Ambac Financial Group, Inc. completed the acquisition of 80% of interests of Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC from Xchange Group LLC.
December 30, 2020
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Ambac Financial Group, Inc. (NYSE:AMBC) agreed to acquire 80% of interests of Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC from Xchange Group LLC for $80 million on December 23, 2020. The consideration will be paid in cash. Xchange management will retain the remaining 20% of Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC. After the acquisition Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC will continue to operate under its existing brand. The transaction is subjected to customary closing conditions. The acquisition of Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC to be immediately accretive to Ambac Financial Group, Inc. Michael Devins, Franklin Mitchell, Daniel Priest, Steven Slutzky and Jeffrey Cunard of Debevoise & Plimpton LLP acted as legal advisor and UBS Investment Bank, Americas acted as financial advisor to Ambac Financial Group, Inc. Stonybrook Capital acted as financial advisor to Xchange Group, LLC.
Ambac Financial Group, Inc. (NYSE:AMBC) completed the acquisition of 80% of interests of Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC from Xchange Group LLC on December 31, 2020.
Ambac Financial Group, Inc. is a financial services holding company. It operates three principal businesses: Legacy Financial Guarantee (LFG) Insurance, Specialty Property and Casualty Insurance, and Insurance Distribution. The LFG Insurance includes the activities of Ambac Assurance Corporation (AAC) and its wholly owned subsidiaries, including Ambac Assurance UK Limited (Ambac UK) and Ambac Financial Services LLC (AFS). The Specialty Property and Casualty Insurance includes five admitted carriers and an excess and surplus lines (E&S or no admitted) insurer, Everspan Indemnity Insurance Company (all carriers collectively, Everspan). The Insurance Distribution includes the specialty property and casualty (P&C) insurance distribution business, which includes managing general agents and underwriters (collectively MGA/Us), insurance wholesalers, brokers, and other distribution businesses, which includes Xchange Benefits, LLC, a P&C MGA specializing in accident and health products.
Ambac Financial Group, Inc. completed the acquisition of 80% of interests of Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC from Xchange Group LLC.
AMBAC FINANCIAL GROUP, INC. 
