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Ambac Shareholders Approve Sale of Legacy Financial Guarantee Business

Oct 16, 2024•over 1 year ago

Contract Type

agreement

New YorkFinancial ServicesFinanceInsurance

Description

Ambac Financial Group, Inc. announced that its shareholders voted to approve the proposed purchase agreement under which funds managed by Oaktree Capital Management, L.P. will acquire its legacy financial guarantee businesses, Ambac Assurance Corporation and Ambac Assurance UK Limited.

Company Information

Company

Ambac Financial Group

Location

New York, New York, United States

About

Ambac Financial Group, Inc. (“Ambac”) is an insurance holding company with a strong presence in the specialty property and casualty insurance market. It is listed on the New York Stock Exchange under the ticker symbol AMBC and has a vision of being a premier destination for MGAs (Managing General Agencies), aligning with a team that has proven ability to build and launch profitable de novo MGAs. Ambac's acquisition of 60% controlling stake in Beat Capital Partners Limited significantly accelerates its progress towards its financial targets and strengthens its position in the global insurance market.

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Companies with recent agreements are 2.3x more likely to make additional purchases within 6 months