Ambac Establishes Strategic Partnership with Embrace Partners, a Minority-Owned Specialty Insurance MGU and DE&I Platform
August 23 2022 - 8:30AM
Business Wire
Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial
services holding company, today announced a strategic partnership
via a minority ownership stake in Embrace Partners (“Embrace”), a
tech-driven managing general underwriter (MGU) of specialty
commercial insurance and surety. The Embrace platform also consists
of a diversity, equity and inclusion (DE&I) consulting firm.
Terms of the transaction were not disclosed.
Embrace is led by industry veteran David Cayemitte, who will
remain the majority owner. Embrace will trade on Cayemitte’s
commitment to deliver a compelling, tech-driven risk management
platform, incorporating insurance and surety solutions for brokers
and clients to advance parity goals.
“David Cayemitte is both a visionary and a tactician, having
launched The Cayemitte Group, an insurance brokerage MBE, in 2005,”
Ambac CEO Claude LeBlanc said. “He is a well-respected thought
leader, dedicated partner and active participant in the minority
business enterprise (MBE) marketplace. We are excited about this
strategic partnership and investment in Embrace and proud to
support this mission-driven company.”
Embrace will offer educational services through the Minority
Business Development Institute, a 501(c)(3) corporation that
Cayemitte founded in 2010 to provide economic opportunities for
minority-owned businesses. MBDI-trained contractors have been
sourced by companies and government agencies that require diverse
spend for development projects, including the Dormitory Authority
of the State of New York (DASNY).
“David and his team are laser-focused on helping underserved
populations—specifically, minority- and women-owned businesses and
disabled veteran-owned businesses—participate in the construction
industry,” said Michael Clay, Senior Director of the Opportunity
Programs Group and Co-Leader of Procurement for DASNY. “They
provide the training, capital access and bonding needed in order to
bid on projects as a primary contractor, which is a game-changer.
Partnering with Ambac will enable Embrace to offer these crucial
programs to contractors across the nation.”
Cayemitte, a former executive at AIG, The St. Paul Companies and
Travelers, said: “Diversity has become a top priority for leading
organizations both in the public and private sectors. Insurance
procurement and DE&I-focused programs are formidable mediums
for firms to advance their Environmental, Social and Governance
(ESG) commitments. The Embrace platform offers the opportunity to
spend responsibly in exchange for excellent products and
services.
“The formation of Embrace Partners marks a momentous achievement
within the insurance industry. We are leading a broader movement to
bring economic opportunities to historically marginalized groups.
One of our primary goals is to increase participation by minority-
and women-owned business enterprises and service disabled
veteran-owned businesses in public projects through access to
training, working capital and insurance placement. Our collective
efforts seek to balance a moral view with a business objective of
aligning corporate America in a way that will help to bridge the
gaps of inequality.”
Embrace’s operating platform will adopt a “digital-first”
mindset, leveraging technologies such as data science, artificial
intelligence, and cloud computing to put efficiency and customer
experience at the forefront of its model.
About Ambac
Ambac Financial Group, Inc. (“Ambac” or “AFG”) is a financial
services holding company headquartered in New York City. Ambac’s
core business is a growing specialty P&C distribution and
underwriting platform. Ambac also has a legacy financial guaranty
business in run off. Ambac’s common stock trades on the New York
Stock Exchange under the symbol “AMBC”. For more information,
please visit www.ambac.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220823005202/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
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