Ambac Financial Group has announced that its subsidiary Everspan Insurance Company has acquired three admitted insurance carriers for an undisclosed sum.
The acquired carriers are 21st Century Indemnity Insurance Company, 21st Century Pacific Insurance Company and 21st Century Auto Insurance Company. These entities will be renamed this year.
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Everspan Insurance Company is part of the Everspan Group (Everspan), a speciality property and casualty insurance platform.
The latest acquisition materially broadens and enhances Everspan’s distribution capabilities and provides a range of options for its programme partners.
Ambac and Everspan CEO Claude LeBlanc said: “The expansion of Everspan’s carrier base will provide greater capabilities to launch new admitted programs, develop innovative products and provide us with enhanced flexibility to foster strategic relationships with prospective program partners.”
Everspan operates across the US on an admitted and non-admitted basis.
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By GlobalDataIts other affiliates include Everspan Indemnity Insurance Company and Providence Washington Insurance Company, which was acquired in October 2021.
In September 2021, Everspan Indemnity Insurance Company joined forces with Cover Whale to offer a commercial trucking solution.
In a separate development, recently US-based Alera Group acquired six agencies to expand its footprint in the country.
The agencies acquired by Alera include Ashbrook-Clevidence, Benefit Design Specialists (BDS), Erich Courant & Co, Heist Insurance Agency, Simkiss & Block and The D.B.L. Center.
Prior to that, Alera Group bought Bagwell & Bagwell Insurance and Blue Communications.
