Ambac Announces Management Changes in Portfolio Risk Management
August 09, 2016 at 04:16 pm
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Ambac Financial Group, Inc. announced management changes in its Portfolio Risk Management Group. Cathleen J. Matanle, in mutual agreement with Ambac, will retire from her position as Senior Managing Director and Head of Portfolio and Credit Risk Management as of September 30, 2016. Upon Ms. Matanle’s retirement, David Barranco, currently Senior Managing Director and Head of Restructuring and Corporate Development, will assume additional responsibilities for the Portfolio and Credit Risk Management Group. Mr. Barranco will continue to report directly to Nader Tavakoli, President and Chief Executive Officer.
Ambac Financial Group, Inc. is a financial services holding company. It operates three principal businesses: Legacy Financial Guarantee (LFG) Insurance, Specialty Property and Casualty Insurance, and Insurance Distribution. The LFG Insurance includes the activities of Ambac Assurance Corporation (AAC) and its wholly owned subsidiaries, including Ambac Assurance UK Limited (Ambac UK) and Ambac Financial Services LLC (AFS). The Specialty Property and Casualty Insurance includes five admitted carriers and an excess and surplus lines (E&S or no admitted) insurer, Everspan Indemnity Insurance Company (all carriers collectively, Everspan). The Insurance Distribution includes the specialty property and casualty (P&C) insurance distribution business, which includes managing general agents and underwriters (collectively MGA/Us), insurance wholesalers, brokers, and other distribution businesses, which includes Xchange Benefits, LLC, a P&C MGA specializing in accident and health products.
AMBAC FINANCIAL GROUP, INC. 
