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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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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.
Ambac Financial Group, Inc. (NYSE: AMBC) has announced it will release its third quarter 2021 results on
Ambac Financial Group, Inc. (NYSE: AMBC) has announced the acquisition of Providence Washington Insurance Company (PWIC) by its subsidiary, Everspan Insurance Company, effective October 1, 2021. This acquisition aims to enhance Everspan Group's capabilities in launching new programs and developing innovative insurance products. PWIC, the second oldest insurance company in the U.S., holds licenses in 47 states. CEO Claude LeBlanc stated that this acquisition aligns with Ambac's strategy to create long-term shareholder value.
Cover Whale Insurance Solutions has partnered with Everspan Indemnity Insurance Company to launch a new Commercial Trucking Program targeting small trucking operations. This program will utilize Everspan's A- rated insurance paper. Cover Whale's proprietary underwriting platform enhances post-binding portfolio monitoring and reporting, providing real-time insights. Both companies see this collaboration as a strategic opportunity to expand their market presence in the commercial automobile sector, leveraging technology and data in their underwriting processes.
Ambac Financial Group (NYSE: AMBC) reported a net loss of $29 million ($0.63 per share) for Q2 2021, a stark contrast to a net income of $17 million ($0.08 per share) in Q1 2021. The adjusted loss of $13 million ($0.30 per share) reflects a decline from adjusted earnings of $41 million ($0.59 per share) in the previous quarter. Book value per share decreased to $23.01, while adjusted book value fell to $19.25. Key factors included a $37 million gain realized in Q1, losses from interest rate derivatives, and increased deferred tax provisions. Ambac is focused on derisking efforts, achieving an 8.2% reduction in adversely classified credits.
Ambac Financial Group, Inc. (NYSE: AMBC) has appointed Lisa G. Iglesias to its Board of Directors, effective immediately. Ms. Iglesias, who has over 20 years of experience in legal and risk management, will also serve on the Audit Committee. Meanwhile, Alexander D. Greene has resigned to pursue other opportunities. Chairman Jeffrey S. Stein expressed gratitude for Greene’s contributions. CEO Claude LeBlanc noted that Iglesias's expertise aligns with the company’s strategic goals following a transformative year, particularly the launch of their specialty property and casualty insurance platform.
Ambac Financial Group (NYSE: AMBC) announced that its subsidiary, Ambac Assurance Corporation, signed a plan support agreement for a consensual settlement regarding bonds issued by the Puerto Rico Infrastructure Financing Authority. Additionally, AAC joined another support agreement related to general obligation bonds from Puerto Rico. CEO Claude LeBlanc stated this marks a significant milestone in resolving Puerto Rico exposures, though the Commonwealth's plan of adjustment is still pending confirmation. Further details will be shared during the earnings call on August 6, 2021.
