Billionaire investor Wilbur Ross, who specializes in rehabilitating distressed companies, says he is not interested in buying AIG’s mortgage insurance unit United Guaranty.
“It is certainly the case that we’re not buying the division,” Ross said in an interview with Reuters Insider. “We do think the mortgage insurance space is an interesting one and we hope to be in it at some point, but we have no transaction right now.”
United Guaranty has been financially troubled since the real estate crisis began in 2008. The company lost $2.5 billion in the same year and laid off 160 workers locally in 2009.
During the interview Ross also said he was interested in teaming up with Richard Branson’s Virgin Money to bid for state-owned U.K. mortgage bank, Northern Rock.
Wilbur Ross was part of a group led by Virgin that bid for Northern Rock in 2008.
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