AMBC - Ambac to buy majority stake in Xchange a P&C managing general underwriter

Ambac Financial Group (AMBC) agrees to acquire 80% of the membership interests of Xchange Group, a property and casualty managing general underwriter that specializes in accident and health insurance, in a deal that AMBC expects to be immediately accretive.The deal also "furthers Ambac’s commitment to unlocking long-term shareholder value by generating recurring fee-based income with attractive risk adjusted returns," said Ambac President and CEO Claude LeBlanc.It will also allow AMBC to  use its net operating losses.Xchange management principals will retain the remaining 20% of the company.The investment will accelerate Xchange's strategic plans and help it grow through geographic and product diversification.

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Ambac to buy majority stake in Xchange, a P&C managing general underwriter