Ambac Announces Strategic Alliance with Mitsui Marine and Fire Insurance Co., Ltd. and The Yasuda Fire and Marine Insurance Co., Ltd. as Part of Joint Venture.NEW YORK--(BUSINESS WIRE)--Sept. 3, 1998-- New Tokyo Office Established 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. announced that, through its international reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. joint venture with MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association Insurance Corporation, it intends to form a strategic alliance with two of Japan's largest non-life insurance companies, Mitsui Marine and Fire Insurance Co., Ltd. and The Yasuda Fire and Marine Insurance Co., Ltd. The alliance will provide financial guarantee insurance in the Japanese financial markets. It is anticipated that a letter of intent will be signed within the next few months. Ambac's chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Phillip B. Lassiter says, "We are particularly pleased to have such strong partners in Yasuda and Mitsui. Their reputation and long-standing client relationships complement the financial strength and technical expertise of MBIA-AMBAC International." In 1995, Ambac Assurance Corporation and MBIA Insurance Corporation formed a joint venture, MBIA-AMBAC International, to help introduce financial guarantee insurance to world markets. As part of this effort, MBIA-AMBAC International began to provide its products to the Japanese market. From Japan alone, Ambac and MBIA have insured $6.4 billion in par value of asset-backed and structured transactions. The Yasuda Fire & Marine Insurance Co., Ltd. and Mitsui Marine & Fire Insurance Co., Ltd. are the second and third largest non-life insurance companies in Japan, respectively. Each has double-A ratings from Moody's and Standard & Poor's. Ambac founded the U.S. financial guarantee industry in 1971. Ambac currently has over $183 billion in par value of insured securities outstanding and claims-paying resources of over $3.8 billion. Ambac Assurance Corporation, a leading insurer of municipal and structured finance obligations, has earned triple-A ratings from Moody's Investor's Service, Inc., Standard & Poor's Ratings Services Ratings Service A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. , Fitch fitch: see polecat. IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals , Inc. and Japan Rating and Investment Information, Inc. MBIA-AMBAC International is an unincorporated Adj. 1. unincorporated - not organized and maintained as a legal corporation unorganised, unorganized - not having or belonging to a structured whole; "unorganized territories lack a formal government" reinsurance joint venture among Ambac Assurance Corporation, Ambac Insurance UK Limited, MBIA Insurance Corporation and MBIA Assurance S.A. MBIA-AMBAC International is not a partnership. Financial guarantee insurance policies are issued separately by the joint venture companies.
CONTACT: Investor/Media Contact
Brian S. Moore, 212/208-3333
Website: www.ambac.com
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