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Ambac rejects Buffett's reinsurance offer: report

NEW YORK
Tue Feb 12, 2008 5:51pm EST

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NEW YORK (Reuters) - Ambac Financial Group Inc (ABK.N) has rejected an offer from billionaire investor Warren Buffett to be part of a plan where his company would reinsure $800 billion in municipal debt covered by the top three bond insurers, CNBC television said on Tuesday.

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Buffett, the chief executive of Berkshire Hathaway Inc (BRKa.N), had told CNBC television earlier in the day that he had extended the offer to MBIA Inc (MBI.N), Ambac Financial Group Inc (ABK.N) and FGIC Corp.

(Editing by Leslie Adler)
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