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Ambac To Acquire Property & Casualty Managing General Underwriter Xchange; Provides Update on Strategy
NEW YORK (Business Wire) Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac’), a financial services holding company, today announced, consistent with its platform diversification strategy, that it has entered into an agreement to acquire 80% of the membership interests of each of Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC (collectively, “Xchange”), subject to customary closing conditions. Xchange, whose management principals will retain the remaining 20% of the company, will continue operating under its existing brand as it seeks to expand its underwriting partnership with its key carriers in connection with its planned growth strategy. ....

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