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.
Everspan Group and Aurenity have launched a new excess casualty buffer coverage program targeting mid-market construction, hospitality, real estate, and product risks. The program, which will be underwritten by Aurenity's team, offers flexibility in limits, commonly at $4 million excess $1 million and $3 million excess $2 million. This initiative addresses the growing need for buffer layer coverage in the excess space. Aurenity, founded in January 2022, aims to enhance underwriting through technology and data insights. This partnership reflects both companies' commitment to disciplined underwriting and innovation in the E&S market.
Ambac Financial Group, Inc. (NYSE: AMBC) announced its 2023 Annual Meeting of Stockholders scheduled for June 22, 2023, at 11 a.m. (ET). The meeting will occur virtually, and the record date for stockholders entitled to vote will be the close of business on April 25, 2023. Detailed information regarding the meeting will be provided in the proxy statement and other materials.
Ambac, headquartered in New York City, engages in a specialty P&C distribution and underwriting platform alongside a legacy financial guaranty business in run-off. The company is committed to transparency with investors through timely updates on financial results and business information.
Ambac Financial Group (NYSE: AMBC) has appointed Christopher LaDelfa as Senior Vice President and head of its new Captive Solutions unit at Xchange Benefits LLC. LaDelfa, who brings nearly 20 years of experience in the stop loss industry, will lead initiatives to grow this segment using the company's protected cell company, Distribution Re, which was launched in January and primarily insures accident and health risks. The captive is located in Tennessee. CEO Peter McGuire expressed confidence in LaDelfa's ability to enhance Xchange's operations.
Ambac Financial Group reported a substantial fourth quarter 2022 with net income of $175 million ($3.86 per diluted share) compared to a net loss of $22 million in Q4 2021. Adjusted earnings were $190 million ($4.18 per diluted share), up from a loss of $10 million. The company achieved a $121 million net gain from legal settlements related to RMBS litigation. Book value per share rose 24% to $27.85, and adjusted book value increased 22% to $28.29. Specialty P&C Insurance premium production surged 172% to $90 million quarter-over-quarter, reflecting strong business growth.
Ambac Financial Group, Inc. (NYSE: AMBC) announced the resignation of Board member C. James Prieur, effective February 22, 2023, citing personal reasons. Chairman Jeffrey S. Stein thanked Prieur for his contributions since 2016, including guidance through litigation settlements and the pandemic. Prieur noted the decision was timely following the company's successful outcomes in 2022, including major litigation settlements and progress in its specialty P&C business. Ambac continues to focus on financial services, leveraging its legacy financial guaranty business and expanding its specialty P&C distribution and underwriting operations.
Ambac Financial Group (NYSE: AMBC) will announce its fourth quarter 2022 results on February 28, 2023, after market close. A conference call to discuss these results will take place on March 1, 2023, at 8:30 am ET, featuring CEO Claude LeBlanc and CFO David Trick. Interested parties can join via audio webcast on Ambac’s website or by dialing into the call. The call will be archived for replay until March 15, 2023.
Ambac operates a growing specialty P&C distribution and underwriting platform along with a legacy financial guaranty business.
Ambac Financial Group (NYSE: AMBC) has appointed John Tatum as Managing Director and Business Development Officer for its insurance distribution division, Cirrata Group. This new role aims to expand the company’s managing general agencies (MGAs) and managing general underwriters (MGUs) platform. Tatum brings over 25 years of experience, previously serving as Executive Vice President at AXIS Insurance. Cirrata Group already includes four MGAs/MGUs, three established in 2022, with plans to launch a second de novo MGA focusing on the construction industry. This aligns with Ambac's strategy to solidify its specialty property and casualty insurance platform.
Ambac Financial Group (NYSE: AMBC) has launched a new managing general underwriter, Xchange Re Underwriting Agency, LLC, focusing on personal accident catastrophe and special risk reinsurance. This subsidiary of Xchange Benefits has signed a reinsurance agreement with United States Fire Insurance Company, which is rated A (Excellent) by AM Best. The partnership allows Xchange Re to underwrite global accident and health reinsurance coverage. CEO Peter McGuire emphasized the timing is right to enter a disrupted market, leveraging their industry experience to offer quality underwriting solutions.
Ambac Financial Group, Inc. (NYSE: AMBC) announced the launch of Distribution Re, a new protected cell company under Xchange Benefits LLC. This entity will focus on insuring accident and health risks through high deductible medical stop loss plans. Operating under the authority of the State of Tennessee Insurance Department, Distribution Re will be managed by Captive Planning Associates, LLC. CEO Peter McGuire emphasized the growth potential of captives in the employer stop loss market, inviting clients to explore opportunities with the new entity.
Everspan Group announced the appointment of Darwin Lucas as Chief Underwriting and Reinsurance Officer. Lucas brings over 24 years of experience in program insurance, previously serving as U.S. Head of Casualty & Professional Hybrid Solutions at Everest Reinsurance Company. He will oversee Everspan’s program business and reinsurance relationships, directly reporting to President Steve Dresner. Everspan is a specialty property and casualty insurance platform, and a subsidiary of Ambac Financial Group (AMBC).
FAQ
What is the current stock price of Ambac Financial Group (AMBC)?
What is the market cap of Ambac Financial Group (AMBC)?
What does Ambac Financial Group, Inc. do?
What are Ambac's primary business segments?
How did Ambac perform in the second quarter of 2023?
What is Ambac’s strategy for future growth?
How is Ambac de-risking its Financial Guarantee Insurance portfolio?
What is the book value per share of Ambac as of Q2 2023?
What recent acquisitions has Ambac made?
How can I access more detailed financial information about Ambac?
