executive officer of Ambac, stated, “We are excited to welcome Blair Bartlett and 1889 Specialty to the Ambac family. Blair’s extensive underwriting background and leadership experience make him an ideal fit for our organization, which targets top-tier underwriting talent. We look forward to supporting 1889 Specialty on its path to growth and profitability.”

About 1889 Specialty Insurance Services

1889 Specialty Insurance Services is an underwriter of management liability and professional lines insurance for small and medium size financial institutions, including asset managers, insurance carriers, and insurance agents and brokers. With the backing of highly rated capacity and led by a seasoned team of industry experts, 1889 Specialty is committed to delivering the highest levels of service while ensuring SMEs receive the highest standard of protection.

About Ambac

Ambac Financial Group, Inc. (“Ambac”) is an insurance holding company headquartered in New York City. Ambac consists of a diverse mix of specialty insurance underwriting and distribution businesses in the U.S. and U.K. Ambac’s common stock trades on the New York Stock Exchange under the symbol “AMBC”. For more information, please go to 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.

Source: Ambac Financial Group, Inc.

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