NU Online News Service, Aug. 11, 3:50 p.m. EDT
Two major guarantee insurers reported improved second-quarter results as they continued to work their way out of losses suffered from the economic meltdown.
New York guarantee insurer Ambac Financial Group Inc. trimmed its second-quarter loss, while Armonk, N.Y.-based MBIA Inc. continued to improve its earnings outlook.
On Monday, Ambac reported a second-quarter net loss of $57.6 million, or net loss of 20 cents a share, compared to net loss of $2.4 billion, or net loss of $8.24 a share, for the same period a year ago. Total revenues grew to $381 million compared to revenue loss of $477 million during the second quarter last year.
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