Ambac’s Cirrata Group Launches Tara Hill, an E&S Management and Professional Liability Program Administrator Led by Industry Veteran Peter McKeegan

Rhea-AI Summary

Ambac Financial Group (NYSE: AMBC) has announced the launch of Tara Hill Insurance Services, an E&S Management and Professional Liability program administrator. Tara Hill, which will be part of Ambac's Cirrata Group, will be led by industry veteran Peter McKeegan as CEO. The company's focus will be on developing an Excess & Surplus (E&S) portfolio, targeting private Management Liability and Miscellaneous Professional Liability coverages for small to medium-sized risks, distributed exclusively through wholesale brokers.

Naveen Anand, president of Cirrata Group, expressed excitement about leveraging Cirrata’s infrastructure to support McKeegan, who has held leadership roles at several major insurance firms. McKeegan highlighted the extensive underwriting experience brought to Tara Hill, aiming to bring highly customized products to market.

Positive

• Launch of Tara Hill Insurance Services, specializing in E&S Management and Professional Liability.
• Partnership with industry veteran Peter McKeegan, who has held leadership roles at major firms.
• Exclusive distribution of E&S products through wholesale brokers, targeting small to medium-sized risks.
• Leverage of Cirrata Group’s infrastructure and expertise.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac"), an insurance holding company, today announced it has joined with Peter McKeegan to launch Tara Hill Insurance Services (“Tara Hill”), a program administrator specializing in Management and Professional Liability. Tara Hill will be part of Cirrata Group, Ambac’s insurance distribution division. McKeegan will serve as Tara Hill’s chief executive officer.

Peter McKeegan (pictured) has partnered with Ambac to launch Tara Hill Insurance Services, a program administrator specializing in management and professional liability insurance. McKeegan will serve as Tara Hill's CEO. (Photo: Business Wire)

Tara Hill will develop an Excess & Surplus (E&S) portfolio with a focus on private Management Liability and Miscellaneous Professional Liability coverages for small to medium sized risks. Tara Hill provides E&S products distributed exclusively through wholesale brokers.

“Peter McKeegan has a stellar reputation and a top-notch track record in this space,” said Naveen Anand, president of Cirrata Group. “We are excited to support him and to leverage Cirrata’s infrastructure and expertise as he builds Tara Hill into a specialty program administrator.”

Prior to forming Tara Hill, McKeegan held leadership roles at Hallmark Financial, Ironshore, American Safety, Arch Insurance, and AIG in addition to starting new programs at ANV Global Services and Axcelera Specialty Risk.

“Tara Hill is the culmination of decades of underwriting experience,” McKeegan said. “I am thrilled to partner with Ambac’s Cirrata Group on this endeavor and thankful to be able to work with their experienced team to bring this highly customized product to market. The combination of Cirrata Group and the Tara Hill team provides us with strong momentum right out of the gate.”

About Ambac

Ambac Financial Group, Inc. (“Ambac”) is an insurance holding company headquartered in New York City. Ambac’s core business is a growing specialty P&C distribution and underwriting platform. Ambac’s common stock trades on the New York Stock Exchange under the symbol “AMBC”. For more information, please visit www.ambac.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240624152202/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

What is Tara Hill Insurance Services?

Tara Hill Insurance Services is an E&S Management and Professional Liability program administrator launched by Ambac Financial Group, focusing on small to medium-sized risks.

Who is leading Tara Hill Insurance Services?

Peter McKeegan, an industry veteran with leadership experience at several major insurance firms, is the CEO of Tara Hill Insurance Services.

What type of insurance products will Tara Hill provide?

Tara Hill will provide an Excess & Surplus (E&S) portfolio focusing on private Management Liability and Miscellaneous Professional Liability coverages.

How will Tara Hill's products be distributed?

Tara Hill’s E&S products will be distributed exclusively through wholesale brokers.

What is the relationship between Ambac and Cirrata Group?

Tara Hill Insurance Services is part of Cirrata Group, which is Ambac Financial Group’s insurance distribution division.