Targeting specialty P&C market, Ambac buys majority stake in Beat for $282m

US insurance group Ambac Financial Group has agreed to buy a controlling stake in UK managing general agency (MGA) incubation platform Beat Capital Partners for $282 million in cash and stock, as it looks to transform into a specialty property and casualty insurance platform. Ambac is also selling its legacy financial guarantee businesses to Oaktree for $420 million cash.