Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), an insurance holding company, announced it has partnered with Mike Miller and his team on the launch of Pivix Specialty Insurance Services Inc. (“Pivix”), a managing general agency focusing on the excess and surplus (E&S) lines market. Miller, the former president of Scottsdale Insurance, Nationwide’s E&S carrier, is president and chief executive officer of Pivix.
Pivix offers property and casualty coverages for targeted segments, including the sizeable SME segment. It was founded by Miller, Ken Levine, Joe Griffith, and Sandy Vertuno—all alumni of Nationwide.
“We are thrilled that Mike Miller and his team have chosen to partner with Ambac,” said Claude LeBlanc, Ambac CEO. “Our goal is to be the premier destination for MGAs and underwriting talent, and Mike is among the best in the industry. His pedigree and reputation in the E&S market are unparalleled. We are excited to support him and his team in scaling Pivix.”
Miller added, “We are pleased to reach this milestone in the development of Pivix. We are very pleased to have Ambac as a partner. That positions us very well to grow our company and to meet the needs of the wholesale distribution system. In addition, we are able to partner with carriers and deliver solutions to meet the unique needs of insureds in the E&S marketplace.”
Ambac’s vision is to build a premier insurance distribution platform by acquiring successful MGAs and partnering with top-tier underwriting talent to launch de novo venture. Its distribution division, Cirrata, includes majority-owned MGAs and MGUs.
Naveen Anand, president of Cirrata, said, “We look forward to growing our partnership with Mike and the Pivix team. They have the underwriting expertise, broker relationships and technology to make Pivix a formidable player in the E&S market.”
Insurance Advisory Partners acted as exclusive financial advisor to Pivix Specialty Insurance Services.
About Ambac
Ambac Financial Group, Inc. (“Ambac”) is an insurance holding company headquartered in New York City. Ambac’s core business is a growing specialty P&C distribution and underwriting platform. Ambac’s common stock trades on the New York Stock Exchange under the symbol “AMBC”. For more information, please visit www.ambac.com.
About Pivix
Pivix Specialty Insurance Services Inc. (“Pivix”) is a managing general agent specializing in excess & surplus (E&S) casualty and property lines. Headquartered in Scottsdale, AZ, Pivix was founded by industry veteran Mike Miller. For more information, visit www.pivixins.com.
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Contacts
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
