senior unsecured debt of Ambac Financial Group Inc. (Ambac Financial) to C from Ca and placed the Caa2 insurance financial strength ratings (IFSR) of Ambac Assurance Corporation (AAC) on review for possible upgrade on 3/26/2010. On March 25, 2010, Standard & Poor's Ratings Services revised its counterparty credit, financial strength and financial enhancement ratings on Ambac Assurance Corp. (Ambac) to 'R' from 'CC'. An 'R' rating is a non-investment grade rating. On June 8, 2010 Ambac announced that it would likely seek a pre-packaged bankruptcy as it was unable to pay dividends from its bond insurance unit to the holding company. Since that time Ambac has dropped appreciably in share price to approximately 0.50 per share as of the end of August 2010. Ambac missed an interest payment on its debt on November 1, 2010 and filed for Chapter 11 bankruptcy protection on November 8, 2010. Ambac exited Chapter 11 on May 1, 2013, issuing 45 million new common shares and approximately 5 million new warrants to holders of allowed claims. After serving as interim President and CEO, and then Executive Chairman in 2015, the Board formally appointed Tavakoli to the position of President and CEO in January 2016. Tavakoli helped lead a turnaround during his tenure that included "substantial progress" in areas such as "risk and loss analytics, operational efficiency, asset management, shareholder communication, and loss management, including our major loss recovery cases." Tavakoli was succeeded by current CEO Claude LeBlanc in 2017. With the leadership of Mr. LeBlanc, on February 12, 2018 Ambac Assurance's Segregated Account exited rehabilitation through a holistic restructuring transaction and is now paying all claims in full in cash. In May 2020, Ambac Financial Group, Inc. has confirmed that Ambac Assurance has lodged a lawsuit for the District of Puerto Rico in the United States District Court against the Puerto Rico Financial Oversight & Management Board. In December 2020 Ambac launched its new business strategy with the purchase of 80% of Xchange, a managing general underwriter. In February 2021, Ambac launched a specialty program insurance business, Everspan Group, which includes Everspan Indemnity Company, an excess and surplus lines carrier and Everspan Insurance Company, an admitted carrier. See also List of S&P 600 companies References External links Insurance companies of the United States Companies based in New York City Financial services companies established in 1971 Companies that filed for Chapter 11 bankruptcy in 2010 1971