Ambac Financial Group Inc. is looking for an outside investor to help it capitalize muni-only subsidiary Everspan Financial Guaranty Corp., Ambac chief executive officer David Wallis said Wednesday.

Ambac has also asked for Wisconsin insurance regulators to allow bond insurance subsidiary Ambac Assurance Corp. to send down more capital to Everspan, Wallis said at JPMorgan’s 2009 credit and equity insurance conference. Everspan — the old Connie Lee Insurance Co. — currently has $150 million in capital.

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