Xchange Benefits Acquires the Employer Stop Loss Renewal Rights of Employer Benefit Underwriters, Inc.
May 02 2022 - 8:30AM
Business Wire
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 lmccann@xbllc.com
Ambac Media Kate Smith Director of Corporate
Communications ksmith@ambac.com
Investor Relations Charles Sebaski Managing Director, Investor
Relations csebaski@ambac.com
Ambac Financial (NYSE:AMBC)
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