Ambac Financial Group Acquires 80% of Xchange (Xchange Benefits & Xchange Affinity Underwriting)
December 24, 2020
Ambac Financial Group agreed to acquire 80% of the membership interests in Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC, with Xchange management principals retaining the remaining 20%. The acquisition is part of Ambac's strategy to diversify into specialty program insurance and expand its MGA/MGU capabilities to generate recurring fee-based income and accelerate Xchange's geographic and product growth plans.
- Buyers
- Ambac Financial Group, Inc.
- Targets
- Xchange Benefits, LLC, Xchange Affinity Underwriting Agency, LLC
- Sellers
- Xchange management principals
- Industry
- Insurance
- Location
- New York, United States
- Transaction Type
- Buyout
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