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One State Street Plaza

New York, NY 10004

USA

Phone	212.668.0340
Fax	212.509.9190

Company Information

Company Information
Industry	Insurance (Property & Casualty)

# of Employees	359

Ownership	Public Company

SIC Code	6351

Company Security Requirements	1. Very High

Company Storage Requirements	1. Very High

Fortune 1000 Rank	912

Description

Ambac Financial Group, Inc. is a holding company whose subsidiaries provide financial guarantee products and other financial services to clients in both the public and private sectors around the world. The Company and its subsidiaries operate in two segments: Financial guarantee and Financial services. The Company provides financial guarantees for public finance and structured finance obligations through its principal operating subsidiary, Ambac Assurance Corporation. Through its financial services subsidiaries, the Company provides financial and investment products, including investment agreements, interest rate and total return swaps and funding conduits, principally to its clients, which include municipalities and their authorities, school districts, healthcare organizations and asset-backed issuers.

Top Executives

Executive Name	Title
Bienstock, Gregg	Senior Vice President, Chief Administrative Officer And Employment Counsel
Genader, Robert	Chairman Of The Board, President, Chief Executive Officer
Leonard, Sean	Chief Financial Officer, Senior Vice President
Mckinnon, William	Senior Managing Director And Chief Risk Officer
Renfield-Miller, Douglas	Executive Vice President
Uhlein, John	Executive Vice President
Wallis, David	Chief Risk Office

