Ambac Announces Increase in First Quarter 2002 Adjusted Gross Premiums Written.Business Editors NEW YORK--(BUSINESS WIRE)--April 2, 2002 Ambac Financial Group Ambac Financial Group (NYSE: ABK) is an American Insurer of bonds, including municipal bonds. Ambac Financial Group, Inc. (NYSE: ABK) is a holding company whose subsidiaries provide financial guarantee products and other financial services to clients in both , Inc. (NYSE NYSE See: New York Stock Exchange : ABK), announced today that first quarter 2002 adjusted gross premiums written When a non-life insurance company closes a contract to provide insurance against loss, the revenues (premiums) expected to be received over the life of the contract are called gross premiums written. will increase when compared to first quarter 2001. Phillip B. Lassiter, Ambac's Chairman and CEO noted, "Variations in adjusted gross premiums written in any one quarter do not materially impact our financial performance for that quarter. Consequently, we would not normally comment on quarterly top-line performance in advance of our earnings press release. However, in response to investor concerns regarding a competitor's recent release on lower quarterly production, I feel compelled to confirm in advance that Ambac's adjusted gross premiums for the quarter will exhibit attractive growth. I remain upbeat about the business activity outlook across all sectors for the balance of the year." Ambac will issue its first quarter earnings release on April 17, 2002. 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 Ambac Assurance Corporation A subsidiary of publicly traded Ambac Financial Group that provides financial guarantees for municipal borrowers and for asset-backed and structured issues. , is a leading guarantor of municipal and structured finance obligations. It has earned triple-A ratings, the highest ratings available, from Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. , Inc., Standard & Poor's Ratings Services, Fitch, Inc. and Rating and Investment Information, Inc. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (ticker symbol ABK). |
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