Beat Capital Partners (Beat), a London-based incubator of underwriting franchises and a subsidiary of Ambac Financial Group, Inc. (Ambac), has announced the launch of 1889 Specialty Insurance Services (1889 Specialty), a new US-based managing general agent (MGA) focused on financial institutions.
According to a news release, the new MGA is led by Blair Bartlett (pictured), a former executive at Crum & Forster, and backed by A+ rated capacity through a consortium headed by Beat Syndicate 4242 at Lloyd’s.
1889 Specialty will offer management liability and professional lines insurance to small and medium-size financial institutions (SMEs), asset managers, insurance companies, and insurance agents and brokers. Its products will be written on an excess and surplus (E&S) basis and distributed mainly through wholesale channels.
Bartlett, who serves as president and CEO, brings more than two decades of experience in financial lines underwriting. Before founding 1889 Specialty, he was vice president of financial institutions at Crum & Forster and previously held underwriting leadership roles at CapSpecialty and Allied World.
“I am thrilled to partner with Beat and Ambac on the launch of 1889 Specialty,” Bartlett said. “Our mission is to profitably underwrite superior products while also delivering the highest levels of service to our appointed brokers. Our detailed knowledge of financial institutions’ business practices and exposures enables us to tailor coverage to provide protection against key risks. Our expertise, product suite, and responsiveness set us apart.”
John Cavanagh, chairman of Beat, said Bartlett’s leadership and experience are central to the MGA’s growth strategy. “Blair has a long-standing track record of building profitable portfolios in the SME financial institutions segment and a market reputation for outstanding service,” Cavanagh said. “With his leadership and expertise, 1889 Specialty has the potential to become a leading underwriter in this space.”
Claude LeBlanc, president and CEO of Ambac, welcomed the launch as part of Ambac’s broader specialty insurance expansion. “We are excited to welcome Blair Bartlett and 1889 Specialty to the Ambac family,” LeBlanc said. “Blair’s extensive underwriting background and leadership experience make him an ideal fit for our organization, which targets top-tier underwriting talent. We look forward to supporting 1889 Specialty on its path to growth and profitability.”
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