Ambac Announces Partnership with Mike Miller-Led MGA Pivix
Ambac Financial Group (NYSE: AMBC) has announced a partnership with Pivix Specialty Insurance Services, a new managing general agency (MGA) focusing on the excess and surplus (E&S) lines market. Pivix, led by Mike Miller, former president of Scottsdale Insurance, offers property and casualty coverages for targeted segments, including SMEs.
The partnership aligns with Ambac's goal to become the premier destination for MGAs and underwriting talent. Pivix was founded by Miller along with Ken Levine, Joe Griffith, and Sandy Vertuno, all former Nationwide executives. Ambac's distribution division, Cirrata, includes majority-owned MGAs and MGUs, reflecting the company's vision to build a premier insurance distribution platform.
Ambac Financial Group (NYSE: AMBC) ha annunciato una partnership con Pivix Specialty Insurance Services, una nuova agenzia di gestione generale (MGA) focalizzata sul mercato delle linee di eccesso e surplus (E&S). Pivix, guidata da Mike Miller, ex presidente della Scottsdale Insurance, offre coperture per proprietà e responsabilità civile per segmenti mirati, inclusi le PMI.
La partnership è in linea con l'obiettivo di Ambac di diventare la principale destinazione per le MGA e i talenti nel settore delle assicurazioni. Pivix è stata fondata da Miller insieme a Ken Levine, Joe Griffith e Sandy Vertuno, tutti ex dirigenti di Nationwide. La divisione distribuzione di Ambac, Cirrata, include MGA e MGU a maggioranza controllata, riflettendo la visione dell'azienda di costruire una piattaforma di distribuzione assicurativa di livello superiore.
Ambac Financial Group (NYSE: AMBC) ha anunciado una asociación con Pivix Specialty Insurance Services, una nueva agencia de gestión general (MGA) centrada en el mercado de líneas de exceso y surplus (E&S). Pivix, liderada por Mike Miller, ex presidente de Scottsdale Insurance, ofrece coberturas de propiedad y responsabilidad civil para segmentos específicos, incluidas las pymes.
La asociación se alinea con el objetivo de Ambac de convertirse en el destino principal para las MGA y el talento en suscripción. Pivix fue fundada por Miller junto con Ken Levine, Joe Griffith y Sandy Vertuno, todos ellos ex ejecutivos de Nationwide. La división de distribución de Ambac, Cirrata, incluye MGA y MGU de propiedad mayoritaria, reflejando la visión de la empresa de construir una plataforma de distribución de seguros de primer nivel.
Ambac Financial Group (NYSE: AMBC)는 Pivix Specialty Insurance Services와의 파트너십을 발표했습니다. Pivix는 초과 및 잉여(E&S) 라인 시장에 중점을 둔 새로운 관리 총 대리점(MGA)입니다. Mike Miller가 이끄는 Pivix는 중소기업을 포함한 특정 세그먼트를 위한 재산 및 상해 보험을 제공합니다.
이 파트너십은 MGA와 언더라이팅 인재를 위한 주요 목적지로 자리 잡겠다는 Ambac의 목표와 일치합니다. Pivix는 Miller와 Ken Levine, Joe Griffith, Sandy Vertuno가 함께 설립했으며, 이들은 모두 Nationwide의 전임 경영진입니다. Ambac의 유통 부서인 Cirrata는 대다수 소유 MGA 및 MGU를 포함하며, 이는 회사가 우수한 보험 유통 플랫폼을 구축하고자 하는 비전을 반영합니다.
Ambac Financial Group (NYSE: AMBC) a annoncé un partenariat avec Pivix Specialty Insurance Services, une nouvelle agence de gestion générale (MGA) axée sur le marché des lignes d'excédent et de surplus (E&S). Pivix, dirigée par Mike Miller, ancien président de Scottsdale Insurance, propose des couvertures pour biens et responsabilités pour des segments ciblés, y compris les PME.
Ce partenariat s'aligne avec l'objectif d'Ambac de devenir la destination principale pour les MGA et les talents en souscription. Pivix a été fondée par Miller avec Ken Levine, Joe Griffith et Sandy Vertuno, tous anciens dirigeants de Nationwide. La division de distribution d'Ambac, Cirrata, comprend des MGA et MGU majoritaires, reflétant la vision de l'entreprise de construire une plateforme de distribution d'assurance de premier plan.
