AMBAC Indemnity Corp. last week donated $10,000 to disaster relief efforts for victims of Hurricane Andrew in Homestead, Fla.

The collection effort was initiated by employees, with the company matching their contributions three to one.

"The destruction caused by Hurricane Andrew has moved us to try to help in some way, as individuals and as company," said Phillip B. Lassiter, chairman and chief executive officer of AMBAC.

An AMBAC spokeswoman said the company has exposure to state guaranteed debt in the Homestead area of less than $1 million, as well as exposure to the Florida Municipal Power Authority in which Homestead is a participant. But she said no defaults are expected.

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