Ambac Establishes Strategic Partnership with Embrace Partners, Insurance-Owned Specialty Insurance MGU and DE&I Platform

NEW YORK–(BUSINESS WIRE)–Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial services company, today announced a partnership through a minority shareholder of Embrace Partners (“Embrace”), a technology-driven investment management company. General underwriter (MGU) for specialized commercial insurance and surety. The Embrace platform also includes a diversified, parallel and integrated (DE&I) consulting firm. The terms of the transaction were not disclosed.

Embrace is led by industry veteran David Cayemitte, who remains the majority shareholder. Embrace will market Cayemitte’s commitment to providing a compelling, technology-driven platform, including insurance and assurance solutions to brokers and clients to advance partnership objectives.

David Cayemitte is a visionary and a genius, having founded the Cayemitte Group, an insurance company MBE, in 2005, “Ambac CEO Claude LeBlanc said. “He is a respected thought leader, dedicated partner and participant in the small business market (MBE). We are excited about this partnership and investment in Embrace and are proud to support this mission-driven company. ”

Embrace will provide scholarships through the Minority Business Development Institute, a 501(c)(3) organization that Cayemitte established in 2010 to provide financial opportunities to minority-owned businesses. MBDI trained contractors have been supported by companies and government agencies that require a variety of funding for development projects, including the Dormitory Authority of the State of New York (DASNY).

“David and his team are focused on helping the underserved, especially small and women-owned businesses and businesses with disabilities – they will be involved in the construction industry,” said Michael Clay, Executive Director of the Opportunity Programs Group. and Co-Director of Purchasing for DASNY.”They provide the training, funding opportunities and partnerships necessary to bid on projects as prime contractors, which are game-changers. The partnership with Ambac will enable Embrace to offer these essential software to contractors across the country. ”

Cayemitte, former head of AIG, The St. Paul Companies and Travelers, said:Diversity has become a priority for leading organizations in both the public and private sectors. Insurance purchases and DE&I-based programs are risky business strategies to advance their environmental, social and governance (ESG) commitments. Embrace’s platform offers the right user experience in exchange for the best products and services.

The creation of Embrace Partners marks a major breakthrough in the insurance industry. We are leading a large movement to bring economic opportunity to previously disenfranchised communities. One of our main goals is to increase the participation of small businesses and women and businesses with disabilities in public projects through training opportunities, financing and insurance. All of our efforts seek to balance common sense with the business goal of uniting corporate America in a way that will help close the gaps in inequality. ”

Embrace’s operating platform will take a “digital-first” approach, 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 company based in New York City. Ambac’s core business is a specialized P&C distribution and subscription platform. Ambac also has a financial assurance business that is about to be liquidated. Ambac trades publicly on the New York Stock Exchange under the symbol “AMBC”. For more information, please visit www.ambac.com.