Ambac Financial (ABK) Postpones Launch of Everspan Financial; Douglas Renfield-Miller to Retire
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Ambac Financial Group, Inc. (NYSE: ABK) 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 addition to any amounts contributed by Ambac Assurance Corporation in order to achieve such ratings. Although Ambac engaged in discussions with third parties to raise capital for Everspan, none of these discussions have resulted in a satisfactory outcome.
In light of this decision, Douglas Renfield-Miller, Chief Executive Officer of Everspan and Executive Vice President of Ambac and Ambac Assurance Corporation, announced that he will retire effective January 1, 2010.
Ambac Financial Group, Inc. is a primarily a holding company. The Company, through its subsidiaries, provides financial guarantees and financial services to clients in both the public and private sectors worldwide. [SM]
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