Ambac Announces Appointment of Gregory Raab as Chief Risk Officer
02 Marzo 2009 - 11:12PM
Business Wire
Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today
announced the appointment of Gregory Raab as Chief Risk Officer
(CRO). Mr. Raab assumes this responsibility from David Wallis, who
was promoted to the role of President and Chief Executive Officer
in October, 2008.
As CRO, Mr. Raab will be responsible for managing Ambac�s $430
billion of net insured par outstanding and will drive key decisions
surrounding risk management and loss mitigation. Credit,
Surveillance and Capital Planning and Risk Analysis will report to
Mr. Raab. In addition, Mr. Raab will be a member of Ambac�s
executive management team.
Ambac�s President and Chief Executive Officer, David Wallis,
commented, �Greg's strategic, analytical and business experience
will enhance our management team and overall organizational
perspective. De-risking our portfolio is one of our key strategic
initiatives. Greg�s leadership will support our aggressive
remediation and commutation agenda while building a risk
centric-culture that will harness the lessons learned from the
current environment to rebuild and reinvent our business around our
core strengths. I have every confidence that his guidance and
oversight will contribute significantly to our future success.�
Mr. Raab brings more than 20 years experience in strategy
development, risk management, securitization and structured
finance. He comes to Ambac from GE where he established a Center of
Excellence to source, analyze and acquire discounted ABS
securities. Before joining GE, he was CEO and CRO of Axon Financial
Services where he launched and managed a structured investment
vehicle with $14 billion of assets. Prior to Axon, he served in a
number of roles at Financial Guaranty Insurance Company in the
structured finance, public finance and capital markets areas. Mr.
Raab also served as Chief Risk Officer for GE's Structured Finance,
Public Finance and Capital Markets Group. Earlier in his career, he
worked at Fitch Ratings and was responsible for Taxable
Fixed-Income and Asset and Mortgage-Backed securities.
About Ambac
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 guarantor of public finance and
structured finance obligations, has a Baa1 rating (developing
outlook) from Moody's Investors Service, Inc. and an A rating
(negative outlook) from Standard & Poor's Ratings Services.
Ambac Financial Group, Inc. common stock is listed on the New York
Stock Exchange (ticker symbol ABK).
Forward-Looking
Statements
This release contains statements that may constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Any or all of management�s forward-looking statements here or in
other publications may turn out to be wrong and are based on
Ambac�s management current belief or opinions. Ambac�s actual
results may vary materially, and there are no guarantees about the
performance of Ambac�s securities. Among events, risks,
uncertainties or factors that could cause actual results to differ
materially are: (1)�changes in Ambac�s and/or Ambac Assurance�s
credit or financial strength ratings; (2)�the risk of credit and
liquidity risk due to unscheduled and unanticipated withdrawals on
investment agreements; (3)�the risk that market risks impact assets
in our investment portfolio; (4)�inadequacy of reserves established
for losses and loss expenses; (5)�credit risk throughout our
business, including credit risk related to residential
mortgage-backed securities and CDOs and large single exposures to
reinsurers; (6)�market spreads and pricing on insured
collateralized debt obligations (�CDOs�) and other derivative
products insured or issued by Ambac; (7)�the risk that holders of
debt securities or counterparties on credit default swaps or other
similar agreements seek to declare events of default or seek
judicial relief or bring claims alleging violation or breach of
covenants by Ambac or one of its subsidiaries; (8)�default by one
or more of Ambac Assurance�s�portfolio investments, insured
issuers, counterparties or reinsurers; (9)�the risk that we may be
required to raise additional capital, which could have a dilutive
effect on our outstanding equity capital and/or future earnings;
(10)�our ability or inability to raise additional capital,
including the risks that regulatory or other approvals for any plan
to raise capital are not obtained, or that various conditions to
such a plan, either imposed by third parties or imposed by Ambac or
its Board of Directors, are not satisfied and thus potentially
necessary capital raising transactions do not occur, or the risk
that for other reasons the Company cannot accomplish any
potentially necessary capital raising transactions; (11)�the risk
that Ambac�s holding company structure and certain regulatory and
other constraints, including adverse business performance, affect
Ambac�s ability to pay dividends and make other payments;
(12)�legislative and regulatory developments, including the
Troubled Asset Relief Program and other programs under the
Emergency Economic Stabilization Act and other similar programs;
(13)�changes in the economic, credit, foreign currency or interest
rate environment in the United States and abroad; (14)�changes in
capital requirements whether resulting from downgrades in our
insured portfolio or changes in rating agencies� rating criteria or
other reasons; (15)�changes in accounting principles or practices
relating to the financial guarantee industry or that may impact
Ambac�s reported financial results; (16)�the level of activity
within the national and worldwide credit markets; (17)�competitive
conditions, pricing levels and reduction in demand for financial
guarantee products; (18) changes in our business plan, our decision
to discontinue writing new business in the financial services area,
to significantly reduce new underwriting of structured finance
business and to discontinue all new underwritings of structured
finance business; (19)�the risk that our underwriting and risk
management policies and practices do not anticipate certain risks
and/or the magnitude of potential for loss as a result of
unforeseen risks; (20)�the risk of volatility in income and
earnings, including volatility due to the application of fair value
accounting, or FAS 133, to the portion of our credit enhancement
business which is executed in credit derivative form; (21)�changes
in expectations regarding future realization of gross deferred tax
assets; (22) risks relating to the re-launch of Connie Lee as
Everspan Financial Guaranty Corp.; (23)�operational risks,
including with respect to internal processes, risk models, systems
and employees; (24)�the risk of decline in market position;
(25)�changes in prepayment speeds on insured asset-backed
securities; (26) factors that may influence the amount of
installment premiums paid to Ambac; (27)�the risk of litigation and
regulatory inquiries or investigations, and the risk of adverse
outcomes in connection therewith, which could have a material
adverse effect on our business, operations, financial position,
profitability or cash flows; (28)�changes in tax laws; (29)�the
policies and actions of the United States and other governments;
(30) other factors described in the Risk Factors section in Part I,
1A of our Annual Report on Form 10-K for the fiscal year ended
December 31, 2007 and in Part II, Item 1A of our Quarterly Report
on Form 10-Q for the quarters ended March 31, 2008, June 30, 2008
and September 30, 2008, and also disclosed from time to time by
Ambac in its subsequent reports on Form 10-Q and Form 8-K, which
are or will be available on the Ambac website at www.ambac.com and
at the SEC�s website, www.sec.gov; and (31)�other risks and
uncertainties that have not been identified at this time. Readers
are cautioned that forward-looking statements speak only as of the
date they are made and that Ambac does not undertake to update
forward-looking statements to reflect circumstances or events that
arise after the date the statements are made. You are therefore
advised to consult any further disclosures we make on related
subjects in Ambac�s reports to the SEC.
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