- As previously announced, on November 1, 2010, Ambac did not make a regularly scheduled interest payment on Company debentures due May 1, 2023, and filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code on November 8, 2010.
- Net change in fair value of credit derivatives was positive $9.4 million in the current quarter, down from $2,132.9 million in the third quarter 2009.
- Net loss and loss expenses incurred amounted to $165.4 million for the current quarter, down from $459.2 million in the third quarter of 2009.
- During the third quarter 2010, AAC commuted the reinsurance arrangement with its subsidiary, Ambac Assurance UK Ltd (“Ambac UK”) resulting in a net gain of $157.8 million (included in “Other income” in the Consolidated Statements of Operations).
- The financial services segment recorded a $77.4 million operating loss primarily related to the impact of lower interest rates on the derivative products business.
- Statutory surplus of Ambac Assurance Corporation (“AAC”) decreased to approximately $912 million at September 30, 2010 from $1.5 billion at June 30, 2010, driven primarily by statutory loss and loss expenses.
Ambac Financial Group, Inc. Announces Third Quarter 2010 Results
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