Established in 2017, Riverton focuses on property and casualty insurance in 50 US states. Credit: fizkes / Shutterstock.com.

Financial services holding company Ambac Financial Group has completed the acquisition of a majority stake in US-based insurance services provider Riverton Insurance Agency.

The parties have not disclosed the financial terms of the deal.

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The purchase comprises a managing general agent (MGA) Professionals’ Best, as well as retail agency ALIA. 

Riverton’s MGA focuses on delivering professional liability insurance packages for licensed engineers, architects, construction managers, and real estate specialists. 

The retail agency of the company provides professional liability insurance to real estate agents with several markets.

With the acquisition, Riverton will become part of Cirrata Group, an insurance distribution unit of Ambac.

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Ambac president and CEO Claude LeBlanc said: “We are excited to welcome Riverton to our growing portfolio of insurance distribution businesses. 

“Our vision is to build a best-in-class property and casualty insurance distribution platform, and the addition of Riverton advances that goal.”

Commenting on the deal, Riverton CEO Lenny Waldhauser said: “Joining Ambac will position us to accelerate growth while continuing to deliver profitable results for our carrier partners. 

“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.”

Established in 2017, Riverton offers property and casualty insurance in 50 US states and works with professional service companies. 

Apart from insurance services, the company offers underwriting, online education, and sales of affiliate products via its Professionals’ Best, ALIA, and MyProfessionalNet.com.