Ambac reports $2.2 bln quarterly profit, shares jump

Ambac Financial Group reported a $2.19 billion quarterly profit Wednesday as the company got a big accounting boost from the deterioration in the perceived creditworthiness of its main bond insurance unit.

Results were also helped by a rebound in the market value of derivative-based guarantees the company sold during the credit market boom earlier this decade.

Ambac shares surged more than 40% to $1.56 during morning action after the results.

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- Posted: 2009-11-04 11:09:00

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