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 guarantor of public finance and structured finance obligations, has earned triple-A ratings from Moody's Investors Service, Inc. and Standard & Poor's Ratings Services; and a double-A rating from Fitch, Inc. Moody's, Standard & Poor's and Fitch all maintain a “negative outlook.” Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).
History
| 2008 |
Michael A. Callen named Chairman and interim Chief Executive Officer succeeding Robert J. Genader. |
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| 2007 |
Ambac opens new office in Mexico City, Mexico as part of Ambac's ongoing globalization initiative. |
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| 2006 |
Ambac announces its new office in Milan, Italy. This new office is part of Ambac's ongoing globalization initiative. |
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| 2004 |
Robert J. Genader named CEO. Phillip B. Lassiter continues to serve as Chairman of the Board of Directors |
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| 2003 |
Phillip B. Lassiter announces intention to retire as CEO effective January 2004. |
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| 2001 |
Ambac opens new Tokyo office with alliance partner Yasuda Kasai Financial Guarantee Co., Ltd, Japan's first AAA-rated monoline financial guarantor. Located in Otemachi Financial Center, the office will further develop opportunities in Japan. |
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Ambac's claims-paying resources surpass $6 billion. |
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Ambac announces its new office in Sydney, Australia. This new office is part of Ambac's ongoing globalization initiative. |
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| 2000 |
Ambac and MBIA dissolve the joint venture they established in 1995 but continue their reinsurance relationship. |
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Ambac is included in the S&P 500. This Standard & Poor's global index is widely regarded as the standard for measuring large-cap US stock market performance and includes a "representative sample of leading companies in leading industries." |
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| 1998 |
Ambac's claims-paying resources exceed $4 billion. |
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| 1997 |
Ambac Inc. changes its name to Ambac Financial Group, Inc. and Ambac Indemnity, Inc. becomes Ambac Assurance. Ambac sells a subsidiary, HCIA. |
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Ambac acquires Construction Loan Insurance Company (Connie Lee), a privately-owned financial guarantee company. |
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| 1996 |
Ambac reaches milestone: 25 years as founder of the financial guarantee industry. |
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Ambac acquires Cadre Financial Services, Inc., a leader in short-term cash management for school districts and other public entities. |
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| 1995 |
Reflecting the increasing globalization of the financial guarantee business, Ambac forms a joint venture with MBIA for reinsurance and marketing purposes. |
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| 1994 |
Fitch Investors Service rates Ambac AAA. Orange County, California declares bankruptcy, underscoring, once again, the value of bond insurance. Specialized Finance Division insures its first MBS and ABS transactions. Financial Management Services Division introduces municipal interest rate swap products. |
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| 1993 |
Ambac forms the Specialized Finance Division to serve the growing market for guarantees on asset-backed and structured issues. |
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| 1992 |
Citibank divests its remaining 49% ownership stake in Ambac in a second equity offering. Ambac forms a Financial Services Division to broaden its product line for municipal customers and introduces investment contract products. The percent of "insured" municipal issues tops 30% of total new volume. |
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| 1991 |
Ambac's parent company, Ambac Inc., becomes a publicly traded company on the New York Stock Exchange (NYSE) with a July initial public offering when Citibank sells 51% controlling interest in the Company. Ambac's initial stock price is $6.67 per share. Phillip B. Lassiter becomes Ambac's Chairman and CEO. |
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| 1990 |
Net premiums written surpass $100 million. |
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| 1988 |
Market penetration of bond insurance exceeds 25% of total new issues. |
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| 1987 |
Moody's rates Ambac Aaa. |
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| 1985 |
Citibank acquires majority control of Ambac and provides it with additional capital. Municipal bond issuance reaches a frenetic pace in advance of the deadline of the Tax Reform Act of 1986—$207 billion in long-term municipal debt is issued in 1985, more than twice the amount of any previous year. |
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| 1983 |
Baldwin-United enters bankruptcy proceedings. Ambac works to reassure the market of its own financial health and S&P reaffirms Ambac's AAA rating. Another bond insurance competitor is formed, Financial Guaranty Insurance Co. |
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In the largest municipal default in history, Washington Public Power Supply System (WPPSS) defaults on $2.25 billion of revenue bonds. In 1984, Ambac begins paying claims on its $25 million WPPSS exposure, reassuring investors and the market of the company's ability to pay claims. The failure of the WPPSS further reinforces the value of bond insurance. |
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| 1982 |
Baldwin-United purchases MGIC and its subsidiary companies, including Ambac. |
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| 1981 |
Ambac's underwriting operations move to New York City from Milwaukee, Wisconsin. |
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| 1979 |
Ambac receives a AAA rating from S&P. |
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| 1975 |
Financially strapped New York City announces a moratorium on debt issues. This focuses attention on the need for bond insurance, dramatically increasing business for both Ambac and MBIA. The combined marketshare of Ambac and MBIA is just 1.8% of municipal bonds issued in 1975. |
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| 1974 |
Ambac's first competitor, Municipal Bond Insurance Association (MBIA), formed as a consortium of four major insurance companies, receives a AAA rating from Standard & Poor's. |
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| 1971 |
American Municipal Bond Assurance Corporation (Ambac) is founded in Milwaukee, Wisconsin as a subsidiary of MGIC Investment Corp. Ambac begins with $6 million in initial capital and receives a AA rating from Standard & Poor's (S&P). Ambac insures its first issue, a $650,000 general obligation bond for The Greater Juneau Borough (Alaska) Medical Arts Building Company. The issue funds construction of a medical arts building and a sewage treatment facility adjacent to the local hospital. |
Corporate Contributions and Matching Gifts
Ambac operates a Corporate Contribution program that supports the philanthropic focus of Ambac. Additionally, the company operates a Matching Gifts program that supports the charitable causes important to our employees. In 2007, Ambac contributed more than $850,000 through these programs.
