TITLE

Ambac to Halve Its Reinsurance Exposure to Radian in Early '05

AUTHOR(S)
Chang, Helen
PUB. DATE
November 2004
SOURCE
Bond Buyer;11/17/2004, Vol. 350 Issue 32012, p33
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on Ambac Assurance Corp.'s decision to reduce about half of its reinsurance exposure to Radian Asset Assurance Inc. The recapture is a result of a provision in the reinsurance contract that provides Ambac the right to recapture previously written business ceded to the reinsurer upon the event of a downgrade of the reinsurer by a major rating agency. The $5.8 billion recapture amount comprises about 8% of Radian's total book of insured credits, and will reduce its pretax income by $11.7 million in 2005.
ACCESSION #
15113372

 

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