Ambac enters new regulatory stipulation with Wisconsin OCI, replacing 2018 order

OCTAVE SPECIALTY GROUP INC

New Stipulation and Order effective Feb 22, 2024, supersedes 2018 order (Case 17-C42069).
OCI requires AAC to maintain surplus and contingency reserves at a level avoiding financial hazard; use a capital model per OCI specifications.
Removed prior affirmative covenants on books/records and certain reporting; affiliate transaction threshold relaxed to lower of $25M or applicable limit.
Non-ordinary course transactions ≥$100M by AAC require OCI non-disapproval; changes to Investment Policy or Derivative Use Plan need OCI approval.
AFGI must use best efforts to preserve NOLs for AAC's benefit; OCI may terminate/modify order consistent with policyholder interests.

Key facts

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

OCTAVE SPECIALTY GROUP INC entered into Stipulation and Order with Wisconsin Office of the Commissioner of Insurance (effective 2024-02-22).

Action: entry
Counterparty: Wisconsin Office of the Commissioner of Insurance
Effective: 2024-02-22

Exact text from the filing

Effective February 22, 2024, Ambac Financial Group, Inc. (“Ambac”) and Ambac Assurance Corporation (“AAC”) entered into a Stipulation and Order (the "Stipulation and Order") with the Wisconsin Office of the Commissioner of Insurance (“OCI”), which supersedes the Stipulation and Order that became effective on February 12, 2018, as amended (the “2018 Stipulation and Order”).

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OCTAVE SPECIALTY GROUP INC filing history →

Source: SEC EDGAR

accession 0000874501-24-000038

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