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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 (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.
Everspan Group, rated A- (Excellent) by AM Best, has partnered with Specialty Program Group (SPG) to launch the HABX program, which provides coverage for owners of commercial residential properties. HABX offers $1 million in excess casualty coverage in addition to the primary insurer's $1 million limit. This product aims to fill a market gap for multi-unit dwellings, and is underwritten by Specialty Underwriting Insurance Solutions.
The HABX program is now available nationwide.
Ambac Financial Group (NYSE: AMBC) announced a significant settlement with Bank of America for
Everspan Group has launched a partnership with Centrex Underwriters, enhancing its presence in the hospitality insurance sector. Rated A- by AM Best, Everspan aims to capitalize on Centrex's 34 years of expertise in liquor liability and general liability insurance. Operating in 38 states, Centrex specializes in insurance for various hospitality venues including bars, wineries, and golf courses. This collaboration is expected to support growth and profitability for both firms in the hospitality industry.
Ambac Financial Group (NYSE: AMBC) announced a significant legal development. On August 29, 2022, the Supreme Court of New York denied Countrywide's motion for summary judgment, allowing Ambac's fraud case against Countrywide and Bank of America to proceed to trial, scheduled for January 2024. Ambac aims to recover hundreds of millions in losses and punitive damages linked to misleading mortgage practices. Additionally, Ambac is pursuing other claims against Bank of America. Importantly, this decision does not affect Ambac's subrogation recoveries on its balance sheet.
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