Ambac posts $1.66bn loss as new business declines 38%
US bonds insurer, Ambac, recorded a first-quarter 2008 net loss of $1.66 billion, or $11.69 a share, compared with net income of $213.3 million, or $2.02 a share in the same period of 2007. The company, which insures against loss of interest and capital on the bonds it underwrites, wrote down $2.7 billion against risks [...]
