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Ambac Financial Group, Inc. (NYSE: AMBC), headquartered in New York City, is a diversified financial services holding company. Ambac operates through its subsidiaries, including Ambac Assurance Corporation and Everspan Financial Guarantee Corporation, providing financial guarantees and other financial services to public and private sectors worldwide. The company's primary segments include Legacy Financial Guarantee Insurance, Specialty Property and Casualty Insurance, and Insurance Distribution.
Ambac Assurance, along with its subsidiaries, guarantees public and structured finance obligations. The company's focus is not only on maintaining its legacy operations but also on expanding its footprint in the Specialty P&C segment through acquisitions and strategic partnerships.
In the second quarter of 2023, Ambac reported a net loss of $(13) million, equating to $(0.29) per diluted share. The Specialty P&C Insurance segment wrote gross premiums of $53 million, reflecting a 30% growth from the previous year, while the Insurance Distribution segment saw a 71% increase in premiums placed, amounting to $41 million.
Ambac is actively de-risking its Financial Guarantee Insurance portfolio, reducing net par outstanding by 9.3%. The company is also exploring new financial service opportunities, further diversifying its business operations.
With a book value per share of $27.59 and an adjusted book value per share of $26.97 at the end of Q2 2023, Ambac remains focused on strategic growth and stability. The company recently announced significant strides in its P&C growth strategy, supported by favorable market conditions in U.S. casualty insurance.
For more detailed and up-to-date information, visit the Ambac Investor Relations page.
Ambac Financial Group (NYSE: AMBC) reported a net loss of $28 million or $0.63 per diluted share for Q3 2024, primarily due to $20 million in transaction costs and short-term interest expenses. Adjusted net loss was $19 million or $0.46 per diluted share.
Total P&C premium production surged 86% YoY to $260 million. Insurance Distribution revenue grew 64% to $24 million, while Specialty P&C Insurance revenue increased 158% to $40 million, improving the combined ratio by 600 bps to 100.5%.
Legacy Financial Guarantee segment reported a net loss of $13 million, driven by changes in discount rates. Ambac's stockholders' equity rose to $1.47 billion, or $30.89 per share, from $1.37 billion in Q2 2024.
The Board approved a $50 million stock repurchase program. The acquisition of Beat Capital Partners and the launch of three new MGAs expanded the business pipeline, positioning Ambac to exceed $1 billion in premium placed in 2025.
Ambac Financial Group (NYSE: AMBC) has announced it will release its third quarter 2024 results on November 12, 2024, after market close. The company will host a conference call on November 13, 2024, at 8:30 a.m. ET, featuring President and CEO Claude LeBlanc and CFO David Trick to discuss the quarterly results. The call will be accessible via webcast through Ambac's website and telephone, with replay available until November 27, 2024.
Ambac Financial Group's subsidiary, Beat Capital Partners, has launched Fallow Grove Insurance Services, a U.S.-based company specializing in commercial middle market property insurance. Led by industry veteran Brett Dupre, Fallow Grove offers excess and surplus lines technical and general commercial property insurance with A+ rated capacity.
The company focuses on addressing complex risks and exposures faced by businesses across the United States. Fallow Grove's product lineup includes industrial, flood, builder's risk, and general property risks, distributed exclusively through wholesale brokers. The launch aligns with Ambac's organic growth strategy, aiming to establish 8-10 new MGAs over multiple years.
Ambac Financial Group, Inc. (NYSE: AMBC) announced that its shareholders have approved the sale of its legacy financial guarantee business to funds managed by Oaktree Capital Management, L.P. The special meeting of shareholders resulted in approximately 95% of votes cast in favor of the transaction. This marks a significant step in Ambac's strategy to transform into a specialty property and casualty insurance platform.
The sale includes Ambac Assurance and Ambac Assurance UK The transaction is expected to close in Q4 2024 or Q1 2025, subject to regulatory approvals and customary closing conditions. Moelis & Company served as the exclusive financial advisor, while Debevoise & Plimpton LLP provided legal counsel to Ambac for this transaction.
Ambac Financial Group (NYSE: AMBC) has announced a partnership with Pivix Specialty Insurance Services, a new managing general agency (MGA) focusing on the excess and surplus (E&S) lines market. Pivix, led by Mike Miller, former president of Scottsdale Insurance, offers property and casualty coverages for targeted segments, including SMEs.
The partnership aligns with Ambac's goal to become the premier destination for MGAs and underwriting talent. Pivix was founded by Miller along with Ken Levine, Joe Griffith, and Sandy Vertuno, all former Nationwide executives. Ambac's distribution division, Cirrata, includes majority-owned MGAs and MGUs, reflecting the company's vision to build a premier insurance distribution platform.
Beat Capital Partners, a subsidiary of Ambac Financial Group, Inc. (NYSE: AMBC), announces the launch of proRISE Insurance Services on Oct. 1. proRISE specializes in management and professional liability insurance for small and medium-sized enterprises (SMEs). Led by industry veteran Doug Karpp, proRISE offers a range of products including private and non-profit directors and officers, employment practices liability, fiduciary liability, crime, and professional liability insurance.
Backed by A+ rated capacity, proRISE writes on behalf of a consortium led by Beat Syndicate 4242 at Lloyd's. The company will distribute its products through wholesale brokers. This launch aligns with Ambac's organic growth strategy, which aims to launch 8-10 new MGAs over multiple years.
Ambac Financial Group (NYSE: AMBC) reported its second quarter 2024 results. Key highlights include a net loss under $1 million or $0.02 per diluted share and an adjusted net income of $8 million or $0.18 per diluted share.
Insurance Distribution generated net income of $1 million and EBITDA of $2 million on $53 million of premiums placed. Specialty P&C Insurance reported gross premiums written of $111 million, up 109% from Q2 2023, and total P&C premium production of $165 million, a 75% increase.
Ambac completed the acquisition of a 60% controlling stake in Beat Capital Partners for $278 million, effective July 31, 2024. The company also agreed to sell its Legacy Financial Guarantee Business for $420 million to Oaktree Capital Management.
Other notable metrics include a 94% improvement in net income attributable to common stockholders, which stood at $(0.7) million compared to $(13.1) million in Q2 2023. EBITDA increased by 125% to $26.6 million. Gross written premiums and net premiums earned grew by 107% and 113%, respectively.
Ambac Financial Group (NYSE: AMBC) has completed its acquisition of Beat Capital Partners, a London-based insurance underwriting and managing general agency (MGA) incubation platform. Ambac purchased a 60% controlling stake in Beat, which will continue to be led by its existing management team. This acquisition doubles the size of Ambac's property and casualty insurance operation, projecting approximately $1.4 billion in premiums on an annualized basis for 2024. The deal adds immediate scale and diversification to Ambac's Cirrata Group, increasing the number of MGAs to 16. The partnership aims to strengthen Ambac's position in specialty P&C strategy and drive long-term growth and value creation for shareholders.
Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, has announced the release of its second quarter 2024 results on August 5, 2024, after market close. The company will host a conference call on August 6, 2024, at 8:00 a.m. ET to discuss the results.
President and CEO Claude LeBlanc and EVP and CFO David Trick will lead the call. Investors can access the call via a live audio webcast on Ambac's website or by dialing in. A replay will be available until August 20, 2024. This announcement provides shareholders and analysts with a timeline for accessing Ambac's latest financial performance data and insights from top executives.
Tara Hill Insurance Services, a program administrator under Ambac Financial Group (NYSE: AMBC), has appointed Richard Edsall as Senior Vice President. Edsall, formerly with Argo Pro, will manage Tara Hill's new excess & surplus (E&S) portfolio, which targets private management liability and professional liability for small to mid-sized risks. Tara Hill CEO Peter McKeegan highlighted Edsall's strong underwriting background and strategic skills. Additionally, Brian McKeegan joins as a Senior Underwriter from Berkley Professional Liability.
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