Ambac launches specialty program insurance business with $100M of capital

Ambac Financial Group Inc. launched Everspan Group, a specialty participatory fronting program insurance business.

The business, with capital in excess of $100 million, is expected to begin writing new specialty programs in the first half.

The startup will pursue a sustainable, long-term property and casualty, participatory fronting strategy by underwriting diverse classes of risks, according to a statement. It will source business primarily through managing general agents, program administrators, brokers, regional insurers, reinsurers and the insurance-linked securities market and may retain up to 30% of underwriting risk per program.

Everspan's core insurance companies are excess and surplus lines insurer Everspan Indemnity Insurance Co. and admitted carrier Everspan Insurance Co.