Ambac receives Wisconsin approval for Connie Lee to write new insurance policies

By Cristal Cody

Tupelo, Miss., Sept. 2 - Ambac Financial Group Inc. received regulatory approval from the Wisconsin Commissioner of Insurance to reactivate the Connie Lee Insurance Co., Ambac's financial guarantee subsidiary.

Ambac announced Tuesday that it will provide $850 million to Connie Lee to focus on the U.S. municipal and global public purpose financing markets.

Connie Lee expects to write new insurance policies no later than the fourth quarter of 2008.

Ambac has worked with Moody's and Standard and Poor's for plans to obtain standalone triple-A ratings for Connie Lee.

Ambac will transfer some underwriting, management and support staff to Connie Lee over the next few months.

Douglas Renfield-Miller, currently executive vice president of Ambac and chairman and chief executive of Ambac Assurance UK Ltd., has been named CEO-designate for Connie Lee.

Ambac also hired Judy Slotkin, who has been senior credit officer and credit head at Citigroup Global Markets, as chief risk officer for Connie Lee.

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