Insurance holding company Ambac Financial Group has announced the completion of its deal to acquire Beat Capital Partners, which is a London-based insurance underwriting and managing general agent incubation platform. The deal sees Ambac take a 60% stake in Beat.

John Cavanagh, chairman at Beat, said: “Beat’s partnership with Ambac will enable us to take Beat to the next level, building on our established track record of achieving growth and strong margins.

“Together, with expanded international scale, we can offer an even stronger platform for MGAs and underwriting franchises, and we’ll have the firepower to grow and expand globally as well as in the US.”