Ambac Financial Group
| Ambac Financial Group, Inc.
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|---|---|
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| legal form | Inc. (public company) |
| ISIN | US0231398845 |
| founding | 1971 |
| Seat | New York City , United States |
| management | Claude LeBlanc, CEO |
| Number of employees | 124 |
| Branch | Insurance |
| Website | www.ambac.com |
| As of December 31, 2017 | |
Ambac Financial Group ( Ambac ) is a United States holding company based in New York . The primary business purpose is bond insurance through the subsidiary Ambac Assurance Corporation .
Business activity
Ambac is a so-called bond or credit insurer, also known in the industry as a monoliner. As such, Ambac offers large market participants such as banks, funds or other institutional market participants or investors insurance against the risk of default on bonds or loans. In return for a premium, Ambac assumes the default risk and relieves the actual lender or investor.
Ambac is the second largest bond insurer after MBIA and, like the latter, ran into financial difficulties from 2007 due to the high default rates in the wake of the financial crisis .
history
The company was founded in 1971 in Milwaukee , Wisconsin as a subsidiary of MGIC Investment Corporation. founded. In 1982, Baldwin-United acquired MCIC and its subsidiaries, including Ambac. In 1985, the finance company Citibank acquired the majority of Ambac. In 1991 Ambac went public; Citibank retains 49% of Ambac in 1992. In 2000 Ambac is included in the S&P 500 financial index .
In early 2010, Ambac sued the Swiss financial services company Credit Suisse for compensation for allegedly false information provided by the Swiss company. These false statements have so far resulted in insurance losses of $ 44 million.
On November 1, 2010, Ambac announced that it was working on an insolvency plan to quickly discharge its debt with the senior creditors. On November 8th, Ambac filed for Chapter 11 bankruptcy .
Web links
- Ambac official corporate website (English)
Individual evidence
- ↑ 2017 Form 10-K Report , accessed March 24, 2018
- ↑ Ambac: US bond insurer sued Credit Suisse . In: Handelsblatt on January 15, 2010, accessed on January 15, 2010.