Insurance holding company Ambac has partnered with Mike Miller and his team on the launch of Pivix Specialty Insurance Services Inc., a managing general agency focusing on the excess and surplus (E&S) lines market.
Miller, who is the former president of Scottsdale Insurance, the E&S carrier of Nationwide, is president and chief executive officer of Pivix.
Founded by Miller, Ken Levine, Joe Griffith, and Sandy Vertuno – all formerly part of Nationwide-, the MGA offers property and casualty coverages for targeted segments, including the sizeable SME segment.
Claude LeBlanc, Ambac CEO, said: “We are thrilled that Mike Miller and his team have chosen to partner with Ambac. 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 establish a leading insurance distribution platform by strategically acquiring established MGAs and partnering with top-tier underwriting experts “to launch de novo venture.”
The company’s distribution division, Cirrata, encompasses a portfolio of majority-owned MGAs and MGUs.
Naveen Anand, president of Cirrata, stated: “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.
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