Ambac Financial Group

Ambac Financial Group, Inc. is a holding company, which engages in the provision of financial guarantee insurance policies through its subsidiary, Ambac Assurance Corp. Its services include credit, insurance, asset management and other financial services. The company was founded on April 29, 1991 and is headquartered in New York, NY.

Earnings data Q4 2020

Earnings data Q1 2021

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Earnings data Q1 2022

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Earnings data Q1 2023

Earnings data Q2 2023

Earnings data Q3 2023

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Earnings data Q1 2024

Earnings data Q2 2024

Earnings data Q3 2024

Ambac Financial Group reports strong Q4 earnings and strategic growth plans for 2023

Ambac Financial Group's Q4 2022 performance reflects robust financial results and strategic achievements, positioning the company for continued growth.
Everspan Group and Cirrata's performance highlights their potential for future profitability and expansion, contributing positively to Ambac's overall outlook.
While facing strategic decisions and operational challenges, Ambac has opportunities to optimize its business model, expand market presence, and enhance shareholder value.
With a focus on growth and diversification in 2023, Ambac aims to capitalize on its strengths, address challenges effectively, and leverage opportunities for sustained success.

Ambac Financial Group reports Q1 loss, explores legacy business options

Ambac Financial Group's Q1 2023 performance reflected growth in gross premiums and EBITDA for Everspan and Cirrata, offset by a net loss driven by lower derivatives gains. The company's focus on strategic options for legacy businesses and strong growth in Specialty P&C businesses position it for future value creation.

Ambac Financial Group reports Q2 progress amidst challenges and opportunities

Ambac Financial Group's Q2 2023 performance reflected progress in the Specialty P&C business, derisking initiatives, and positive trends in investment income, despite reporting a net loss.
The company demonstrated strengths in proactive risk management, strategic capital allocation, and expectations of moderating litigation expenses, positioning itself for future growth and improved financial performance.
Challenges persist in achieving profitability, managing costs, and sustaining growth for Everspan and Cirrata, highlighting the need for continued focus on operational efficiency and risk mitigation strategies.

Ambac Financial Group reports robust Q3 earnings and strategic growth plans

Ambac Financial Group delivered a strong Q3 performance, with a focus on maximizing shareholder value and generating long-term growth.
Despite challenges such as loss ratio increases and strategic evaluations, the company remains well-positioned for future opportunities.
Market conditions and operational strengths provide a foundation for continued growth and profitability in key segments.
Balancing capital allocation and executing transactions strategically are key priorities to drive value creation and enhance shareholder returns.

Ambac Financial Group reports mixed Q4 performance, eyes growth in 2024

Ambac Financial Group's Q4 2023 performance reflects a mix of achievements and challenges, with a focus on growth in the Specialty P&C Insurance platform and strategic review of the Legacy Financial Guarantee business.
Despite facing a net loss in Q4 2023, the company remains optimistic for 2024, emphasizing opportunities for growth and progress in key business segments.
With strong performance from Everspan and Cirrata, Ambac aims to maintain underwriting profitability and enhance shareholder value, positioning itself for future success and profitability.

Ambac Financial Group reports strong Q1 earnings and focuses on growth opportunities

Ambac Financial Group's Q1 2024 performance showcased solid financial results, with notable growth in net income, premium generation, and investment income. The company's strategic focus on scaling production and assessing legacy business options reflects a forward-looking approach.
While facing challenges in sustaining growth rates and managing legacy operations, Ambac remains well-positioned to capitalize on opportunities in the specialty P&C platform and revenue scaling. Overall, the company's performance and strategic direction indicate a positive outlook for future growth.

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NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it will release first quarter 2022 results on May 10, 2022 following the close of the market. Conference Call On May 11, 2022 at 8:30am (ET), Claude LeBlanc, President and Chief Executive Officer, and David Trick, Executive Vice President and Chief Financial Officer, will discuss first quarter 2022 results during a live conference call. A live audio webcast of the call

Ambac to Release First Quarter 2022 Results on May 10, 2022

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac” or “AFG”), a financial services holding company, announces that its Board of Directors has approved a share repurchase program, under which Ambac may opportunistically repurchase up to $20 million of the Company's common shares at management's discretion over the period ending on March 31, 2024. Under the share repurchase program, shares may be repurchased from time to time in the open market or negotiated transactions

Ambac Authorizes Share Repurchase Program

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac” or “AFG”), a financial services holding company, announces that its subsidiary, Ambac Assurance Corporation (“AAC”), has provided updates regarding the implementation of the restructuring of a significant portion of its Puerto Rico exposure and the estimated impact of recent litigation developments on its representation and warranty (“R&W”) subrogation recoverable. These developments relate solely to AAC, Ambac's l

