Ambac acquired a 60% stake of Beat for approximately $278 million on 31 July 2024. Beat remains an independent subsidiary and continues to trade as Beat Capital Partners Ltd., pursuing its strategy of investing in innovative and entrepreneurial insurance businesses, which is consistent with Ambac’s insurance distribution strategy. The underwriting businesses Beat supports continue to operate with their own independent identities, management and strategies.
Appleby advised on all Bermuda law aspects of the transaction. Brad Adderley (Bermuda Managing Partner) and Josephine Noddings (Counsel) advised on the transaction.
