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RAM Holdings Ltd. Announces Commutation of $7.4 Billion Par Ambac Portfolio
HAMILTON, Bermuda -- RAM Holdings Ltd. (NASDAQ:RAMR) (RAM) announced that its operating subsidiary, RAM Reinsurance Company Ltd. ("RAM Re"), has entered into a Commutation Agreement, dated April 7, 2009, to commute its entire $7.4 billion portfolio of business assumed from Ambac Assurance Corporation and affiliate ("Ambac") effective upon receipt by Ambac of a commutation payment of $97 million and claims payments of $1.3 million. The $7.4 billion portfolio consists of $4.95 billion of public finance par outstanding and $2.45 billion of structured finance par outstanding, including $507.3 million of U.S. RMBS transactions. This commutation will be effective in, and reflected in our results for, the second quarter of 2009.
RAM will update its insured portfolio disclosure on its website at www.ramre.bm, under Investor Information/Exposure Info and Updates, to show the effect of the Ambac commutation on RAM's insured portfolio on a pro forma basis as of December 31, 2008.
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