Ambac Assurance Corporation Reports Preliminary First Quarter 2022 Impact of Recent Material Developments

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today announced that Charles J. Sebaski has joined the firm as Managing Director, Head of Investor Relations, succeeding Lisa A. Kampf. “Charles brings vast industry experience across the investment community value chain, and we're pleased to welcome him to Ambac as we continue building and growing our diversified specialty P&C platform,” said David Trick, Ambac's Ch

Ambac Appoints Head of Investor Relations

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, announces that its legacy financial guaranty insurance subsidiary Ambac Assurance Corporation (“AAC”), released the following statement: On March 17, 2022, the New York Court of Appeals issued a decision in the case entitled U.S. Bank National Association v. DLJ Mortgage Capital, Inc. relating to Home Equity Asset Trust 2007-1, a residential mortgage-backed securities tr

AAC Releases Statement Regarding RMBS Litigation

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that Ambac's 2022 Annual Meeting of Stockholders will be held on Tuesday, May 24, 2022 at 10:30 am (ET). The meeting will be held in a virtual format. The record date for determining stockholders entitled to notice of, and to vote at, the annual meeting will be the close of business on March 28, 2022. Further information regarding the Annual Meeting will be set forth in the

Ambac Announces Meeting and Record Date for 2022 Annual Meeting of Stockholders

NEW YORK--(BUSINESS WIRE)--Everspan Indemnity Insurance Company (“Everspan”), Rated A- (Excellent) by AM Best and part of Everspan Group, today announced a partnership with Specialty Market Managers, LLC (“SMM”) to underwrite specialty policies through The Longleaf® Program. Longleaf® Forestry Insurance has written logging truck insurance for over 20 years. Through its new partnership with Everspan, Longleaf® policies will be offered on a surplus lines basis in a select number of states through

Everspan Partners with Specialty Market Managers to Launch the Longleaf® Program

Ambac Financial Group, Inc. (AMBC) CEO Claude LeBlanc on Q4 2021 Results - Earnings Call Transcript

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported a net loss attributable to common stockholders of $22 million or $0.42(1) per diluted share and an adjusted loss(2) of $10 million or $0.16 per diluted share for the quarter ended December 31, 2021. This compares to net income attributable to common stockholders of $17 million or $0.35 per diluted share and adjusted earnings of $25 million or $0.53 per dil

Ambac Reports Fourth Quarter 2021 Results

NEW YORK--(BUSINESS WIRE)--Everspan Insurance Company ("Everspan"), Rated A- (Excellent) by AM Best and part of Everspan Group, today announced a partnership with Branch Financial (“Branch”). Branch, which uses data, technology, and automation to make home and auto insurance simpler to buy and less expensive, will offer these products in select states throughout the U.S. Wyatt Blackburn, President of Everspan Group, stated "We are proud to partner with Branch on our first personal lines program

Everspan Partners with Branch to Enhance Branch's Geographic Expansion

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it will release fourth quarter 2021 results on February 24, 2022 following the close of the market. Conference Call On February 25, 2022 at 8:30am (ET), Claude LeBlanc, President and Chief Executive Officer, and David Trick, Executive Vice President and Chief Financial Officer, will discuss fourth quarter 2021 results during a live conference call. A live audio webcast

Ambac to Release Fourth Quarter 2021 Results on February 24, 2022

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial services holding company, today announced that its subsidiary, Everspan Insurance Company (together with certain affiliates, “Everspan Group”), has completed the acquisitions of 21st Century Indemnity Insurance Company, 21st Century Pacific Insurance Company and 21st Century Auto Insurance Company of New Jersey. The acquisition of these carriers, in addition to the recently completed acquisition of Provid

Everspan Group Acquires Three Admitted Insurance Carriers

Ambac Financial Group, Inc. (AMBC) CEO Claude LeBlanc on Q3 2021 Results - Earnings Call Transcript

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported net income attributable to common stockholders of $17 million or $0.35(1) per diluted share and adjusted income(2) of $25 million or $0.53 per diluted share for the quarter ended September 30, 2021. This compares to a net loss attributable to common stockholders of $29 million or $0.63 per diluted share and an adjusted loss of $13 million or $0.30 per dilu

Ambac Reports Third Quarter 2021 Results

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it will release third quarter 2021 results on November 8, 2021 following the close of the market. Conference Call On November 9, 2021 at 8:30am (ET), Claude LeBlanc, President and Chief Executive Officer, and David Trick, Executive Vice President and Chief Financial Officer, will discuss third quarter 2021 results during a live conference call. A live audio webcast of

