Ambac completes $278M acquisition of 60% stake in Beat Capital Partners; P&C platform doubles

OCTAVE SPECIALTY GROUP INC

Total consideration of ~$277.9M: $248.6M cash plus 2,216,023 shares of AMBC common stock.
Deal doubles P&C operation; expected to produce ~$1.4B annualized premiums for 2024.
Beat's London-based MGA incubation platform adds 16 MGAs to Cirrata Group; existing management continues under Chairman John Cavanagh.
Financed via $150M term loan facility (matures July 31, 2025) with SOFR+4.5% margin, stepping up to 7.5% by May 2025.
Rollover shareholders (Bain Capital and management) receive put/call options starting March 2026 for up to 25% of shares annually.

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