LONDON 24 February 2025:

Brace Underwriting Limited (“Brace”), a multi-line and alternative risk specialist underwriter backed by Beat Capital Partners, a subsidiary of Ambac Financial Group, Inc. (NYSE: AMBC), today announces that Hayley Johnston will be joining the board as an independent non-executive director, subject to regulatory approval.

Johnston is currently chief executive officer of Lancashire Insurance Company Limited in Bermuda and was formerly chief underwriting officer for Lancashire Insurance Company (UK) Limited.  Prior to Lancashire, she worked at Axis Specialty Europe where she was the underwriting and outwards reinsurance manager.

Adam Holberry, group CEO of Brace, said: “Hayley is a respected figure in our market and has demonstrated excellent underwriting skills through positive results at Lancashire. We are excited to have her knowledge and expertise as we continue our expansion in the US and further cement our position as a leading delegated authority underwriter in Lloyd’s and Europe.”

ENDS

CONTACTS

Investors:

Charles J. Sebaski Managing Director, Investor Relations csebaski@ambac.com

Media:

Haggie Partners: David Haggie, Olivia Thomson, Finlay Gardner beat@haggiepartners.com  +44 2075624444 

Kate Smith Director, Corporate Communications ksmith@ambac.com

About Brace Underwriting

Brace Underwriting Limited was formed to meet the global demand for tailored insurance products and to stand shoulder to shoulder with partners who want to transform risk into opportunity.  Brace specializes in Alternative Risk binders, focusing on specialist MGAs that come to market with a differentiated product, an alternative distribution method, or expertise in a niche.  Based in Lloyd’s, Brace is part of Beat Capital Partners, writing consortia operated by Beat Syndicate 4242, an established Lloyd’s syndicate benefiting from Lloyd’s A+ rating.

About Beat Capital Partners  

Beat Capital Partners is a London-based incubator of underwriting franchises which offers select individuals and teams’ infrastructure, risk capital, and highly rated paper, alongside experienced guidance and support from its seasoned management team. Beat has launched a broad portfolio of specialty underwriting businesses since its founding in 2017 and services Lloyd’s Syndicates 4242/1416. Beat is a subsidiary of Ambac Financial Group, Inc. (NYSE: AMBC). For more information, see www.beatcapital.com.

About Ambac

Ambac Financial Group, Inc. (“Ambac”) is an insurance holding company headquartered in New York City. Ambac’s core business is a growing specialty P&C distribution and underwriting platform. Ambac’s common stock trades on the New York Stock Exchange under the symbol “AMBC”. For more information, please visit www.ambac.com.