Ambac Financial Group, Inc. acquired 80% stake in Capacity Marine Corporation.
November 08, 2022
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Ambac Financial Group, Inc. (NYSE:AMBC) acquired 80% stake in Capacity Marine Corporation on November 1, 2022. In a related transaction Ambac Financial Group, Inc. also acquired 85% of All Trans for a combined purchase price of $26 million in cash. Alan Levin (New York), Jeff Etherington (Stamford) and Katie Morin, additional assistance was provided by Theodore Augustinos (Hartford), John Emmanuel, William Foley, Daniel Barry (all of New York), Lori Basilico, Eugene McDermott, Jeffrey Kennedy (all of Providence), Paul Nason, Robin Shaughnessy, Aaron Nava, Brittany Batts (all of Dallas), Christopher Flanagan, Glenn Pudelka, Gene Schlack (all of Boston), Ken Suh, Jeff Bohn (both of Chicago) and Jeffrey Wallace (Houston) of Locke Lord acted as legal advisors to Ambac Financial in the transaction.
Ambac Financial Group, Inc. (NYSE:AMBC) completed the acquisition of 80% stake in Capacity Marine Corporation on November 1, 2022.
Ambac Financial Group, Inc. is a financial services holding company. It operates three principal businesses: Legacy Financial Guarantee (LFG) Insurance, Specialty Property and Casualty Insurance, and Insurance Distribution. The LFG Insurance includes the activities of Ambac Assurance Corporation (AAC) and its wholly owned subsidiaries, including Ambac Assurance UK Limited (Ambac UK) and Ambac Financial Services LLC (AFS). The Specialty Property and Casualty Insurance includes five admitted carriers and an excess and surplus lines (E&S or no admitted) insurer, Everspan Indemnity Insurance Company (all carriers collectively, Everspan). The Insurance Distribution includes the specialty property and casualty (P&C) insurance distribution business, which includes managing general agents and underwriters (collectively MGA/Us), insurance wholesalers, brokers, and other distribution businesses, which includes Xchange Benefits, LLC, a P&C MGA specializing in accident and health products.
AMBAC FINANCIAL GROUP, INC. 
