Xchange Benefits Acquires the Employer Stop Loss Renewal Rights of Employer Benefit Underwriters, Inc.

Xchange Benefits, LLC, a property and casualty managing general underwriter specializing in accident and health insurance, announced that it has purchased the renewal rights of Employer Benefit Underwriters, Inc.’s employer stop loss portfolio, effective immediately. Founded in 1996 in Daytona Beach, Fla., Employer Benefit Underwriters, Inc. (“EBU”) has been a managing general underwriter of employer stop loss business under the leadership of Howard Huneke.

This acquisition enables Xchange Benefits, a subsidiary of Ambac Financial Group, Inc. (NYSE: AMBC), to expand its nationwide footprint through the addition of new producer relationships that have been solidified over the years by EBU. Employer Stop Loss remains a growing market segment, and Xchange will continue to proactively pursue opportunities in this sector.

“Howard Huneke and the EBU team have built a fabulous business over many years which we are excited about integrating into our Xchange Platform. We very much look forward to welcoming EBU’s partners and clients into the Xchange family,” said Peter McGuire, President, Chief Executive Officer and Chairman of Xchange Benefits. “Xchange prides itself on industry leading service and underwriting creativity, and we are eager to show our capabilities to EBU’s family of clients and partners.”

“We are extremely happy to welcome the EBU team to the Xchange Benefits family and we also look forward to providing the same exceptional service that our Xchange Benefits clients have enjoyed over the years to all of EBU’s producers,” said James Denison, Chief Underwriting Officer and Executive Vice President of Xchange Benefits.

McGuire added, “I am happy that we will be able to continue to be the beneficiaries of Howard’s vast industry experience and am delighted that Howard has agreed to remain as an advisor to Xchange Benefits.”

Huneke said, “The EBU team is excited to join the Xchange family, bringing their years of experience, while looking forward to learning and growing as part of Xchange Benefits.”

About Xchange Benefits Founded in 2010, Xchange Benefits, LLC is a diverse group of business units focused on the global insurance and reinsurance industry. Led by a team who have industry leading experience, Xchange Benefits underwrites, consults, creates products, creates retail distribution, structures risk, transacts reinsurance, advises on capital deployment and most importantly, listens to their clients. Xchange Benefits have a corporate office in Armonk, New York and an office in Indianapolis, Indiana.

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Xchange Benefits Lani McCann Senior Vice President and General Counsel [e-mail]

Ambac Media Kate Smith Director of Corporate Communications [e-mail]

Investor Relations Charles Sebaski Managing Director, Investor Relations [e-mail]