Corporate Contributions Insuring a Better Future
Ambac's primary philanthropic focus is educational and community services that benefit young people. We strongly believe that providing young people the opportunity to obtain knowledge, skills and self-confidence, as well as educational and occupational opportunities, will benefit them, our communities and society as a whole.
Preserving and promoting the arts and history are also important to enhancing our lives, our communities and our future. In support of this, Ambac donates a portion of its charitable giving to cultural institutions. Additionally, since the September 11, 2001 tragedy, Ambac has allocated a portion of its charitable giving to funds dedicated to the victims' families as well as to revitalization efforts underway in lower Manhattan.
Ambac's Corporate Contributions Program, contributed to a wide variety of worthy causes and organizations in 2007, including the following programs:
The Children's Village (CV)
Ambac is proud to be a corporate sponsor of The Children's Village, a dynamic residential and community-based service for some of New York's most vulnerable youth. Ambac gave seed money and has provided ongoing funding for the Ambac Financial Group Youth Technology Network. Ambac also supports the Books for Boys Program and plays a very active role in CV's annual fundraising event.
Prep for Prep
This organization's mission to develop the leadership potential of promising young people who do not have access to the educational, occupational and cultural opportunities they deserve is consistent with Ambac's philanthropic philosophy.
Jackie Robinson Foundation
The JRF Education and Leadership Development Program helps bright and capable students reach their potential by assisting them with college financial support and opportunities for academic and personal growth throughout their college career. For the past three years, Ambac has helped a talented young person attend a top-tiered college.
The Battery Conservancy
Headquartered in lower Manhattan, Ambac expresses continued commitment to the revival of the downtown area by supporting the Battery Conservancy.
We hope all employees and shareholders will take pride in the support Ambac gives to these and many other worthwhile organizations.
Request Guidelines:
Letters of request are accepted throughout the year and should include the following information: a description of the organization; its mission; the population served and any specific program requests; budget information and other material supporting a statement of need; and timing considerations.
Please send all inquiries to:
Chair - Corporate Contributions Committee
c/o Global Marketing Group
Ambac Financial Group, Inc.
One State Street Plaza – 18th Floor
New York, NY 10004
Matching Gifts Program
Ambac's Matching Gifts Program benefits those charitable organizations that are most important to our employees. Through this initiative, Ambac matches, on a dollar-for-dollar basis, each eligible employee's contributions to qualified tax-exempt charitable organizations. Ambac matches up to $20,000 per employee each year. The minimum gift eligible for matching is $100.
In 2007, Ambac provided matching contributions of nearly $500,000 to more than four hundred charitable organizations. Employees throughout the company participated in the program, thereby leveraging their efforts to aid the causes and institutions that are most important to them.
2007 Corporate Contributions Committee:
Susan Oehrig- Chair, Jessie Adams, Gregg Bienstock, Don Farrell, Seendy Fouron, Rick Marsh, and Louise Minford.
Click here for a list of Corporate Contribution & Matching Gift Recipients
It is the policy of Ambac not to fund political campaigns or organizations with political or fraternal affiliations.
Careers at Ambac
Defining Markets, Exceeding Expectations
Ambac Financial Group, Inc. provides financial guarantee insurance and structuring expertise to clients around the world. We help our clients - government and private-sector issuers of debt; commercial and investment banks; mortgage agencies and others - access the capital markets, solve financing challenges and better manage risk.
The Ambac Assurance financial guarantee is an unconditional and irrevocable pledge that investors will receive principal and interest payments in full and on time should the issuer of an Ambac-insured security default. Our valuable financial guarantee reduces financing costs for issuers, facilitates the structuring and distribution of securities by investment bankers and improves liquidity for investors.
Having founded the financial guarantee insurance industry in 1971, Ambac has become one of the world's leading providers of credit enhancement in the capital markets. For information on Ambac's financial strength, see "Investor Relations".
Headquartered in New York City, Ambac has offices in London, Milan, Tokyo, Sydney & Mexico City.
Premier Values
People
Our greatest assets are the individuals who serve our constituencies. We demonstrate by our behavior and actions that our people, their skills, development and motivation “make the difference” to give us a competitive edge in the marketplace.
Reputation
Ambac maintains an environment where integrity and honesty are fundamental principles of conduct. Our reputation is a franchise that must never be compromised.
