Welcome to our dedicated page for Ambac Finl Group news (Ticker: AMBC), a resource for investors and traders seeking the latest updates and insights on Ambac Finl Group stock.
Octave Specialty Group, formerly Ambac Financial Group, operates as a specialty insurance holding company focused on managing general agency, insurance distribution and specialty property-and-casualty underwriting businesses. News about the company commonly covers operating results, P&C premium production, insurance distribution revenue, acquisitions such as ArmadaCare, and new underwriting franchises or programs launched through subsidiaries including Beat Capital Partners, Pivix and Everspan.
Company updates also reflect Ambac's completed exit from its legacy financial guarantee businesses and its rebrand around a specialty insurance platform serving the U.S., U.K. and Bermuda markets.
Ambac Financial Group, Inc. (AMBC) reported a third-quarter net loss of $108 million, equating to $2.33 per diluted share, significantly worse than the previous quarter's loss of $35 million. Adjusted loss also rose to $93 million or $2.01 per diluted share from $24 million. Book value per share decreased to $22.59, while adjusted book value fell to $19.44. The losses were primarily driven by increased reserves for RMBS and public finance due to COVID-19 impacts. However, net premiums earned grew by 34% to $15 million, and net gains on derivative contracts surged by 258% to $7 million.
Ambac Financial Group, Inc. (NYSE: AMBC) will release its third quarter 2020 results on November 9, 2020, post-market close. Following this, a conference call featuring CEO Claude LeBlanc and CFO David Trick is scheduled for November 10, 2020, at 8:30 am (ET) to discuss the results. Investors can participate via a live audio webcast on Ambac's website or by telephone. The webcast will be archived, with a replay available until November 24, 2020.
Ambac specializes in financial guarantee insurance and is currently in runoff mode.