Ambac opens 2007 reporting season wih $5bn pre-tax loss

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As moves were being made to shore up the troubled US bond insurance market, the full-year 2007 financial reporting season got under way with New York-based Ambac Financial Group posting a $5.12bn pre-tax loss for the year, against a $1.21bn profit in 2006. Ambac is the leading US writer of financial guaranty insurance, according to rating agency AM Best, with a 27.2% market share, based on direct written premiums in 2006.