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RAM Holdings Ltd – Appointment of New Auditor
HAMILTON, Bermuda – 04 October, 2010 - RAM Holdings Ltd. (the “Company”; BSX: RAMR.BH; Pink Sheets: RAMR.PK) announces the appointment of Deloitte & Touche Ltd. as its new auditor and the resignation of its existing auditor, PricewaterhouseCoopers. In
appointing Deloitte & Touche Ltd., the Board of Directors of the Company noted that the change of auditor was not due to any disagreements with PricewaterhouseCoopers on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure with respect to the Company or its wholly-owned subsidiary, RAM Reinsurance Company Ltd. (“RAM Re”).
In addition, the Company reports that it has sought and received from the Bermuda Stock Exchange an extension of time to November 15, 2010, to file its interim financial reports for the period ending 30 June, 2010. The extension was sought on the basis that one of RAM Re’s ceding primary insurers ceased providing US GAAP financial reporting in the second quarter of this year and additional time is required to undertake sufficient analysis and calculations in order to satisfy the Company’s US GAAP reporting requirements.
RAM Holdings Ltd. is a Bermuda-based holding company. Its operating subsidiary, RAM
Reinsurance Company Ltd., provides financial guaranty reinsurance for U.S. and international public finance and structured finance transactions. More information can be found at www.ramre.com.
For More information contact:
RAM Holdings Ltd.
David Steel Tel: 441-296-6501 or E-mail: info@ramre.bm