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Ambac posts first-quarter loss
April 23, 2008 / 10:40 AM / 10 years ago

Ambac posts first-quarter loss

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

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