Ambac Announces Reinsurance Transaction with Assured Guaranty, Ltd.
13 Dicembre 2007 - 4:18PM
Business Wire
Ambac Financial Group, Inc. (NYSE: ABK) (�Ambac�) announced today
that its financial guarantee insurance subsidiary, Ambac Assurance
Corporation (�Ambac Assurance�), has entered into a commitment to
reinsure to Assured Guaranty Re Ltd. (�AG Re�), the reinsurance
subsidiary of Assured Guaranty Ltd. (NYSE: AGO), a diversified
portfolio of financial guaranty contracts. The portfolio totals
approximately $29 billion of net par outstanding and will be ceded
under an existing master facultative reinsurance agreement with AG
Re. Pursuant to the commitment, AG Re has agreed to provide
reinsurance under the terms of Ambac�s current surplus share treaty
program that expires March 31, 2008. Ambac has also agreed to offer
AG Re the opportunity to provide reinsurance under the terms of
Ambac�s surplus share treaty programs that commence April 1, 2008,
2009 and 2010. Commenting on the reinsurance arrangement, Ambac
Chairman and Chief Executive Officer, Robert J. Genader, noted, �We
value Assured�s reinsurance capacity and look forward to a
prosperous relationship with the company in the years to come.� Mr.
Genader added, �Reinsurance is a valuable, capital-efficient and
shareholder-friendly tool for managing risk and capital in the
financial guaranty industry. This reinsurance arrangement
immediately increases our current claims paying resources providing
additional capacity to grow our business in a period when market
conditions for our core financial guarantee product are favorable.�
Certain statements in this document are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act. These statements are based on management's current
expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from those
included in these statements due to a variety of factors. More
information about these factors is contained in Ambac's filings
with the Securities and Exchange Commission. Ambac Financial Group,
Inc., headquartered in New York City, is a holding company whose
affiliates provide financial guarantees and financial services to
clients in both the public and private sectors around the world.
Ambac�s principal operating subsidiary, Ambac Assurance
Corporation, a leading guarantor of public finance and structured
finance obligations, has earned triple-A ratings, the highest
ratings available from Moody�s Investors Service, Inc., Standard
& Poor�s Ratings Services and Fitch, Inc. Ambac Financial
Group, Inc. common stock is listed on the New York Stock Exchange
(ticker symbol ABK).
Grafico Azioni AMBAC (NYSE:ABK)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni AMBAC (NYSE:ABK)
Storico
Da Lug 2023 a Lug 2024
Notizie in Tempo Reale relative a Ambac Financial Grp. Common Stock (Borsa di New York (NYSE)): 0 articoli recenti
Più Ambac Financial Group, Inc. Articoli Notizie