Ambac Assurance makes $1.14 billion in deferred policy claim payments

By Caroline Salls

Pittsburgh, Dec. 22 – The Segregated Account of Ambac Assurance Corp. made a total of $1,137,000,000 of deferred payments to holders of permitted policy claims that received a 25% interim payment before July 20, according to a news release from Ambac Assurance parent Ambac Financial Group, Inc.

Ambac said the $1.137 billion is comprised of $1,055,000,000 for deferred loss amounts and $82 million in plan of rehabilitation interest.

If Monday’s payments had been made on Sept. 30, the company said the total of all deferred amounts outstanding after those payments would have been $2.96 billion, including $278 million in accretion amounts.

New York-based Ambac Financial Group provides financial guarantee insurance for public and structured finance obligations.

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