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.”
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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Charles J. Sebaski
Managing Director, Investor Relations
Director, Corporate Communications