US-based insurance holding company Ambac Financial Group has acquired a 60% controlling stake in Beat Capital Partners Limited, a London-based insurance underwriting and managing general agency incubation platform. The deal is valued at approximately £220m of which around £31m is shares of Ambac common stock.

Claude LeBlanc (pictured), president and chief executive officer of Ambac, said: “The acquisition of Beat, which is one of the largest UK independent underwriting managers, aligns with our vision of being a premier destination for MGAs.”

The deal is due to complete in the third quarter of this year.