11:11 AM EDT, 08/02/2024 (MT Newswires) -- Ambac Financial Group ( AMBC ) said Friday that it has completed the acquisition of a 60% controlling stake in UK-based Beat Capital Partners.

The company said the deal doubles its property and casualty insurance operation, which is on track to produce about $1.4 billion in premiums on an annualized basis in 2024.

Ambac said the transaction was valued at $282 million when it was announced in June.

Beat's management team will continue to lead the company, said Ambac.

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