Press Release

Ambac Announces Delay in Commencement of Segregated Account Policy Claim Payments

 

NEW YORK, April 22, 2011 - Ambac Assurance Corporation (Ambac) today announced that, based on conversations with the Special Deputy Commissioner for the Segregated Account of Ambac Assurance Corporation (Segregated Account), it no longer expects that the Segregated Account will begin paying policy claims in May 2011 as previously announced. The effectiveness of the Plan of Rehabilitation and the commencement of policy claim payments are subject to the terms of, and the satisfaction of the conditions set forth in, the Plan, and there can be no assurances as to when policy claim payments will resume. Ambac Assurance will continue to update the market as additional information regarding the timing of the resumption of claims payments from the Segregated Account becomes available.

 

About Ambac Assurance

Ambac Assurance is a guarantor of public finance and structured finance obligations, and is the principal operating subsidiary of Ambac Financial Group, Inc. (Ambac Financial).

Ambac Financial, headquartered in New York City, is a holding company whose affiliates provided financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac Financial filed for a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (“Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (“Bankruptcy Court”). Ambac Financial will continue to operate in the ordinary course of business as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court.  Ambac Financial’s common stock trades in the over-the-counter market under ticker symbol ABKFQ.

 

Investor Contact: Michael Fitzgerald
(212) 208-3222
mfitzgerald@ambac.com