Ambac Financial Group was founded in 1971 as the American Municipal Bond Assurance Corporation.
The company is a bond guarantor and was hit hard by the 2007 subprime mortgage financial crisis. During 2008, 2009, and 2019 Ambac’s rating declined from AAA (the highest) to Caa2 (poor quality and very high credit risk).
Ambac filed for Chapter 11 bankruptcy protection on November 8, 2010. The company emerged from Chapter 11 in 2013 but on a limited basis; the company is not taking on new business and does not have significant operations.
Today Ambac Financial Group is operating under rehabilitation by Wisconsin regulators and has placed its remaining business in a “run-off,” meaning it is only taking on premium payments and paying out claims as it is able.
Ambac Financial Group trades publicly on the NASDAQ under the ticker symbol AMBC, has 212 employees, and had $584.27 million in revenue in 2013.
Ambac Financial GroupAmbac Financial Group was founded in 1971 as the American Municipal Bond Assurance Corporation.
The company is a bond guarantor and was hit hard by the 2007 subprime mortgage financial crisis. During 2008, 2009, and 2019 Ambac’s rating declined from AAA (the highest) to Caa2 (poor quality and very high credit risk).
Ambac filed for Chapter 11 bankruptcy protection on November 8, 2010. The company emerged from Chapter 11 in 2013 but on a limited basis; the company is not taking on new business and does not have significant operations.
History
Today Ambac Financial Group is operating under rehabilitation by Wisconsin regulators and has placed its remaining business in a “run-off,” meaning it is only taking on premium payments and paying out claims as it is able.
Ambac Financial Group trades publicly on the NASDAQ under the ticker symbol AMBC, has 212 employees, and had $584.27 million in revenue in 2013.
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