NEW YORK–(BUSINESS WIRE)–Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial services holding company, today announced a strategic partnership through a minority ownership interest in Embrace Partners (“Embrace”), a technology-driven general insurance management (MGU) of specialized commercial insurance and warranty. 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 the majority owner. Embrace will trade on Cayemitte’s commitment to providing a compelling technology-driven risk management platform, including insurance and surety solutions for brokers and clients to advance equity objectives.

“David Cayemitte is both a visionary and a tactician, having launched The Cayemitte Group, an MBE insurance broker, in 2005,” said Ambac CEO Claude LeBlanc.He is a recognized thought leader, dedicated partner and 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 provide educational services through the Minority Business Development Institute, a 501(c)(3) corporation that Cayemitte established in 2010 to provide economic opportunity to minority-owned businesses. MBDI-trained contractors are hired by companies and government agencies seeking various expenditures for development projects, including the Dormitory Authority of the State of New York (DASNY).

David and his team are laser-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 the Opportunity Programs Group and co-Director of Procurement for DASNY.”They provide the training, access to capital and connectivity needed to compete for projects as a prime contractor, which is a game changer. The partnership with Ambac will enable Embrace to offer these essential programs to contractors across the country.”

Cayemitte, a former executive at AIG, The St. Paul Companies and Travelers, said:Diversity has become a top priority for leading organizations in both the public and private sectors. Insurance procurement and DE&I-focused programs are formidable tools for firms 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 significant achievement in 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 businesses in public projects through access to training, working capital and insurance placement. Our collective efforts seek to balance a moral outlook with a business objective to align corporate America in a way that will help bridge the gaps of inequality.

Embrace’s operating platform will adopt a “digital first” mentality, 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 specialty P&C distribution and underwriting platform. Ambac also has a legacy financial guarantee business at the bottom. Ambac’s common stock trades on the New York Stock Exchange under the symbol “AMBC.” For more information, please visit

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