Freshfields Bruckhaus Deringer and Linklaters have taken lead roles on the first private finance initiative (PFI) monoline insurance company replacement since the start of the global financial crisis.

The deal has seen Ambac Assurance UK – the guarantor of £97m of senior bonds raised to construct Worcestershire Hospital – replaced after the value of the credit enhancement it provided fell. Assured Guaranty (Europe) and Assured Guaranty Municipal Corporation have replaced Ambac.