Board of Directors of Ambac Assurance UK Limited Comments on the Implications for AUK of Rehabilitation of the Segregated Acc...
25 Mars 2010 - 10:00AM
Business Wire
The Board of Directors of Ambac Assurance UK Limited (“AUK”)
today issued the following comments on the implications for AUK of
the rehabilitation of the segregated account of AUK’s parent, Ambac
Assurance Corporation (“AAC”), by the Office of the Commissioner of
Insurance (“OCI”) of the State of Wisconsin, USA:
- AUK is a subsidiary of AAC and
is a separate legal entity. AUK is regulated by the UK Financial
Services Authority and is not in rehabilitation or any other
insolvency proceedings.
- AUK has sent AAC a notice of
termination of its reinsurance agreement with AAC, and is reviewing
all its contractual relationships with AAC.
- AUK will remain able to meet all
of its obligations as they fall due.
- AUK’s rights and obligations in
respect of its financial guarantees are consequently
unaffected.
- AUK remains staffed to continue
to actively manage its current insured portfolio.
Ambac Assurance UK Limited is authorised and regulated by the
Financial Services Authority and its registered office is: Level 7,
6 Broadgate, London EC2M 2QS. Ambac Assurance UK Limited
(registration number 3248674) is a wholly owned subsidiary of Ambac
Assurance Corporation who is a wholly own subsidiary of Ambac
Financial Group, Inc., headquartered in New York City, is a holding
company whose affiliates provide financial guarantees and financial
services to clients in both the public and private sectors around
the world. Ambac's principal operating subsidiary, Ambac Assurance
Corporation, a guarantor of public finance and structured finance
obligations, has a Caa2 rating (developing outlook) from Moody's
Investors Service, Inc. and a CC rating (credit watch positive)
from Standard & Poor's Ratings Services. Ambac Financial Group,
Inc. common stock is listed on the New York Stock Exchange (ticker
symbol ABK).
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