NU Online News Service, May 18, 12:50 p.m. EDT
Ambac Financial Group, Inc. reported a 2010 first quarter net loss of more than $690 million--almost double the loss it experienced for the same period last year--and reiterated its expectation that it may seek bankruptcy.
The New York surety insurer's reported net loss amounted to $2.39 a share, compared to a net loss of $392 million or net loss of $1.36 a share for the 2009 first quarter.
Ambac said under new accounting standards adopted Jan. 1, it had to record a $495 million loss as the result of the consolidation of mortgage related insurance exposures.
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