Ambac Financial Group, Inc. (“Ambac”) (NYSE: AMBC), an insurance holding company, today announced it has 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. (“Oaktree”) for $420 million in cash. This follows the Wisconsin Office of the Commissioner of Insurance (OCI) issuing its final decision to approve the Form A application for the sale of Ambac Assurance Corporation earlier today.

“Today’s announcement represents the completion of our strategic transformation into a pure-play MGA and specialty insurance platform,” said Ambac President and Chief Executive Officer Claude LeBlanc. “This transaction marks a defining moment in our Company’s history, enabling us to focus exclusively on long-term growth and value creation while building on the solid foundation we’ve established since the launch of our specialty insurance business in 2020.”

Greg Share, Managing Director for Oaktree’s Global Opportunities strategy, said, “We are pleased to complete this corporate carve-out in support of Ambac’s transition to a pure-play MGA specialty insurance business. This transaction underscores our commitment to partnering with companies seeking to complete successful strategic transformations. We look forward to supporting Ambac in its next phase of growth.”

Moelis & Company LLC served as exclusive financial advisor and Debevoise & Plimpton LLP provided legal counsel to Ambac. BlackRock’s Financial Markets Advisory team served as valuation advisor and Kirkland & Ellis LLP served as legal counsel to Oaktree.

About Ambac

Ambac Financial Group, Inc. (“Ambac”) is an insurance holding company headquartered in New York City. Ambac consists of a diverse mix of specialty insurance underwriting and distribution businesses in the U.S. and U.K. Ambac’s common stock trades on the New York Stock Exchange under the symbol “AMBC”. For more information, visit www.ambac.com.

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with $209 billion in assets under management as of June 30, 2025. The firm emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in credit, equity, and real estate. The firm has more than 1,450 employees and offices in 26 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.

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