Bloomberg News

Ambac Rejects Warren Buffett's Reinsurance Offer, AP Says

February 12, 2008

Ambac Financial Group Inc. (ABKFQ:US), one of three troubled bond insurers that Warren Buffett offered to help, rejected the extra guarantees on municipal debt, the Associated Press reported.

The offer by Buffett's Omaha-based Berkshire Hathaway Inc. (A:US) to reinsure Ambac's municipal bonds isn't in the best interests of the company or its policy holders, AP said, citing a statement released today by Ambac.

A voicemail left for Ambac spokesman Peter Poillon by Bloomberg News after hours wasn't immediately returned.

Ambac, MBIA Inc. (MBI:US) and Financial Guaranty Insurance Co. received reinsurance offers from Buffett, AP said.

To contact the reporter on this story: Joseph Galante in San Francisco at jgalante3@bloomberg.net.

To contact the editor responsible for this story: JoAnne Norton at jnorton@bloomberg.net.


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