Ambac winner of Best Insurer Award for 2007
Many were surprised to hear that Ambac announced today that International Securitisation Report (ISR) has named Ambac Monoline Insurer of the Year. Some who are familiar with Ambac know that it’s not one of the best insurers to handle your business or funds, but the award was legitimately won by Ambac due to the company’s “number of ground-breaking transactions.” Businesswire.com reports:
The award is based on Ambac’s strong global presence and its role in a number of ground-breaking transactions in 2007, as well as from the results of ISR’s online poll.
“Ambac is honored to receive this award,” said Douglas Renfield-Miller, Executive Vice President of Ambac and Chairman of Ambac UK Limited. “Ambac has had an active year closing many noteworthy transactions. This award underscores the company’s ability to use our in-depth knowledge and expertise to help issuers and financial advisors structure innovative transactions across a diverse range of asset classes and jurisdictions.”
In 2007, Ambac was sole guarantor of award-winning deals Theatre Hospitals 1&2 (CMBS Deal of the Year - Europe) and Punch Taverns Finance (Corporate Deal of the Year - Europe). It also participated in Channel Link Enterprises Finance (Deal of the Year - Europe) and Airspeed (ABS Deal of the Year - Europe).
Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac’s principal operating subsidiary, Ambac Assurance Corporation, a leading guarantor of public finance and structured finance obligations, has earned triple-A ratings, the highest ratings available from Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services and Fitch, Inc. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).
I’m not sure whether to congratulate Ambac for winning this award or to roll over and die. Ambac isn’t the most popular online insurer in the business but they do have an extensive list of clientèle whose net worth range from 100K to the millions. I have to give it up to Ambac though, for keeping in the business and using their services for “ground-breaking transactions.”
It certainly seems unfair that home owners must continue to slave away in order to payoff mortgage loans while insurers are able to skip out on their debts.
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