Bond insurers boosted by upbeat report

MBIA Inc. and Ambac Financial Group Inc. rallied in early trading following a positive report from Standard and Poor’s.
AUG 15, 2008
Shares of insurers MBIA Inc. and Ambac Financial Group Inc. rallied in early trading today following a positive report from ratings agency Standard and Poor’s. New York-based Ambac opened at $5.70, the highest level so far of the day. Meanwhile, its Armonk, N.Y.-based rival MBIA kicked off Friday at $11.12 per share, rising to $11.34 within a few minutes. The stock price jumps followed an announcement yesterday from New York-based S&P that New York-based bond insurers MBIA Insurance Corp. and Ambac Assurance Corp. are maintaining their AA ratings. Capital levels are “well above the level required for an AA rating” at MBIA Insurance, while Ambac Assurance’s attempts to cancel coverage on mortgage-related debt are “starting to bear fruit,” according to S&P. Nevertheless, the outlook on both companies’ ratings, which were slashed from AAA in June, remains negative.

Latest News

Mercer Advisors, Osaic deepen AI bets with Arch and Nitrogen deals
Mercer Advisors, Osaic deepen AI bets with Arch and Nitrogen deals

Arch claims 40% operating cost savings for Mercer as Nitrogen unlocks its agentic AI and tech suite to 10,000 Osaic advisors

LPL advisor, South Carolina state senator, elected to U.S. Congress
LPL advisor, South Carolina state senator, elected to U.S. Congress

A happy coincidence: one of LPL Financial’s corporate campuses happens to be based in Rep.-elect Wes Climer’s new district.

Advisor moves: JPMorgan lands $940M Merrill veteran in Los Angeles
Advisor moves: JPMorgan lands $940M Merrill veteran in Los Angeles

Wells Fargo and UBS also add advisors from Morgan Stanley, Edward Jones, Merrill and Fidelity in a fresh round of wirehouse recruiting

Wall Street products, Main Street regulators
Wall Street products, Main Street regulators

How we got here – and what to do about it

Most Americans are OK with AI managing their money - but not how you think
Most Americans are OK with AI managing their money - but not how you think

AI trust gap: Americans want protection, not autonomy, in their finances

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor