Ambac establishes a strategic partnership with Embrace Partners, an MGU and DE&I platform of specialized minority-owned insurance | Business Insurance

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NEW YORK–(COMMERCIAL WIRE)–Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial services holding company, today announced a strategic partnership through a minority interest in Embrace Partners (“Embrace”), a technology-driven management. 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 majority owner. Embrace will build on Cayemitte’s commitment to deliver a compelling, technology-driven risk management platform, incorporating insurance and collateral solutions for brokers and clients to advance parity goals.

David Cayemitte is both a visionary and a tactician, having launched The Cayemitte Group, an MBE insurance brokerage, in 2005,” said Ambac CEO Claude LeBlanc. “He is a highly respected thought leader, a dedicated partner and an active participant in the minority business enterprise (MBE) market. 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 opportunity for minority-owned businesses. MBDI-trained contractors have been hired by businesses and government agencies that require miscellaneous spending for development projects, including the New York State Bedroom Authority (DASNY).

David and his team are 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 Opportunity Programs Group and Co. – Purchasing Leader for DASNY. “They provide the necessary training, access to capital, and bonding to bid on projects as a prime contractor, which is a game changer. Partnering with Ambac will allow Embrace to offer these critical programs to contractors across the country.”

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Cayemitte, a former executive with AIG, The St. Paul Companies and Travelers, said: “Diversity has become a priority for leading organizations in both the public and private sectors. Insurance procurement and DE&I-focused programs are formidable means for companies to advance their environmental, social and governance (ESG) commitments. The Embrace platform offers the opportunity to spend responsibly in exchange for great 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 opportunity to historically marginalized groups. One of our primary goals is to increase the participation of minority and women-owned business enterprises and to serve disabled veteran-owned businesses in public projects through access to training, working capital, and insurance placement. Our collective efforts seek to balance a moral vision with a business goal of aligning corporate America in a way that helps close inequality gaps.”

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 specialized P&C underwriting and distribution platform. Ambac also has a legacy financial collateral business in liquidation. Ambac’s common shares trade on the New York Stock Exchange under the symbol “AMBC”. For more information please visit www.ambac.com.