Ambac Financial Group to acquire an 80% stake in Xchange for £60m.

Ambac Financial Group, a financial services holding company, agreed to acquire an 80% stake in Xchange, an insurance and investment holding company, for £60m. “We are thrilled to be joining the Ambac family as they transition to the specialty program market. This transaction provides us with a strategic partner plus access to permanent capital that will accelerate our planned growth strategy and Ambac will benefit from a proven, established niche MGU with a history of consistently strong operating results and carrier support,” Peter McGuire, Xchange President and Chief Executive Officerю