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Wednesday, November 18, 2009
Ambac Reports $856 Million Surplus
FOXBusiness
Ambac Financial Group (ABK) reported a surplus of $856 million as of September 30, lessening worries that the company could come up short on statutory minimums.
Shares of the insurer rose by 34%, or 24 cents, on the news to $1.01.
Ambac also announced on Wednesday that it has negotiated the settlement of four derivatives contracts valued at $5.03 billion, or $520 million in cash payments. The company, which has reported insurance losses on mortgage-backed securities, announced it will gain $40 million in tax refunds due to legislation allowing the carriage of losses dating back to 2008 and 2009.
The company also gained $311 million on reinsurance recaptures and $280 million from correcting a credit-derivative write-down error from the previous quarter.
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