Ambac Financial Group and the Connie Lee Insurance Company said yesterday that Ambac had agreed to pay $106 million for all outstanding shares of Connie Lee. The merger, which is expected to close by year-end, is expected to add 7 cents to 9 cents a share to Ambac's 1998 earnings. Both companies said the merger remained subject to Federal and state regulatory approval. Ambac said it would also retire $18.4 million of debt issued by the holding company for Connie Lee, the College Construction Loan Insurance Corporation.

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