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 firstname.lastname@example.org.
To contact the editor responsible for this story: JoAnne Norton at email@example.com.