Ambac completes $420M sale of legacy financial guarantee businesses to Oaktree

OCTAVE SPECIALTY GROUP INC

Sale of Ambac Assurance Corp and Ambac Assurance UK to Oaktree for $420M cash closed on September 29, 2025.
Completion transforms Ambac into pure-play MGA and specialty insurance platform; CEO calls it defining moment.
Issued Oaktree a warrant for 5,092,707 common shares with conversion options capped at $70M aggregate.
Moelis & Company and Debevoise & Plimpton advised Ambac; BlackRock and Kirkland & Ellis advised Oaktree.

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