To the Editor:
We were pleased to read in your recent interview with Wilbur Ross that he continues to view the monoline industry positively and might even welcome a competitor such as Everspan Financial Guarantee Corp., the public finance-focused monoline Ambac is in the process of launching.
However, I would like to bring to your attention a misstatement by Mr. Ross in the interview. Mr. Ross stated, “My guess is there will be litigation over the Ambac split.”
For the record, Ambac does not contemplate any split in its business. Everspan is a subsidiary of Ambac Assurance Corp. and will remain so. Ambac’s investment in Everspan will not reduce claims-paying resources at Ambac Assurance Corp. and the value created within Everspan will benefit all existing Ambac Assurance Corp. policyholders.
Douglas C. Renfield-Miller
Executive Vice President
Ambac Assurance Corp.