Deepak Sarpangal

Dennis Chua

Harry Fong

Mark Hughes

- Ambac Financial Group completed the sale of its legacy financial guarantee businesses, Ambac Assurance Corporation and Ambac Assurance UK Limited, to funds managed by Oaktree Capital Management, L.P. for **$420 million in cash** on **September 29, 2025**.  **[874501_0001628280-25-043087_a04-0843q258xkex991.htm:0]** 
- This transaction represents the completion of Ambac's strategic transformation into a **pure-play MGA and specialty insurance platform**.  **[874501_0001628280-25-043087_a04-0843q258xkex991.htm:0]** 
- In connection with the sale, Ambac issued a **warrant** to American Acorn Holdings, LLC, exercisable for **5,092,707 shares** of common stock at an exercise price of **$18.50 per share**.  **[874501_0001628280-25-043087_a04-0843q258xkex41.htm:1]** **[874501_0001628280-25-043087_ambc-20250929.htm:1]**  The warrant is subject to a **six-month lock-up period** from its **September 29, 2025** original issue date, and the maximum aggregate amount payable by Ambac upon conversion is **$70 million**.  **[874501_0001628280-25-043087_ambc-20250929.htm:1]** **[874501_0001628280-25-043087_a04-0843q258xkex41.htm:10]**

Ambac Financial Group Completes Sale of Legacy Businesses and Issues Warrants

- Ambac Financial Group, Inc. completed the sale of its legacy financial guarantee businesses, Ambac Assurance Corporation and Ambac Assurance UK Limited, to funds managed by Oaktree Capital Management, L.P. for **$420 million in cash**.  **[874501_87db9342d94d4da792d4f436fe09a48c_0]** 
- This transaction signifies the completion of Ambac's strategic transformation into a **pure-play MGA and specialty insurance platform**, building on its specialty insurance business launched in **2020**.  **[874501_87db9342d94d4da792d4f436fe09a48c_0]**

AMBAC FINANCIAL GROUP (AMBC)