January 31, 2015 6:54 AM ET


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





Key Executives for Ambac Assurance Corporation

Interim Chief Executive Officer
Age: 42
Executive Chairman
Age: 56
Principal Accounting Officer and Senior Managing Director
Age: 47
General Counsel
Age: 48
Compensation as of Fiscal Year 2014.

Ambac Assurance Corporation Key Developments

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."

Ambac Assurance Corporation to Redeem Portion of Surplus Notes on November 20, 2014, Rather Than December 22, 2014

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.

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