Ambac

Ambac Financial Group ( Ambac ) is a holding company in the United States with headquarters in New York. Primary purpose of business is the bond insurance through its subsidiary, Ambac Assurance Corporation.

Operations

Ambac is a so-called bonds or in the industry, also known as credit insurers, monoline insurers. As such, Ambac provides large market participants, such as banks, funds, or other institutional market participants and investors to insure against default risk on bonds or loans. Here Ambac assumes a premium to the risk of default and relieves the actual lender or investor.

Ambac is the second- largest bond insurer MBIA after and got like this because of the high failure rates in the wake of the financial crisis from 2007 into financial difficulties.

History

The company was founded in 1971 in Milwaukee, Wisconsin as a subsidiary of MGIC Investment Corporation. founded. 1982, the company Baldwin - United acquires the company MCIC and associated subsidiaries, including Ambac. 1985 acquires the financial institution Citibank majority stake in Ambac. In 1991, the passage of Ambac made ​​to the Stock Exchange; Citibank reserves in 1992 49% of Ambac. 2000 Ambac is included in the financial index S & P 500.

Beginning of 2010, Ambac sued the Swiss financial services company Credit Suisse for damages for allegedly false statements by the Swiss companies. This misstatement would have been led to insured losses amounting to 44 million U.S. dollars.

On 1 November 2010, Ambac announced that his company is developing an insolvency plan for debt quickly with the senior creditors. On November 8, Ambac filed for bankruptcy under Chapter 11.

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