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 announced significant updates on its Puerto Rico exposure and litigation developments affecting Ambac Assurance Corporation (AAC). The restructuring of AAC’s Puerto Rico-related bonds is projected to yield an estimated gain between
Charles J. Sebaski has joined Ambac Financial Group (NYSE: AMBC) as Managing Director and Head of Investor Relations, succeeding Lisa A. Kampf. With over 20 years of experience in the insurance and capital markets, Charles aims to support Ambac's growth in its specialty P&C platform. Charles previously worked at Guy Carpenter & Co and held roles at BMO Capital Markets and Deutsche Bank. His appointment is seen as a strategic move to enhance investor relations while acknowledging Lisa's contributions over nearly five years.
Ambac Financial Group (NYSE: AMBC) announced a significant court ruling from the New York Court of Appeals regarding U.S. Bank National Association v. DLJ Mortgage Capital, Inc., impacting its legacy insurance subsidiary, Ambac Assurance Corporation (AAC). The decision relates to residential mortgage-backed securities and may lead to a downward adjustment in AAC's estimated subrogation recoveries, which could be material. AAC's management is assessing the implications of this ruling and anticipates further disclosures. The ultimate recoveries in RMBS litigation may vary significantly from recorded estimates.
Ambac Financial Group, Inc. (NYSE: AMBC) has announced its 2022 Annual Meeting of Stockholders, scheduled for May 24, 2022, at 10:30 am (ET), in a virtual format. Stockholders entitled to vote at the meeting will be determined as of the close of business on March 28, 2022. Further details will be provided in the proxy statement and other related materials. Ambac operates a specialty P&C distribution and underwriting platform, while its legacy financial guaranty business is in run-off.
Everspan Indemnity Insurance Company announced a partnership with Specialty Market Managers (SMM) to underwrite Longleaf® policies on a surplus lines basis in select states. This collaboration aims to expand geographic outreach and enhance offerings for policyholders, leveraging SMM's expertise in the forestry insurance sector. Steve Dresner from Everspan emphasized the importance of such partnerships in achieving their goal of becoming a leading specialty program insurer. The Longleaf® program has over 20 years of experience in the logging truck insurance space.
Ambac Financial Group, Inc. (NYSE: AMBC) reported a net loss of $22 million or $0.42 per diluted share for Q4 2021, compared to a net income of $17 million or $0.35 per diluted share in Q3 2021. Adjusted loss stood at $10 million or $0.16 per share. Book value per share decreased to $22.42, down $0.49 from Q3 2021. Key factors included lower benefits from losses and loss expenses. Despite the loss, President Claude LeBlanc noted material progress in their specialty insurance platform and outlook for growth in 2022.
Everspan Insurance Company announces a partnership with Branch Financial to underwrite insurance policies in eleven new states. Rated A- (Excellent) by AM Best, Everspan aims to leverage Branch's innovative technology to simplify the insurance purchasing process. Since its launch in 2019, Branch has helped members save an average of $548 annually and has expanded rapidly. This collaboration is positioned to enhance customer service and drive growth for both companies.
Ambac Financial Group, Inc. (NYSE: AMBC) will release its fourth quarter 2021 results on February 24, 2022, after market close. A conference call is scheduled for February 25, 2022, at 8:30 AM ET, where CEO Claude LeBlanc and CFO David Trick will discuss the results. Investors can access the live audio webcast on Ambac's website. A replay will be available until March 11, 2022. Ambac is focused on specialty P&C distribution and underwriting, with a legacy financial guaranty business currently in runoff.
Ambac Financial Group (NYSE: AMBC) announced its subsidiary, Everspan Group, has successfully acquired three insurance companies: 21st Century Indemnity Insurance Company, 21st Century Pacific Insurance Company, and 21st Century Auto Insurance Company of New Jersey. This acquisition, alongside the recent purchase of Providence Washington Insurance Company in October 2021, significantly enhances Everspan's distribution capabilities and market flexibility. The legacy liabilities of the acquired companies will remain with the seller, a national insurance group.
Ambac Financial Group, Inc. (AMBC) reported a net income of $17 million, or $0.35 per diluted share, for Q3 2021, reversing a net loss of $29 million in Q2 2021. Adjusted income rose to $25 million, or $0.53 per diluted share. Despite these gains, book value per share decreased to $22.91. The growth in net income was attributed to improved loss expenses and interest rate derivative gains, partially offset by lower net investment income. Ambac's net premiums earned remained unchanged at $11 million. The Q3 earnings call is scheduled for November 9, 2021.
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