Wisconsin's insurance commissioner's office has indicated that Ambac Financial Group Inc.'s planned reactivation of muni-only insurer Everspan Financial Guaranty Corp. would need to earn at least one double-A rating for regulators to approve a capital contribution by Ambac Assurance Corp. to Everspan, according to a filing Ambac made with the Securities and Exchange Commission.

Ambac plans to invest in Everspan, the old Connie Lee Insurance Co., with a capital injection, the filing said. Everspan currently has $150 million in capital.

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