Business
RAM Holdings Ltd. Announces the Appointment of Deloitte & Touche Ltd. as its New Auditor
RAM Holdings Ltd. Announces the Appointment of Deloitte & Touche Ltd. as its New Auditor.
About this update from American Overseas Group Limited
[{"type":"text","content":"RAM Holdings Ltd. Announces the Appointment of Deloitte & Touche Ltd. as its New AuditorHAMILTON, Bermuda, October 1, 2010 (BUSINESS WIRE) -- RAM Holdings Ltd. (BSX: RAMR) (Pink Sheets: RAMR.PK) ( the “Company”) announces today 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 June 30, 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. Forward-Looking Statements This release contains statements that may be considered \"forward-looking statements\" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the current views of the economic and operating environment and are not guarantees of future performance. A number of risks and uncertainties, including economic competitive conditions, could cause actual results to differ materially from those projected in forward-looking statements. Our actual results could differ materially from those expressed or implied in the forward-looking statements. Among the factors that could cause actual results to differ materially are: (i) our ability to execute our business strategy; (ii) changes in general economic conditions, including inflation, foreign currency exchange rates, interest rates and other factors; (iii) the loss of significant customers with whom we have a concentration of our reinsurance in force; (iv) le...