Announced
Financials
Tags
United States
Acquisition
Pending
Majority
Single Bidder
Private
managing general underwriter
Property and Casualty Insurance
Domestic
Friendly
Synopsis
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
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