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Ambac Financial Group, Inc. (NYSE: AMBC) addressed a media report claiming it is pursuing the acquisition of a financial guarantee company, labeling the report as inaccurate. Ambac clarified that there are no current negotiations for any acquisition in this sector. The company stated that it continuously evaluates market opportunities to enhance shareholder value and will keep investors informed as necessary. Ambac operates a specialty P&C distribution and underwriting platform while also managing a legacy financial guaranty business in runoff.
Positive
Management is actively evaluating market opportunities to create shareholder value.
Negative
Reputation risk from inaccurate media reports could affect investor confidence.
NEW YORK,--(BUSINESS WIRE)--
Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial services holding company, released the following statement:
Ambac has become aware of a media report indicating it is in discussions to acquire a financial guarantee company. This report is inaccurate. Ambac is not engaged in an acquisition process with any financial guarantee business.
Management is regularly evaluating the market for opportunities to create value for shareholders and will update investors as appropriate.
About Ambac
Ambac Financial Group, Inc. (“Ambac” or “AFG”) is a financial services holding company headquartered in New York City. Ambac’s core business is a growing specialty P&C distribution and underwriting platform. Ambac also has a legacy financial guaranty business in runoff. Ambac’s common stock trades on the New York Stock Exchange under the symbol “AMBC”. Ambac is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, we use our website to convey information about our businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information. For more information, please go to www.ambac.com.
Investors:
Charles Sebaski Managing Director, Investor Relations
csebaski@ambac.com
Media:
Kate Smith Director, Corporate Communications
ksmith@ambac.com
Source: Ambac Financial Group, Inc.
FAQ
What did Ambac Financial Group announce regarding acquisition discussions?
Ambac Financial Group clarified that reports of it pursuing an acquisition of a financial guarantee company are inaccurate and that they are not engaged in any acquisition discussions.
How does Ambac Financial Group create value for its shareholders?
Ambac regularly evaluates market opportunities to create value for shareholders and will provide updates as appropriate.
What is the core business of Ambac Financial Group?
Ambac's core business includes a growing specialty P&C distribution and underwriting platform, alongside a legacy financial guaranty business in runoff.
What is the stock symbol for Ambac Financial Group?
The stock symbol for Ambac Financial Group is AMBC, and it trades on the New York Stock Exchange.
