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July 31, 2015 12:32 PM ET

Insurance

Company Overview of Ambac Assurance Corporation

Company Overview

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

United States

Founded in 1971

Phone:

212-658-7470

Fax:

212-509-9190

Key Executives for Ambac Assurance Corporation

Interim Chief Executive Officer, Interim President, Chief Financial Officer, Senior Managing Director and Treasurer
Age: 43
Executive Chairman
Age: 57
Principal Accounting Officer and Senior Managing Director
Age: 48
General Counsel
Age: 49
Compensation as of Fiscal Year 2015.

Ambac Assurance Corporation Key Developments

Ambac Assurance Corporation - Special Call

Ambac Assurance Corporation - Special Call

Ambac Assurance Corporation Announces Management Changes

Ambac Assurance Corporation announced leadership changes. Diana N. Adams is resigning as President and Chief Executive Officer of AFG (Ambac Financial Group, Inc) and AAC (Ambac Assurance Corporation) by mutual agreement with the Board of Directors effective as of the close of business on December 31, 2014. Ms. Adams will also step down from the Board of Directors of each entity. Effective January 1, 2015 Board Co-Chair Nader Tavakoli was appointed interim President and Chief Executive Officer of AFG and Executive Chairman of AAC. David Trick, Senior Managing Director, Chief Financial Officer and Treasurer of AFG and AAC, will assume the additional role of interim President and Chief Executive Officer of AAC. Nader Tavakoli has been Co-Chair and a Director of AFG and AAC since May 1, 2013. Mr. Tavakoli is Chairman and Chief Executive Officer of EagleRock Capital Management. David Trick has served as Chief Financial Officer and a Senior Managing Director of AFG and AAC Assurance since January 2010. Mr. Trick has executive responsibility for managing Ambac's financial affairs, including financial reporting, investment management, asset liability management, financial planning, tax strategy, capital resources, operations, capital markets, liquidity, and investor relations.

Ambac Assurance Corporation Mulls Acquisitions

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."

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