Ambac posts first-quarter loss

NEW YORK Wed Apr 23, 2008 6:39am EDT

NEW YORK (Reuters) - Ambac Financial Group Inc ABK.N, a bond insurer that struggled to raise capital earlier this year, posted a first-quarter loss on Wednesday after losses of $1.73 billion on credit derivative exposures.

The New York-based company posted a loss of $1.66 billion, or $11.69 a share, compared with year-earlier net income of $213.3 million, or $2.02 a share.

(Reporting by Christopher Kaufman and Dan Wilchins; Editing by Lisa Von Ahn)