Primus says it has no single name exposure to Ambac opco

Primus says that it has no single name exposure to Ambac Assurance, the monoline operating company which was determined to have suffered a credit event on 25 March. Primus says that its Primus Financial credit derivative products company does have exposure to the name through bespoke tranches but does not expect to suffer any losses as a result of the bankruptcy credit event.

The company does, however, have some exposure to Ambac Financial Group, the parent company, which has not triggered a credit event so far. Primus says that it reduced its exposure to that entity by $70 million in the first quarter to $10 million.