Date: November 18, 2009
For more information contact: Jim Guidry, (608) 264-6239 or jim.guidry@wisconsin.gov
Media Advisory
Wisconsin Insurance Commissioner Statement
Regarding Ambac Assurance Corp.
Madison, WI—Wisconsin Insurance Commissioner Sean Dilweg issued the following statement in regard to Ambac Assurance Corporation:
- I acknowledge the filing today of Ambac Assurance Corporation's quarterly financial statement, in which the company reported positive statutory capital and surplus.
- Ambac is experiencing significant credit losses in its insured portfolio, many from mortgage-related exposures, which are placing stress on its claims-paying ability. The Office of the Commissioner of Insurance (OCI) has been actively monitoring the company's financial condition with particular focus on adverse loss developments and has had a team of advisors in place for some time to assist with our evaluation.
- OCI and its advisors are working constructively with the Ambac board and management to evaluate strategic alternatives. As the domestic regulator of Ambac, our focus is the efficient and effective use of resources in order to maximize and preserve the company's claims-paying ability and ensure the fair treatment of policyholders. OCI cannot comment on the potential effect that any action may have on any individual Ambac insured, creditor or stockholder.
Created by the Legislature in 1871, Wisconsin's Office of the Commissioner of Insurance (OCI) was vested with broad powers to ensure that the insurance industry responsibly and adequately met the insurance needs of Wisconsin citizens. Today, OCI's mission is to lead the way in informing and protecting the public and responding to its insurance needs.