Oaktree Capital, an American global asset management firm, agreed to acquire the legacy financial guarantee businesses of Ambac, an insurance holding company, for $420m. "Three years ago, we announced our vision and strategy to transform Ambac into a specialty property and casualty insurance platform. The sale of our legacy financial guarantee business is the final step in that transition, and it enables us to focus solely on building a profitable P&C platform that will continue to deliver long-term value for our shareholders," Claude LeBlanc, Ambac President and CEO.