Ambac Assurance Corporation

Ambac Assurance Corporation

A subsidiary of publicly traded Ambac Financial Group that provides financial guarantees for municipal borrowers and for asset-backed and structured issues. Ambac was founded in 1971 as a subsidiary of MGIC Investment Corporation and later owned by Baldwin-United and Citibank. Formerly called American Municipal Bond Assurance Corporation.
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NEW YORK: Ambac Financial Group, Inc., a holding company whose subsidiaries, including Ambac Assurance Corporation, provide financial guarantees, successfully completed Ambac's previously-announced offer to exchange AAC's outstanding Auction Market Preferred Shares ("AMPS") for AAC's 5.1% senior surplus notes due 2020 (the "Senior Surplus Notes") and, from AFG, cash and warrants to purchase AFG common stock.
26, Ambac Financial Group Inc., New York, announced that Ambac Assurance Corporation (AAC) and Segregated Account of AAC have settled residential mortgage-backed securities (RMBS) litigation and disputes against JPMorgan Chase & Co.
However, Ambac said it cannot estimate when it will be able to consummate such reorganisation and till then will continue to operate as "debtor-in-possession" under the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court and added that its principal operating subsidiary, Ambac Assurance Corporation is a guarantor of public finance and structured finance obligations.
<p>Moody's recently downgraded the ratings of Ambac's insurance subsidiaries, Ambac Assurance Corporation and Ambac Assurance UK, to Ba3 from Baa, leading the monoline to say, "While Ambac believes that Moody's is entitled to its opinion of Ambac's financial strength, it notes that this is the tenth such opinion change since January 2008.CaIn the intervening time, Ambac has taken a number of steps to move its business model forward given the significant changes in the marketplace.
The bond issue is backed by Ambac Assurance Corporation, which assures bond holders of repayment and helps reduce interest costs.
The major insurance companies are Ambac Assurance Corporation, Financial Guaranty Insurance Company, Financial Security Assurance Inc., and Municipal Bond Investors Assurance Corporation.
In addition, Fitch Ratings has upgraded the rating on the following California Health Facilities Financing Authority bonds, issued on behalf of MMC to 'BBB-' from 'BB+': --$20 million series 2004B auction rate (insured: Ambac Assurance Corporation).
Holding company of financial guarantees and services providers, Ambac Financial Group Inc (OTC:ABKFQ) disclosed on Friday that it has rescheduled the hearing for the approval of the Disclosure Statement due to ongoing negotiations with the Commissioner of Insurance of the State of Wisconsin and Ambac Assurance Corporation.
(Nasdaq: AMBC) ("Ambac"), a holding company whose subsidiaries, including Ambac Assurance Corporation ("AAC"), provide financial guarantees and other financial services, today reported results for the three months ended March 31, 2016.
Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)
(Nasdaq: AMBC) ("Ambac"), a holding company whose subsidiaries, including Ambac Assurance Corporation ("Ambac Assurance"), provide financial guarantees and other financial services, today announced the appointment of David Herzog and Ian Haft to Ambac's Board of Directors.