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Article: Ambac Postpones Its Efforts to Launch Everspan.
- Article from:
- Business Wire
- Article date:
- June 19, 2009
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NEW YORK -- Ambac Financial Group, Inc. (NYSE: ABK) ("Ambac" or the "Company") today announced that it has postponed its efforts to launch Everspan Financial Guarantee Corp. (Everspan). It will, however, continue to focus on its ongoing loss mitigation efforts and other new business initiatives.
Ambac had been seeking to launch Everspan in order to write financial guarantee insurance in the public finance market as a separate, stand-alone legal entity. To launch the business, it was essential that it receive sufficient financial strength ratings to enable Everspan to successfully compete in the targeted market. Everspan was seeking to raise third party capital in ...