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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.
Access curated press releases and news articles covering AMBC's legacy insurance operations, specialty P&C innovations, and distribution network expansions. Track earnings announcements, leadership updates, and material events impacting this New York-based financial holding company. Our repository ensures you stay informed about Ambac's evolving position in public finance guarantees and insurance distribution markets.
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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).
Ambac Financial Group (NYSE: AMBC) announced a settlement with Nomura Credit & Capital, Inc., resolving its RMBS litigation. Nomura will pay Ambac $140 million, resulting in an estimated gain of $43 million for Ambac, to be recognized in Q4 results. The funds will be used to repay the entire balance of Tier 2 Notes. Ambac's CEO Claude LeBlanc expressed satisfaction with this outcome, which concludes all legacy RMBS litigation.
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.
Everspan Group, a subsidiary of Ambac Financial Group (NYSE: AMBC), has appointed Steven K. Dresner as its new President, succeeding Wyatt Blackburn, who has retired. Dresner, previously Chief Underwriting and Reinsurance Officer since July 2020, aims to enhance the company's strategic direction and disciplined underwriting practices. Everspan, launched in February 2021, has expanded its operations and maintains Financial Strength Ratings of A- from AM Best. Blackburn will take on the role of Vice Chairman of Everspan Holdings.
Ambac Financial Group reported a significant net income of $340 million and adjusted earnings of $338 million for Q3 2022. This marks a substantial increase from a net income of $17 million in Q3 2021. The company benefited from a $1.84 billion settlement with Bank of America, contributing a net gain of $397 million. Book value per share rose to $22.43, a 29% increase from the previous quarter. Ambac's Specialty P&C Insurance Platform also showed strong growth, with production up 76% year-over-year, totaling $58 million.
Ambac Financial Group, Inc. (NYSE: AMBC) has acquired majority stakes in All Trans Risk Solutions, LLC and Capacity Marine Corporation, enhancing its specialty P&C platform. This strategic move adds approximately $60 million of premium to Ambac's insurance distribution division, Cirrata Group. The acquisitions aim to diversify portfolios and capitalize on growth opportunities. The leaders from both companies expressed optimism about future expansions under Ambac's ownership, which will provide the necessary support for continued operations and growth.
Ambac Financial Group, Inc. (NYSE: AMBC) is set to release its third-quarter 2022 results on November 8, 2022, after market close. A conference call to discuss the results will occur on November 9, 2022, at 8:30 AM ET, featuring CEO Claude LeBlanc and CFO David Trick. Investors can join the live webcast via Ambac's website or by phone. The replay will be available until November 23, 2022. Ambac primarily focuses on specialty P&C distribution and underwriting, along with a legacy financial guaranty business.
