Debevoise & Plimpton LLP is advising Ambac  Financial Group, Inc. (NYSE: AMBC) (“Ambac”),  a financial services holding company, in its acquisition of Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC (collectively, “Xchange”), property and casualty managing general underwriters. For more information, please see the company’s press release.

Ambac 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. The Xchange Group focuses on the global insurance and reinsurance industries and underwrites, consults, creates products, creates retail distribution, structures risk, transacts reinsurance and advises on capital deployment.  

The Debevoise team is led by insurance M&A counsel Michael Devins and includes associates Dexter Hoffman and Katie Power, M&A associate Molly Quinn, benefits partner Franklin Mitchell and associate Charity Wyatt, tax partner Daniel Priest and associate Benjamin Friedman, capital markets partner Steven Slutzky and intellectual property partner Jeffrey Cunard and associate Melody Godbolt.