Beat Capital Partners (“Beat”), a London-based incubator of underwriting franchises and a subsidiary of Ambac Financial Group, Inc. (“Ambac”) (NYSE: AMBC), has partnered with former CrossCover executive Brett Dupre to launch U.S.-based Fallow Grove Insurance Services (“Fallow Grove”). Dupre has more than 35 years of industry experience and was also a former executive at AmRisc Group and FM Global.
The Fallow Grove product offering is focused on excess and surplus lines technical and general commercial property insurance, designed to address the complex risks, exposures and challenges faced by businesses across the United States.
Dupre, president and chief executive officer of Fallow Grove, emphasized the company’s strategic approach, stating, “Our core mission at Fallow Grove is to serve the unique needs of the middle market property space with a level of precision, expertise and service that is unmatched in the industry. Our partnership with Beat and an excellent, knowledgeable panel of capacity partners enhances our ability to deliver top-tier commercial property products tailored to the diverse requirements of our clients.”
Backed by A+ rated capacity, Fallow Grove writes on behalf of a consortium led by Beat Syndicate 4242 at Lloyd’s and offers a robust line of property products, including industrial, flood, builder’s risk and general property risks. Its products will be distributed exclusively through wholesale brokers.
John Cavanagh, chairman of Beat, added, “We are excited about the potential of Fallow Grove to be a top- tier underwriter in the commercial property insurance landscape with market-leading underwriting returns. With Brett’s leadership and our collective team of experts, we are poised to provide innovative solutions that are effective, tailored and in high demand.”
Claude LeBlanc, president and chief executive officer of Ambac, stated, “We are excited to welcome Brett Dupre, whose extensive technical underwriting background, prior leadership roles, and proven track record of building similar, successful businesses will continue the trend of developing future value for the group. The launch furthers a core component of our organic growth strategy, with our multiyear goal being to launch eight to 10 new MGAs.”