Welcome to our dedicated page for Ambac Financial Group news (Ticker: AMBC), a resource for investors and traders seeking the latest updates and insights on Ambac Financial Group stock.
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, Inc. (NYSE: AMBC) announced that it will release its first quarter 2023 results on
A conference call is scheduled for
Ambac operates a specialty P&C distribution and underwriting platform and has a legacy financial guaranty business in run-off. The company has specific restrictions regarding the transfer of its common stock to prevent any person or group from exceeding a 5% shareholding.
Everspan Group has partnered with Ledgebrook to offer a new program providing general liability and excess liability coverage to mid-market businesses. This initiative will be distributed through wholesale brokers, leveraging Ledgebrook's advanced technology for efficient processing and quoting. Everspan, rated A- (Excellent) by AM Best, emphasizes their commitment to underwriting discipline, welcoming Ledgebrook's innovative approach and industry experience. The partnership is expected to enhance service delivery and efficiency in meeting client needs.
Ambac Financial Group, Inc. (NYSE: AMBC) announced that the outstanding AFG warrants will expire on April 30, 2023. As this date is not a trading day, holders must exercise their warrants by 5 p.m. EDT on April 28, 2023. The NYSE will suspend trading in these warrants after April 25, 2023. Approximately 4.9 million warrants remain outstanding with an exercise price of $16.67 per share.
Holders wishing to exercise their warrants should contact their brokers or custodians for instructions, while brokers are encouraged to reach Computershare Inc. for procedure confirmation prior to the cutoff time.
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