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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.
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Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, has announced the release of its second quarter 2024 results on August 5, 2024, after market close. The company will host a conference call on August 6, 2024, at 8:00 a.m. ET to discuss the results.
President and CEO Claude LeBlanc and EVP and CFO David Trick will lead the call. Investors can access the call via a live audio webcast on Ambac's website or by dialing in. A replay will be available until August 20, 2024. This announcement provides shareholders and analysts with a timeline for accessing Ambac's latest financial performance data and insights from top executives.
Tara Hill Insurance Services, a program administrator under Ambac Financial Group (NYSE: AMBC), has appointed Richard Edsall as Senior Vice President. Edsall, formerly with Argo Pro, will manage Tara Hill's new excess & surplus (E&S) portfolio, which targets private management liability and professional liability for small to mid-sized risks. Tara Hill CEO Peter McKeegan highlighted Edsall's strong underwriting background and strategic skills. Additionally, Brian McKeegan joins as a Senior Underwriter from Berkley Professional Liability.
Ambac Financial Group (NYSE: AMBC) has announced the launch of Tara Hill Insurance Services, an E&S Management and Professional Liability program administrator. Tara Hill, which will be part of Ambac's Cirrata Group, will be led by industry veteran Peter McKeegan as CEO. The company's focus will be on developing an Excess & Surplus (E&S) portfolio, targeting private Management Liability and Miscellaneous Professional Liability coverages for small to medium-sized risks, distributed exclusively through wholesale brokers.
Naveen Anand, president of Cirrata Group, expressed excitement about leveraging Cirrata’s infrastructure to support McKeegan, who has held leadership roles at several major insurance firms. McKeegan highlighted the extensive underwriting experience brought to Tara Hill, aiming to bring highly customized products to market.
Ambac Financial Group has signed an agreement to acquire 60% of Beat Capital Partners for around $282 million, with up to $40 million paid in Ambac shares. The deal is expected to close in Q3 2024, pending regulatory approvals and will be financed through available cash and committed financing. Beat, based in London, is a leading insurance underwriting and MGA incubation platform. This acquisition aims to enhance Ambac's specialty program insurance market position and accelerate its goal of generating over $100 million in annual EBITDA. Beat's management and Bain Capital will retain 20% stakes in Beat.
Ambac Financial Group (NYSE: AMBC) has finalized an agreement to sell its legacy financial guarantee businesses, Ambac Assurance (AAC) and Ambac UK (AUK), to Oaktree Capital Management for $420 million in cash. Additionally, Oaktree will receive warrants for up to 9.9% of Ambac common stock at a strike price of $18.50.
This transaction marks the completion of Ambac's transformation into a specialty property and casualty insurance platform, emphasizing long-term shareholder value. Regulatory and shareholder approvals are pending, with the closing expected between Q4 2024 and Q1 2025.
Advisors include Moelis & Company (financial), Debevoise & Plimpton (legal) for Ambac, and BlackRock Financial Markets Advisory (valuation), Kirkland & Ellis (legal) for Oaktree. A conference call with Ambac's CEO and CFO will be held on June 5, 2024.
Ambac Financial Group, Inc. reported positive first quarter 2024 results with net income of $20 million and Adjusted net income of $38 million. The Legacy Financial Guarantee segment, Specialty P&C Insurance, and Insurance Distribution all generated positive net income. Total P&C Premium Production increased by 45% from the previous year. Book value per share was $30.19, up marginally from the prior quarter. Ambac continues to focus on disciplined underwriting and growth in premium production.
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