NU Online News Service, Aug. 10, 2:31 p.m. EDT
Troubled guaranty insurer Ambac Financial Group Inc. reports second-quarter net losses increased by $45 million, driven by several factors including lower net premiums.
The New York-based carrier says the net loss during the second quarter was $102 million compared to a net loss of $58 million for the same period last year. Net premiums earned fell $68 million, going from $168 million last year to $99 million this year.
For the first six months of the year, the company’s net loss increased $174 million to $922 million. Net premiums earned were off $101 million to $191 million.
The company, which is currently in bankruptcy protection, says its results were primarily driven by lower net premiums earned, lower net change in the fair value of credit derivatives, and lower total expenses.