Ambac to Release Third Quarter 2021 Results on November 8, 2021

Enstar Group

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial services holding company, today announced that its subsidiary, Everspan Insurance Company (“EIC”), has completed the acquisition of Providence Washington Insurance Company (“PWIC”) from a subsidiary of Enstar Group Limited (NASDAQ: ESGR) (“Enstar”), effective October 1, 2021. The acquisition of PWIC will enhance the Everspan Group's (rated A- by AM Best) capabilities to launch new admitted programs, devel

Everspan Insurance Company Acquires Providence Washington Insurance Company

NEW YORK, Sept. 20, 2021 /PRNewswire/ -- Cover Whale Insurance Solutions, Inc., an Insurtech focused on the commercial auto space, announces its partnership with Everspan Indemnity Insurance Company ("Everspan"), an excess and surplus lines insurer which is part of Everspan Group, a participatory fronting insurance group Rated A- (Excellent) by AM Best, to offer a Commercial Trucking Program.

Cover Whale Partners with Everspan on Commercial Trucking Program

Ambac Financial Group's (AMBC) CEO Claude LeBlanc on Q2 2021 Results - Earnings Call Transcript

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG")), a financial services holding company, today reported a net loss attributable to common stockholders of $29 million or $0.63(1) per diluted share and adjusted loss(2) of $13 million or $0.30 per diluted share for the quarter ended June 30, 2021. This compares to net Income attributable to common stockholders of $17 million or $0.08 per diluted share and adjusted earnings of $41 million or $0.59 per diluted s

Ambac Reports Second Quarter 2021 Results

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (the “Company”) (NYSE: AMBC), a financial services holding company, announced the appointment of Lisa G. Iglesias as a member of its Board of Directors, effective today. Ms. Iglesias will be a member of the Board's Audit Committee. The Company also announced that Alexander D. Greene resigned from his position on the Board to pursue other opportunities. “We are pleased to welcome Lisa Iglesias to Ambac's Board of Directors. Lisa brings inval

Ambac Appoints Lisa G. Iglesias to Its Board of Directors

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that its subsidiary, Ambac Assurance Corporation (“AAC”) executed a plan support agreement (the “PRIFA PSA”) that provides for a consensual settlement of its insured exposure to bonds issued by the Puerto Rico Infrastructure Financing Authority (“PRIFA”). AAC today also joined a plan support agreement (the “GO/PBA PSA”) related to general obligation (“GO”) bonds issued by t

Ambac Assurance Endorses Plans Providing for Consensual Resolution of its Puerto Rico Exposures

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it will release second quarter 2021 results on August 5, 2021 following the close of the market. Conference Call On August 5, 2021 at 8:30am (ET), Claude LeBlanc, President and Chief Executive Officer, and David Trick, Executive Vice President and Chief Financial Officer, will discuss second quarter 2021 results during a live conference call. A live audio webcast of th

Ambac to Release Second Quarter 2021 Results on August 5, 2021

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac"), a financial services holding company, today announced that its newly formed special purpose entity, Sitka Holdings, LLC (“Sitka” or the “Issuer”), has closed its previously announced offering of its LIBOR plus 4.50% Floating Rate Senior Secured Notes due 2026 (the “Senior Secured Notes”). The proceeds from this offering were used to fund a portion of the redemption in full of the Ambac LSNI, LLC (“Ambac LSNI”) LIBOR

Ambac Closes Senior Secured Note Offering

NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac"), a financial services holding company, today announced that its newly formed special purpose entity, Sitka Holdings, LLC (“Sitka” or the “Issuer””), has launched a private offering, to eligible purchasers, of senior secured notes due 2026 (the “Sitka Senior Secured Notes”). The Sitka Senior Secured Notes will be secured by all assets of Sitka, which include a secured note issued by Ambac Assurance Corporation (“AAC”)

Ambac Launches Senior Secured Note Offering to Refinance Existing Ambac LSNI Senior Secured Notes

WOODLAND HILLS, Calif., June 14, 2021 /PRNewswire/ -- Venbrook Group, LLC ("Venbrook"), a holdings company with various subsidiaries engaged in the insurance marketplace, today announced that it has formed a program partnership with Everspan Indemnity Insurance Company ("Everspan"), an excess and surplus lines insurer, which is part of Everspan Group, a participatory fronting insurance group Rated A- (Excellent) by AM Best with a Financial Size Category Class VIII, to offer a Non-Emergency Medical Transportation ("NEMT") Program.

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