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Ambac Financial Group Inc (AMBC) provides essential financial guarantee services and specialty insurance solutions through its three core business segments. This news hub offers investors and stakeholders timely updates on corporate developments, regulatory filings, and strategic initiatives shaping the company's role in structured finance and risk management markets.
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Ambac Financial Group (NYSE: AMBC) has finalized an agreement to sell its legacy financial guarantee businesses, Ambac Assurance (AAC) and Ambac UK (AUK), to Oaktree Capital Management for $420 million in cash. Additionally, Oaktree will receive warrants for up to 9.9% of Ambac common stock at a strike price of $18.50.
This transaction marks the completion of Ambac's transformation into a specialty property and casualty insurance platform, emphasizing long-term shareholder value. Regulatory and shareholder approvals are pending, with the closing expected between Q4 2024 and Q1 2025.
Advisors include Moelis & Company (financial), Debevoise & Plimpton (legal) for Ambac, and BlackRock Financial Markets Advisory (valuation), Kirkland & Ellis (legal) for Oaktree. A conference call with Ambac's CEO and CFO will be held on June 5, 2024.
Ambac Financial Group, Inc. reported positive first quarter 2024 results with net income of $20 million and Adjusted net income of $38 million. The Legacy Financial Guarantee segment, Specialty P&C Insurance, and Insurance Distribution all generated positive net income. Total P&C Premium Production increased by 45% from the previous year. Book value per share was $30.19, up marginally from the prior quarter. Ambac continues to focus on disciplined underwriting and growth in premium production.
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