U.S. insurer files for bankruptcy

U.S. insurance company Ambac Financial filed for bankruptcy Monday after failing to reach a deal with its creditors on restructuring.

The insurer, the holding firm of Ambac Assurance Corp., has liabilities of 1.68 billion U.S. dollars as of June 30 on an unconsolidated basis.

Ambac was once the second largest insurer in the United States, but sustained significant losses as a result of the subprime mortgage crisis plaguing the U.S. housing and financial sector.

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