Ambac Financial Group Inc. obtained permission to liberate more money from its reserves and count it as capital, rescuing the struggling bond insurer from a possible regulatory takeover.The Wisconsin Insurance Commissioner's Office requires the New York-based bond insurer to maintain at least $2 million in policyholders' surplus- or assets in excess of liabilities.

Racked by losses on mortgage policies, Ambac's liabilities have swelled and the company was in danger of breaching that minimum.

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