Stonybrook Capital served as the exclusive transaction advisor to Xchange Group, LLC on its merger with Ambac
December 24 2020 - 1:04PM
Stonybrook Capital (“Stonybrook”) is pleased to announce that it
has advised Xchange Group, LLC in the sale of 80% of the membership
interests of each of Xchange Benefits, LLC and Xchange Affinity
Underwriting Agency, LLC (collectively “Xchange”) to Ambac
Financial Group, Inc. (NYSE: “AMBC”, “Ambac”). This marks yet
another successful transaction for Stonybrook in the insurance
industry vertical – the only vertical on which it focuses.
Formed in 2010,
Xchange is a New York based, leading specialty MGU focused on the
A&H industry. Xchange writes business on behalf of many highly
rated carriers across a variety of products. The acquisition by
Ambac will enable Xchange to realize its significant growth
potential through geographic and product diversification,
accelerating its strategic plans.
Ambac, headquartered
in New York City, is a financial services holding company whose
principal subsidiaries, Ambac Assurance Corporation and Ambac
Assurance UK Limited, are financial guarantee insurance companies
currently in runoff. Outstanding policies include financial
guarantees of public finance and structured finance obligations in
the public and private sectors globally. Ambac’s common stock
trades on the New York Stock Exchange under the symbol “AMBC”.
“The Xchange team is
one of the highest quality management teams in the insurance
industry. We greatly enjoyed working with them to find an optimal
outcome for all parties involved. This transaction further
demonstrates our ability to find solutions for constituents across
the (re)insurance space,” said Joseph Scheerer, Principal and CEO
of Stonybrook Capital.
“Xchange is a premier
platform led by a best-in-class team. We are proud to have assisted
the team in transitioning to the next tier of growth and market
reach,” said Ravi Arps, Partner and Board Member of Stonybrook
Capital.
“I am pleased to be
joining forces with the Ambac team to take Xchange to the next
level. Stonybrook was instrumental in helping us navigate our
strategic alternatives and execute on our strategy,” said Peter
McGuire, President & CEO of Xchange.
Please find a case
study of the transaction by clicking here.
About
Stonybrook Capital
Stonybrook Capital is
an investment banking and reinsurance broking firm, with
headquarters in New York City, and offices in London, that focuses
exclusively on the insurance and reinsurance industry. Stonybrook
also acts as a fund placement agent for LP vehicles, and recently
raised capital from Ambac for Inter-Atlantic Stonybrook Ventures
Fund, LP II. Joseph Scheerer chairs the advisory committee for the
fund.
Securities
transactions are executed through Weild & Co., member FINRA |
SIPC.
Corporate
contact:Kendel Bell
Tel: (646) 927
0438cao@stonybrookcapital.com
Regards,Stonybrook
Capital
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