Ambac Reports That the Wisconsin Office of the Commissioner of Insurance Has Scheduled a Hearing on the Sale of Ambac's Legacy Business
'We are pleased that a hearing date has been set, one of the final steps in the Wisconsin regulatory approval process,' Ambac President and CEO Claude LeBlanc said. 'We are eager to complete the Sale and cement our transformation into a pure-play specialty P&C insurance platform.'
About Ambac
Ambac Financial Group, Inc. ('Ambac' or 'AFG') is an insurance holding company headquartered in New York City. Ambac's core business is a growing specialty P&C distribution and underwriting platform. Ambac also has a legacy financial guaranty business in run off. Ambac's common stock trades on the New York Stock Exchange under the symbol 'AMBC'. Ambac is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, we use our website to convey information about our businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information. For more information, please go to www.ambac.com.
The Amended and Restated Certificate of Incorporation of Ambac contains substantial restrictions on the ability to transfer Ambac's common stock. Subject to limited exceptions, any attempted transfer of common stock shall be prohibited and void to the extent that, as a result of such transfer (or any series of transfers of which such transfer is a part), any person or group of persons shall become a holder of 5% or more of Ambac's common stock or a holder of 5% or more of Ambac's common stock increases its ownership interest.
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