Ambac Assurance UK Limited Sample Clauses

Ambac Assurance UK Limited. AAC’s investment in its wholly-owned subsidiary Ambac Assurance UK Limited (“AUK”) is a non-admitted asset for statutory accounting purposes. AAC is currently unable to repatriate funds from AUK due to local regulatory capital requirements. In addition, AUK’s license was amended in 2010 to require regulatory approval of any transfer of value and/or assets from AUK to AAC. Accordingly, we do not anticipate that AAC will receive dividends from AUK until it has paid or fully remediated its policies with losses, which may not occur until 2036 (which represents the contractual end of AUK’s most significant currently-identified policy with losses) or perhaps later (in the event that additional policies with losses develop). 17 See Note 1, Background and Business Description in AFG’s Q2 2017 10Q for further information on the Augusta Commutation. As of March 31, 2017, AUK has approximately $15.3 billion in net par outstanding, of which $1.7 billion was adversely classified. Based upon our review of AUK’s investment portfolio, policy obligations (including a recent legal settlement in respect of Ballantyne Re Plc which serves to materially reduce prospective losses on the AUK-insured debt issued by such entity), operating expenses, prospective tax liability, and other factors (including exchange rates), we estimate the present value of AAC’s interest in AUK, employing the statutory discount rate of 5.1%, to be between $300 million and $350 million.
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