On October 16, 2024, Ambac Financial Group shareholders voted to approve the sale of its legacy financial guarantee business. This approval marks a significant step in the company's ongoing strategic transformation.
The sale involves Ambac Assurance Corporation (AAC) and Ambac UK (AUK) to funds managed by Oaktree Capital Management, L.P. for $420 million in cash. This transaction is expected to materially replenish Ambac's capital resources.
The divestiture allows Ambac to shed its historical financial guarantee exposures and focus entirely on its growing Specialty Property & Casualty (P&C) and Insurance Distribution segments. This strategic pivot is anticipated to unlock significant shareholder value by streamlining operations and capital allocation.
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