Bond insurer Ambac says it will begin making payments on claims, likely beginning this week, after a judge in Wisconsin granted the company permission to do so.
In a Securities and Exchange Commission filing, New York-based Ambac says it will begin paying 25 percent of the permitted policy claims amount. The payments are scheduled to begin on or around the 20th of this month.
The claims cover a period from March 24, 2010 to July 31, 2012 and will be paid in cash.
Payments will be made from the company's segregated account, domiciled in Wisconsin, which was created after the company filed for bankruptcy protection in 2010.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