Die Ambac Financial Group (NYSE: AMBC) hat eine Partnerschaft mit Pivix Specialty Insurance Services angekündigt, einer neuen Managing General Agency (MGA), die sich auf den Markt für Über- und Überschusslinien (E&S) konzentriert. Pivix, geleitet von Mike Miller, dem ehemaligen Präsidenten der Scottsdale Insurance, bietet Versicherungen für Sach- und Haftpflicht in bestimmten Segmenten an, einschließlich KMU.
Die Partnerschaft steht im Einklang mit Ambacs Ziel, das führende Ziel für MGAs und Underwriting-Talente zu werden. Pivix wurde von Miller zusammen mit Ken Levine, Joe Griffith und Sandy Vertuno gegründet, die alle ehemalige Führungskräfte von Nationwide sind. Die Vertriebsabteilung von Ambac, Cirrata, umfasst mehrheitlich im Besitz befindliche MGAs und MGUs und spiegelt die Vision des Unternehmens wider, eine erstklassige Versicherungsvertriebsplattform aufzubauen.
- Partnership with experienced industry leaders in the E&S market
- Expansion into the sizeable SME segment
- Alignment with Ambac's strategy to build a premier insurance distribution platform
- None.
Insights
The partnership between Ambac and Pivix represents a strategic move in the excess and surplus (E&S) lines market. Mike Miller's leadership of Pivix brings significant industry experience, potentially enhancing Ambac's competitive position. The focus on the SME segment within E&S lines could tap into a lucrative market, especially given the current hard market conditions in commercial insurance.
Ambac's strategy to build a premier insurance distribution platform through MGA acquisitions and partnerships aligns with industry trends towards increased use of MGAs for specialized risks. This approach could diversify Ambac's revenue streams and improve its market reach without taking on direct underwriting risk.
However, the E&S market is highly competitive and success will depend on Pivix's ability to differentiate its offerings and maintain underwriting discipline. Investors should monitor the partnership's progress in terms of premium growth and loss ratios to gauge its impact on Ambac's financial performance.
This partnership could potentially boost Ambac's revenue and profitability in the medium to long term. The E&S market has been growing faster than the standard insurance market, presenting opportunities for expansion. However, the financial impact on Ambac will depend on the terms of the partnership and Pivix's performance.
Investors should consider:
- Potential for increased fee income from MGA operations
- Diversification of revenue sources, reducing reliance on legacy business
- Possible improvement in Ambac's price-to-earnings ratio if the strategy proves successful
Given Ambac's market cap of
Pivix offers property and casualty coverages for targeted segments, including the sizeable SME segment. It was founded by Miller, Ken Levine, Joe Griffith, and Sandy Vertuno—all alumni of Nationwide.
“We are thrilled that Mike Miller and his team have chosen to partner with Ambac,” said Claude LeBlanc, Ambac CEO. “Our goal is to be the premier destination for MGAs and underwriting talent, and Mike is among the best in the industry. His pedigree and reputation in the E&S market are unparalleled. We are excited to support him and his team in scaling Pivix.”
Miller added, “We are pleased to reach this milestone in the development of Pivix. We are very pleased to have Ambac as a partner. That positions us very well to grow our company and to meet the needs of the wholesale distribution system. In addition, we are able to partner with carriers and deliver solutions to meet the unique needs of insureds in the E&S marketplace.”
Ambac’s vision is to build a premier insurance distribution platform by acquiring successful MGAs and partnering with top-tier underwriting talent to launch de novo venture. Its distribution division, Cirrata, includes majority-owned MGAs and MGUs.
Naveen Anand, president of Cirrata, said, “We look forward to growing our partnership with Mike and the Pivix team. They have the underwriting expertise, broker relationships and technology to make Pivix a formidable player in the E&S market.”
Insurance Advisory Partners acted as exclusive financial advisor to Pivix Specialty Insurance Services.
About Ambac
Ambac Financial Group, Inc. (“Ambac”) is an insurance holding company headquartered in
About Pivix
Pivix Specialty Insurance Services Inc. (“Pivix”) is a managing general agent specializing in excess & surplus (E&S) casualty and property lines. Headquartered in
View source version on businesswire.com: https://www.businesswire.com/news/home/20241008746741/en/
Investors:
Charles J. Sebaski
Managing Director, Investor Relations
(212) 208-3177
csebaski@ambac.com
Media:
Kate Smith
Director, Corporate Communications
(212) 208-3452
ksmith@ambac.com
Source: Ambac Financial Group, Inc.
FAQ
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