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) has entered a strategic partnership by acquiring a minority stake in Embrace Partners, a tech-driven managing general underwriter of specialty commercial insurance and surety. Led by David Cayemitte, Embrace aims to advance diversity, equity, and inclusion (DE&I) within the insurance industry. The partnership focuses on supporting minority- and women-owned businesses in construction through educational services and financial opportunities. Embrace's operations will leverage technology to improve efficiency and customer experience.
Ambac Financial Group reported a net income of $5 million for Q2 2022, a significant turnaround from a net loss of $29 million in Q2 2021. Adjusted earnings reached $13 million, reflecting a substantial increase. The Specialty P&C Insurance production surged 168% year-over-year to $65 million. However, the book value per share decreased to $17.44, down $2.21 from the previous quarter. The company highlighted ongoing de-risking efforts in its legacy financial guarantee portfolio, achieving an 11% reduction in adversely classified credits. Additionally, $133 million of debt was repurchased, demonstrating capital management.
Ambac Financial Group, Inc. (NYSE: AMBC) will announce its second quarter 2022 results on August 8, 2022, after market close. A conference call, featuring CEO Claude LeBlanc and CFO David Trick, is set for August 9, 2022, at 8:30 AM ET, available via audio webcast on Ambac's Investor Relations page. A replay will be accessible until August 23, 2022. Ambac operates a growing specialty P&C distribution and underwriting platform while managing a legacy financial guaranty business. For details, visit www.ambac.com.
Ambac Financial Group (NYSE: AMBC) has announced a partnership with Penny Parisoff to establish a new managing general agency (MGA) focused on the health and human services sector. Parisoff, with 40 years in the insurance industry, will lead the MGA to provide professional and general liability insurance for mental health facilities and youth organizations. The human services industry, housing over 130,000 organizations and employing three million people, is projected to experience significant employment growth over the next decade, enhancing the demand for specialized insurance solutions.
Ambac Financial Group, Inc. (NYSE: AMBC) announced that its managing general underwriter, Xchange Benefits LLC, has signed a program manager agreement with Markel Service, Incorporated. This deal allows Xchange to underwrite medical stop loss coverage for Markel. The stop loss segment, which protects self-insured employers against significant medical claims, has been growing over 10% annually, surpassing $25 billion in 2020. Markel's entry into this segment aims to leverage Xchange's expertise for growth opportunities in the stop loss insurance market.
Ambac Financial Group reported a net income of $2 million for Q1 2022, down from $17 million in Q1 2021. Adjusted earnings were $14 million, a decrease of 65%. Specialty P&C insurance production rose 71% to $69 million, indicating growth in the new direction of the company. However, net investment income plummeted to $5 million from $49 million, largely due to a refinancing impact and losses from trading securities. Book value per share fell to $19.65. Ambac reduced its Puerto Rico exposure by $450 million, reflecting strategic moves amid ongoing litigation challenges.
Everspan Group has launched a partnership with TheGuarantors, a fintech company, to provide innovative insurance products for renters and landlords. This program includes support for TheGuarantors' Lease Guarantee and Security Deposit Replacement products. The partnership aims to enhance tenant default protection and offer affordable alternatives to cash security deposits, making insurance more accessible. Everspan will offer these policies nationally through TheGuarantors' real estate network. The collaboration is expected to drive innovation in the real estate sector and improve service for renters and landlords.
Ambac Financial Group (NYSE: AMBC) will release its first quarter 2022 results on May 10, 2022. A conference call led by CEO Claude LeBlanc and CFO David Trick is scheduled for May 11, 2022, at 8:30 AM ET, to discuss these results. Investors can listen to the call via telephone or through a live audio webcast on Ambac’s website. The replay will be available until May 25, 2022. Ambac is a financial services holding company specializing in P&C distribution and underwriting, also managing a legacy financial guaranty business.
Ambac Financial Group (NYSE: AMBC) has announced a share repurchase program, allowing the company to buy back up to $20 million of its common shares at management's discretion until March 31, 2024. The purpose of this program is to potentially enhance shareholder value by repurchasing shares in the open market or through negotiated transactions. However, the exact number of shares purchased will depend on market conditions and other factors, with no guarantee on total repurchase amounts.
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