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Recent Company Events

Date	Type of Event	Details
2008-01-22	Earnings/Dividends	NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today announced a fourth quarter 2007 net loss of $3,255.6 million, or a net loss of $31.85 on a per share basis. This compares to fourth quarter 2006 net income of $202.7 million, or net income per diluted share of $1.88. The decrease is primarily due to non-cash, mark-to-market losses on credit derivative exposures amounting to $5,211.0 million, pre-tax, or a net loss of $33.14 per share in the fourth quarter 2007 driven by significant changes in fair value of the exposures during the quarter. The decrease was also caused in part by the current quarters loss provision which increased to $208.5 million in the fourth quarter 2007 from $9.6 million in the comparable prior year quarter. Strategy, Ratings and Capital Position Ambac Chairman and Interim Chief Executive Officer, Michael Callen stated, We view the current perceptions of Ambacs business by both the market and ratings agencies as underestimating Ambacs strengths and future potential. As of December 31, 2007, the Company had claims-paying ability of $14.5 billion, supported by a high quality investment portfolio. Ambacs liquidity position is similarly strong. Corporate debt service requirements and corporate expenses are significantly lower than current dividend capacity from the operating company. Claim payments in 2007 were negative $2 million and we paid no claims related to our CDO of ABS portfolio. Mr. Callen continued, Capitalizing on our experienced management team and highly qualified professionals worldwide, significant size and scale, and expertise in many market sectors, we believe that Ambac can realize new business opportunities in our core markets and through reinsurance while we strengthen our capital position further to maintain our triple-A ratings under S&P and Moodys and seek to regain it under Fitch." In addition, Mr. Callen noted that the Company is evaluating strategic alternatives with a number of potential parties. We are exploring the attractiveness of these alternatives as we look for opportunities that will grow shareholder value and enable us to build on Ambacs fundamental strengths. At the same time, we would expect that over the longer-term, as the market normalizes and perceptions correspond more closely to reality, the market will more accurately assess our assets and strengths. The Company explained that in the fall of 2007, each of the major rating agencies began a review of the capital adequacy of the financial guaranty industry. In late December, following the rating agency reviews, Ambacs triple-A rating was affirmed by both S&P (with negative outlook) and Moodys; however, Fitch placed Ambacs AAA rating on rating watch negative and stated that Ambac had a modeled $1 billion capital shortfall. On January 16, 2008, the Company announced a plan to raise equity capital of $1 billion or more in order to meet or exceed Fitchs AAA rating requirements. Following this announcement, Moodys put its Aaa rating on review for possible downgrade. On January 18, 2008, Ambac announced that it had determined that as a result of market conditions and other factors, including the recent actions of certain ratings agencies, raising equity capital was not an attractive option at that time. On January 18, 2008, Fitch downgraded Ambacs insurance financial strength rating to AA. Moody's and S&P are currently reviewing Ambac's triple-A ratings for a possible reduction as well. Notwithstanding these actions, management remains confident that Ambac's capital position and claims paying ability remain strong. Management is equally confident in Ambac's insured portfolio and the Companys ability to support policyholder liabilities. Mark-to-Market Loss The $5,211.0 million fourth quarter 2007 mark-to-market loss on credit derivative exposures includes estimated credit impairment of $1,105.7 million related to certain collateralized debt obligations of
2008-01-16	Earnings/Dividends	NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today announced that its Board of Directors has approved a plan to strengthen its capital base through the issuance of at least $1 billion of equity and equity-linked securities. This plan may also include additional capital from reinsurance or issuance of debt securities. Ambac said that it is committed to maintaining its triple-A financial strength. By raising at least $1 billion in capital, Ambac is expected to meet or exceed Fitch Ratings current triple-A capital requirements for the Company. The Company noted that its existing capital position currently meets or exceeds the triple-A capital requirements of both S&P and Moodys. As part of its capital initiative, Ambac also said that it will reduce the quarterly dividend on its common stock from $0.21 per share to $0.07 per share. Management Change Ambacs Board of Directors announced today that it has named Michael A. Callen as Chairman and Interim Chief Executive Officer. Mr. Callen has been Presiding Director and a member of the Audit and Risk Assessment; Compensation; and Governance committees of Ambacs Board of Directors. He succeeds Robert J. Genader, who will retire from the Company effective today. Mike has extensive experience in advising and leading companies engaged in sophisticated capital markets transactions, and he will provide valuable leadership to the excellent management team at Ambac, said Jill Considine, Chairman of the Boards Governance Committee. Ms. Considine commented further, On behalf of the Board and everyone at Ambac, I would like to thank Bob Genader for his more than 20 years of dedication to Ambac. He has served the Company in almost every capacity throughout his long career, and has been a true asset. Indeed, one of the most important testaments to his leadership is the highly-qualified management team currently at Ambac. We wish him well in his retirement. Mr. Callen said, We have great confidence in our plan to enhance Ambacs capital position by over $1 billion within an accelerated time frame. We are optimistic about the long-term business opportunities ahead for Ambac, even as we respond to the volatility in the present credit market. We expect that our experienced management team, significant size and scale, and expertise in growing market sectors such as global infrastructure finance will help us tap the potential of the market today and into the future. Mr. Callen also stated that the Company has been working with Credit Suisse as its financial adviser. Mark-to-market and Losses The Company also announced the results of its fourth quarter fair value review of its outstanding credit derivative contracts. Ambacs estimate of the fair value or mark-to-market adjustment for its credit derivative portfolio for the quarter ended December 31, 2007 amounted to an estimated loss of $5.4 billion, pre-tax, $3.5 billion, after tax. Of the estimated $5.4 billion pre-tax mark-to-market loss, approximately $1.1 billion represents estimated credit impairment related to certain collateralized debt obligations of asset-backed securities transactions. These transactions are backed primarily by mezzanine level subprime residential mortgage-backed securities that have been internally downgraded to below investment grade. Ambac continues to believe that the balance of the mark-to-market losses taken to date are not predictive of future claims and that, in the absence of further credit impairment, the cumulative marks would be expected to reverse over the remaining life of the insured transactions. Ambac also expects to report a loss provision amounting to approximately $143 million, pre-tax. The loss provision relates primarily to underperforming home equity line of credit and closed-end second lien RMBS securitizations. As a result of the aforementioned losses, Ambac expects to report a net loss per share of up to $32.83 for the fourth quarter ended De
2007-12-06	Contract/Agreements	NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: ABK) (“Ambac”) said today that Ambac Assurance UK Limited recently provided a triple-A credit enhancement for a major U.K. hospital financing completed as part of the British Government’s ongoing Private Finance Initiative (“PFI”) investment in the provision of health care services. Mid Essex Hospital Services NHS Trust (“the Trust”) procured the scheme for a new 5-storey hospital and a multi-storey car park. The hospital is situated approximately 40 miles to the north east of London. The winning consortium was a joint venture between Bouygues (UK) Limited, Ecovert FM Limited (both members of Bouygues Construction group of companies) and HSBC Infrastructure Fund Management Limited(1), acting in its capacity as general partner for and on behalf of each of the limited partnerships constituting HSBC Infrastructure Fund II (collectively “BY Chelmer Plc”). These entities are highly experienced with projects of this nature having jointly delivered several such initiatives. BY Chelmer will design, build and finance the new hospital facilities. They will also provide non-clinical and maintenance services post construction. Their contract with the Trust will run for 35 years. The bonds issued by BY Chelmer in December 2007 total £192.65 million (including £30m of variation bonds) and are 35 year amortizing index-linked bonds. The bonds were issued at a coupon of 2.22%. "Ambac is delighted to continue its role as the leading UK PFI Financial Guarantor,” said Ian Dixon, Managing Director of Ambac’s European Infrastructure team. "While the current funding market remains challenging, we were pleased that Ambac's involvement for this new hospital in Essex proved 'value for money' for the Trust and BY Chelmer." Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac’s principal operating subsidiary, Ambac Assurance Corporation, a leading guarantor of public finance and structured finance obligations, has earned triple-A ratings, the highest ratings available from Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services and Fitch, Inc. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK). 1 HSBC Infrastructure Fund Management Limited (HIFML) is authorised and regulated by the Financial Services Authority.

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