Ambac Financial Group has in fact participated in an agreement to obtain 80% of the membership interests of each of Xchange Benefits and Xchange Affinity Underwriting Agency, jointly Xchange.

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< img class=" alignright size-full wp-image-53465" src =" https://unitedbrokersnews.com/wp-content/uploads/2021/01/ambac-financial-group-to-get-80-of-xchange.jpg" alt=" handshake" width=" 300 "srcset=" https://unitedbrokersnews.com/wp-content/uploads/2021/01/ambac-financial-group-to-get-80-of-xchange.jpg 750w, https://unitedbrokersnews.com/wp-content/uploads/2021/01/ambac-financial-group-to-get-80-of-xchange-1.jpg" sizes=" (max-width: 750px) 100vw, 750px" > P&C Managing General Underwriter (MGU) Xchange will continue running under its existing brand as it tries to find to expand its underwriting collaboration with its essential companies in connection with its scheduled advancement technique. Ambac’s acquisition will enable Xchange to grow through its geographical and item diversity, accelerating its tactical strategies.

Ambac’s platform diversity approach includes building a lively platform with both admitted and non-admitted companies, in addition to MGUs and mgas.

Debevoise & & & & Plimpton worked as legal expert and UBS Investment Bank worked as monetary advisor to Ambac on the deal.

Claude LeBlanc, Ambac’s President and CEO, stated: “As part of our wider specialized program insurance approach we have really been actively pursuing acquisition opportunities in the MGU and Managing General Agent (MGA) sector.

” We anticipate the acquisition of Xchange to be immediately accretive to Ambac and enable us to utilize our net operating losses. We also think that the acquisition advances Ambac’s devotion to opening lasting investor worth by producing repeating fee-based profits with enticing threat altered returns.

” The Xchange group has really offered remarkable underwriting results for their provider partners and we anticipate welcoming the group to the Ambac home.”

Peter McGuire, Xchange’s President and Chief Executive Officer, included: “We are enjoyed be signing up with the Ambac home as they move to the specialized program market.

” This deal supplies us with a tactical partner plus access to permanent capital that will accelerate our organized development approach and Ambac will take advantage of an evaluated, acknowledged particular niche MGU with a history of routinely strong operating outcomes and carrier help.”

The post Ambac Financial Group to obtain 80% of Xchange appeared initially on ReinsuranceNe.ws.

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