Heritage Group, the Guernsey insurance and financial services specialist, has taken a 33% investment in Ambant Underwriting Services (AUS).
AUS is a City of London headquartered company which operates as an independent incubator platform offering a 'launch and host' service to underwriters and/or underwriting teams who are looking to establish a Managing General Agent (MGA), a service support function to existing fully authorised MGAs and a general bespoke service support to entities involved in the delegated underwriting arena.
Richard Tee, Chief Executive of Heritage Group, said: "Our investment in AUS is part of our strategy of expansion in to the dynamic London market. It gives us greater access to this leading firm's considerable expertise and provides us with a solid professional platform on which to launch the MGAs we sponsor."
Steven Crabb, CEO of AUS said: "Heritage's investment in AUS is particularly significant given the increasing interest that MGAs are generating in the market. MGAs need access to specific regulatory support and business knowhow - and that's exactly what AUS specialises in. We welcome this development and the closer partnership it brings to our two firms. Now that Heritage is on board we will be further expanding our offering to MGAs."
AUS, launched in October 2013, already has nine MGA clients with a £90 gross written premium (GWP) forecast turnover for 2015. It is a subsidiary of City of London based Ambant, the Lloyd's, London and International insurance markets professional services firm.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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