Penny Parisoff Partners With Ambac to Create Human Services-Focused MGA
30 June 2022 - 10:30PM
Business Wire
Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a
financial services holding company, through its wholly-owned
insurance distribution division, Cirrata Group, is partnering with
industry veteran Penny Parisoff to establish a new managing general
agency that will serve the health and human services industry.
Parisoff will be president of the MGA, which will provide
professional and general liability insurance for mental health
facilities, youth-serving organizations and other human services
operations.
“We’re excited to welcome Penny to the Ambac team and support
her as she builds this MGA,” said Claude LeBlanc, Ambac’s CEO.
“Ambac has a full suite of business services and available
resources to support underwriting teams seeking a platform to build
profitable MGAs from the ground up.”
Parisoff joins Ambac from GuideOne Insurance, where she was most
recently director of business development. She has 40 years of
experience in the insurance industry, including 20 building and
managing insurance programs for human services organizations.
The human services industry encompasses a range of social and
behavioral health services, such as disability programs, youth
development, mental health and crisis intervention, vocational
programs, and services provided to both child and family. The
sector includes more than 130,000 organizations and employs three
million people. According to projections from the U.S. Bureau of
Labor Statistics, employment in the human services industry is
expected to grow faster than total employment over the next 10
years. As this segment grows, so too will the market for liability
insurance solutions for service providers.
“Over the last two decades, I have developed a passion for the
human services segment,” Parisoff said. “I’m thrilled at this
opportunity to partner with Ambac’s Cirrata Group to build an MGA
that will provide human services organization specialty coverages,
as this will be a tremendous help to these critically-needed
organizations. I’m excited to work with many of the agency partners
that specialize in this business.”
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 guaranty
business in run off. Ambac’s common stock trades on the New York
Stock Exchange under the symbol “AMBC”. For more information,
please visit www.ambac.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220630005266/en/
Investors: Charles J. Sebaski Managing Director, Investor
Relations (212) 208-3177 csebaski@ambac.com
Media: Kate Smith Director, Corporate Communications (212)
208-3452 ksmith@ambac.com
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