Bond insurer, Ambac Financial Group, has launched a securities advisory unit for regulators and other investors, The Wall Street Journal reports. The Ambac division, RangeMark Financial Services, will offer advisory services and independent credit rating advice for structured credit products, not only for bond insurers but also for other capital markets participants.

RangeMark, a consulting group, was set up in July after Ambac acquired an asset management and advisory firm. Last month, Ambac negotiated commutations of four credit default swap contracts that covered its exposure to four collateralized debt obligations of asset-backed securities with multiple counterparties, valued at $5.03 billion.

Click here for the story from The Wall Street Journal.