In 2004, Ambac was a leading guarantor of international transactions, guaranteeing over $20 billion of par and generating $367 million in credit enhancement production. Ambac has provided financial guarantee insurance on a number of Italian transactions including the E1.2 billion Aeroporti di Roma and E515 million Imser Securitisation srl transactions. John Uhlein, chairman of Ambac UK, commented, "Our European presence continues to expand as we broaden our market reach both from a product and geographic standpoint. The concept of public/private partnerships, so prevalent in the UK, is advancing rapidly on the Continent and driving demand for our financial guarantee product. The Milan branch office will allow us to more efficiently serve this important region." Ambac, headquartered in New York City, is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac's principal operating subsidiary, Ambac Assurance Corporation, is a leading guarantor of public finance and structured finance obligations.