We caution readers that these statements are not guarantees of future performance. Business Combination for further information relating to this acquisition. Accordingly, interest rate derivatives are positioned to benefit from rising rates. Consequently, the rehabilitation of the Segregated Account was concluded. RMG reviews, analyzes and processes all requests for ACWs. These committees will meet monthly or as needed on an ad hoc basis. &# In 2009, the FSA limited Ambac UK's license to undertaking only run-off related activity. See Item 1A. Risk Factors in Part I, Item 1A and Note 9. Such requirements could adversely impact the performance of the investment portfolio. 2) Includes investments guaranteed by AAC and Ambac UK ("Ambac insured"). Our 2020 voluntary turnover rate was approximately 3.3%. Ambac considers its employee relations to be satisfactory. Our risk factors are organized in the following sections. Political developments may materially adversely affect our insured portfolio. There can be no assurance that any such dividends or distributions would be made. This could further exacerbate the risks associated with our substantial leverage. However, AAC may not be successful in enforcing its claims against any successor entity. Such reductions would result in lower revenues. It is possible that there could be unfavorable outcomes in these or other proceedings. Xchange does not control the factors that cause these variations. The warrants also have a cashless exercise provision. The remaining aggregate authorization at December 31, 2020 is $11.9 million. Ambac currently has 4,877,749 warrants outstanding. BIG denotes credits deemed below investment grade. ( In connection with these efforts. There can be no assurance that losses may not exceed such estimates. AAC and the other movants have appealed the PRHTA and PRIFA decisions. Briefing concluded in late December with oral argument heard in February 2021. Briefing on both motions concluded on October 27, 2020. Pursuant to Act 5-2017, all executive orders issued under Act No. AAC seeks to mitigate and manage these risks through its risk management practices. Net Gains (Losses) on Derivative Contracts. Surplus note principal and interest payments require the approval of OCI. AAC has not paid dividends on the AMPS since 2010. Investments in this Annual Report on Form 10-K located in Part II. A loss of this magnitude may render AAC insolvent. Under GAAP, all fixed maturity investments are reported at fair value. &# For additional information about Ambac's investments, see Note 11. Derivative Instruments121Note 4. Financial Guarantee Insurance Contracts96Note 17. We believe that our audits provide a reasonable basis for our opinion. For such policies, a subrogation recoverable asset is recorded. The Closing occurred on January 22, 2021. Subsequent to the closing of the JSN Exchange the junior surplus notes were canceled. Refer to the discussion below for each asset type. Xchange also collects claims or refunds from carriers on behalf of insureds. Discount factors are updated for the current risk-free rate each reporting period. Additionally, a regression-based model is used to estimate recoveries on defaulted loans. Business Combination, resulted in 80% ownership of the acquired entities by Ambac. Ambac accounts for these benefits under the accrual method of accounting. Adoption of this ASU did not impact Ambac\'s financial statements. As further described in Note 1. Background and
