Ambac Financial Group Profits Drop 4%
Commercial insurer Ambac Financial Group Inc. [ticker: ABK] announced net income of $213.3 million, or $2.02 per share, for the quarter ending March 31, compared with $221.1 million, or $2.06 per share, during the same period a year ago.
Net premiums written declined 3% year-over-year to $220.4 million because of reinsurance cancellations.
Ambac boosted its credit-enhancement production to $310.1 million, from $233.5 million during
the same quarter a year ago. Most of that growth came through enhancement on structured finance deals.
New York-based Ambac has a market capitalization of $9.2 billion.
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