Excellence
We understand that our success means earning client respect and exceeding client expectations. We strive to achieve excellence in every task.
Meritocracy
We seek out and retain the best talent, providing our people with opportunities to grow and share in our success.
Innovation
We welcome new insights, new ideas and fresh perspectives — we value strategic thinking and are not afraid of change, recognizing that continuous innovation is an essential element of success for all companies in all industries.
Earnings/Return
Ambac understands that long-term earnings growth and attractive returns on capital are of vital importance to our stockholders and other constituents.
Risk Management
We recognize that excellence in managing risk is central to our business and we evidence that commitment through exacting standards and professionalism in all aspects of the risk management process.
Our People
Ambac's continued success and leadership as a global financial guarantee provider is the direct result of the expertise, original thinking and collective intellectual capital of our professionals. We assemble teams of people with different skills and experience to generate customized solutions. Our collaborative approach enables our professionals to apply proven financial techniques to complex situations or to develop fresh approaches and financing solutions, often helping to define new markets in the process.
Ambac is a quality name in the S&P 500 that consistently ranks high in profitability, efficiency and return to shareholders, yet operates with relatively few people. The size of our organization, just over 400 employees, raises the bar for every Ambac professional: individual excellence is expected and rewarded. Our senior management, well-respected leaders in the industry, are actively involved in all aspects of our business, working closely with professionals at virtually every level of the company.
Because our people create Ambac's success, we offer attractive compensation and competitive benefits packages. We seek out talented people with a diversity of backgrounds and skills, ready to contribute and take responsibility for their efforts. The passion for excellence and innovation that motivates the Ambac team ensures an exciting future for our company. Some of the benefits available to our employees include:
Savings Incentive Plan (401K)
Health Care: Medical, Dental and Prescription
Life Insurance
Accidental Death & Dismemberment
Long- and Short-term Disability
Tuition Reimbursement
Training and Development
Maternity Leave
Health Club Membership Discount
Opportunities
Ambac's professionals are highly motivated individuals seeking to achieve superior results. Relying on teamwork, our integrated business approach creates opportunities for meaningful collaboration among specialists within our organization. Broadly speaking, our professionals work in the following disciplines:
Underwriting
Fixed income underwriting and analytical professionals work with clients to structure effective fixed-income-based financial solutions in municipal finance, structured finance (including asset-backed, mortgage-backed and collateralized bond obligation issues) and international structured finance.
Financial Services
Our Financial Services professionals help clients effectively manage their finances. This is achieved through complementary, specialized investment products and strategies, structuring and executing interest rate swaps and creating structured fixed income investment programs and investment agreements.
Legal
Our Legal professionals contribute ideas, expertise and valued counsel as part of every Ambac financial guarantee transaction. The breadth of our market participation and our penchant for innovative approaches requires legal input based on a solid understanding of complex financial instruments and markets.
Risk Management
Upon completion of a transaction, surveillance professionals continue to actively monitor exposures insured by Ambac, developing remediation strategies when necessary. Modern risk management practices using advanced analytics comprise an important part of our surveillance activities.
Investment Management
Working directly with clients, or with underwriters on the Ambac team, investment specialists develop investment management strategies, including structuring and executing interest rate swaps, or creating structured fixed income investment programs and investment agreements. Securities specialists actively trade fixed income securities as part of these activities.
Financial Controls/Operations/Internal Audit
Financial control and audit specialists work closely with our client-focused professionals to maintain the credit and financial standards that underlie Ambac's continued success. We employ an integrated approach to risk management that utilizes advanced analytics as we continue to help define new markets and develop novel approaches to strategic financing solutions.
Technology
As a global financial services leader, Ambac relies on stable and secure information technology systems. Our technology professionals support our ongoing operations by working closely with business users and using proven technologies to develop new applications that help clients solve financing challenges.
Employee Development
Ambac's continued success requires bright minds and innovative thinkers. We encourage our people to continue their professional growth through training and development opportunities both inside and outside the company. Within Ambac, we continually offer instructor-led sessions on a diversified range of topics and issues integral to the various parts of our business as well as computer-based training opportunities. In addition, we partner with renowned external resources to provide continuing education opportunities. Our benefits package also includes a generous tuition reimbursement program for employees pursuing additional education relating to their Ambac responsibilities.
EEO Statement
Ambac Financial Group, Inc. (“Ambac”) is committed to a work environment in which all individuals are treated with respect and dignity. Each individual has the right to work in a professional atmosphere that promotes equal employment opportunities and prohibits discriminatory practices, including harassment. Therefore, Ambac expects that all relationships among persons in the workplace will be business-like and free of bias, prejudice and harassment.
It is the policy of Ambac to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, national origin, religion, sex, age, disability, citizenship, marital status, sexual orientation or any other characteristic protected by law. Ambac prohibits and will not tolerate any such discrimination or harassment.
If you are interested in career opportunities at Ambac, please send your resume to recruiting@ambac.com or the address below:
Human Resources
Ambac Financial Group, Inc.
One State Street Plaza
New York, NY 10004
