Ambac Financial Group Inc. (NYSE: AMBC), a financial services holding company, has acquired a majority stake in Riverton Insurance Agency Corp., a New Jersey-based insurance services business consisting of a managing general agent (MGA) and a retail agency.
Riverton’s MGA, Professionals’ Best, offers professional liability insurance programs to licensed architects, engineers, construction managers, and real estate professionals. The Riverton platform also includes ALIA, a retail agency that places professional liability for real estate agents with various markets.
The terms of the deal were not released. Riverton will join Ambac’s insurance distribution division, Cirrata Group.
“We are excited to welcome Riverton to our growing portfolio of insurance distribution businesses,” said Claude LeBlanc, president and CEO of Ambac. “Our vision is to build a best-in-class property and casualty insurance distribution platform, and the addition of Riverton advances that goal.”
“Joining Ambac will position us to accelerate growth while continuing to deliver profitable results for our carrier partners,” L. Lenny Waldhauser, Riverton’s CEO, said. “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.”