Company Overview of Ambac Assurance Corporation
Ambac Assurance Corporation operates as a guarantor of public finance and structured finance obligations. It provides financial guarantees to clients in the public and private sectors. The company also writes financial guarantees in Europe. Ambac Assurance Corporation was formerly known as AMBAC Indemnity Corporation and changed its name to Ambac Assurance Corporation in July, 1997. The company was founded in 1971 and is based in New York, New York. Ambac Assurance Corporation operates as a subsidiary of Ambac Financial Group, Inc.
One State Street Plaza
New York, NY 10004
Founded in 1971
Key Executives for Ambac Assurance Corporation
Principal Accounting Officer and Senior Managing Director
Compensation as of Fiscal Year 2014.
Ambac Assurance Corporation Key Developments
Ambac Assurance Corporation Mulls Acquisitions
Nov 12 14
Ambac Assurance Corporation is seeking acquisitions. Diana Adams, President and Chief Executive Officer of Ambac said, "Additionally, we are focused on Ambac's long-term growth and diversification through potential acquisitions that leverage our key competencies."
Ambac Assurance Corporation to Redeem Portion of Surplus Notes on November 20, 2014, Rather Than December 22, 2014
Oct 13 14
Ambac Financial Group Inc. announced that the Wisconsin Commissioner of Insurance has approved the request of Ambac Assurance Corporation to redeem its surplus notes on November 20, 2014, rather than December 22, 2014, in an amount equal to 26.67% of the outstanding principal and accrued interest on such surplus notes as of July 20, 2014. The segregated account will also redeem its surplus notes (other than junior surplus notes) in a similar proportionate amount on November 20, 2014. The combined redemption amount payable to third parties is $413.6 million. The company requested approval of the Commissioner to make the proportionate redemptions one month earlier in order to avoid $1.8 million of interest costs which would otherwise be incurred on the surplus notes owned by third parties. Notwithstanding the earlier redemption of the surplus notes, the Segregated Account will pay catch-up payments on December 22, 2014 to holders of permitted policy claims who initially received 25% of their permitted policy claims in cash, in an amount equal to 26.67% of their deferred amounts (including interest thereon) outstanding as of the Reconciliation Date.
Ambac Assurance Corporation Finalizes Settlement with City of Detroit on Insured LTGO Bonds
Jul 25 14
Ambac Financial Group Inc. announced that its Ambac Assurance Corporation, has finalized a settlement with the City of Detroit regarding its insured limited tax general obligation or 'LTGO' bonds. The LTGO settlement is comprised of new LTGO notes equivalent to 34% of the LTGO allowed claim and a 20% share of any notes remaining in a litigation reserve related to the City's pension bond litigation, which may increase the recovery. The notes in the litigation reserve are a portion of the 'B notes' referenced in the City's plan of adjustment. If the City eventually wins the litigation, which may extend past the bankruptcy plan confirmation, Ambac Assurance's share of the B notes may equate to a recovery of an additional 19% of its allowed claim with respect to the LTGO bonds. If the City loses the litigation, Ambac Assurance will not get any further recovery. If the litigation is settled, Ambac Assurance may get a partial incremental recovery. As previously indicated, the unlimited tax general obligation or "UTGO" settlement represented 74% of Ambac's allowed claim with respect to the UTGO bonds. These settlements are related to Ambac Assurance's LTGO and UTGO gross par exposures of $92 million and $78 million, respectively, as of the date of the City's bankruptcy filing. The company expects to continue to pay claims of scheduled principal and interest on the bonds insured by Ambac Assurance.
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