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  6. Oaktree Capital Management Acquires Ambac Assurance Corp

M&A Deal Summary

Oaktree Capital Management Acquires Ambac Assurance Corp

On September 29, 2025, asset manager Oaktree Capital Management acquired insurance company Ambac Assurance Corp from Octave Specialty Group for 420M USD

Acquisition Highlights
  • This is Oaktree Capital Management’s 2nd transaction in the Insurance sector.
  • This is Oaktree Capital Management’s 3rd largest (disclosed) transaction.
  • This is Oaktree Capital Management’s 83rd transaction in the United States.
  • This is Oaktree Capital Management’s 3rd transaction in New Jersey.

M&A Deal Summary
Date 2025-09-29
Target Ambac Assurance Corp
Sector Insurance
Buyer(s) Oaktree Capital Management
Sellers(s) Octave Specialty Group
Deal Type Divestiture
Deal Value 420M USD

Target

Ambac Assurance Corp

Jersey City, New Jersey, United States
Ambac Assurance Corp (“AAC”) is a provider of financial guarantee insurance. Ambac Assurance Corp is headquartered in Jersey City, NJ, AAC also maintains offices in Greenwich, CT and, through its subsidiary Ambac UK Limited (“AUK”), in London, UK.

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Buyer(S) 1

Buyer

Oaktree Capital Management

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1995
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oaktree Capital Management LLP is a global alternative investment firm with a variety of investment strategies spanning corporate debt, convertible securities, distressed debt, control investing, real estate, and public investing. The Firm's control investing group is spread across several disciplines, including Global Principal, European Principal, Power, and Infrastructure. Oaktree was formed in 1995 and is based in Los Angeles.

DEAL STATS #
Overall 129 of 129
Sector: Insurance M&A 2 of 2
Type: Divestiture M&A Deals 9 of 9
State: New Jersey M&A 3 of 3
Country: United States M&A 83 of 83
Year: 2025 M&A 3 of 3
Size (of disclosed) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-08 Superior Industries International

Southfield, Michigan, United States

Superior Industries International is an OEM provider of cast aluminum road wheels. Superior Industries was founded in 1957 and is based in Southfield, Michigan.

Buy -

Seller(S) 1

SELLER

Octave Specialty Group

New York, New York, United States
Category Company
Founded 1991
Sector Financial Services
Employees380
Revenue 236M USD (2024)
DESCRIPTION

Octave Specialty Group is a financial services holding company. Ambac’s core business is a growing specialty P&C distribution and underwriting platform. Octave Specialty Group was founded in 1991 and is based in New York, New York.

DEAL STATS #
Overall 1 of 1
Sector: Insurance M&A 1 of 1
Type: Divestiture M&A Deals 1 of 1
State: New Jersey M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2025 M&A 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-29 ArmadaCare

Hunt Valley, Maryland, United States

ArmadaCare specializes in innovative supplemental health and workplace benefit products tailored to employer needs. ArmadaCare is based in Hunt Valley, Maryland.

Buy $250M
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