Ambac Finl Group Inc Stock Price, News & Analysis

Ambac Financial Group, Inc. (NYSE: AMBC) is set to release its third-quarter 2022 results on November 8, 2022, after market close. A conference call to discuss the results will occur on November 9, 2022, at 8:30 AM ET, featuring CEO Claude LeBlanc and CFO David Trick. Investors can join the live webcast via Ambac's website or by phone. The replay will be available until November 23, 2022. Ambac primarily focuses on specialty P&C distribution and underwriting, along with a legacy financial guaranty business.

Everspan Group, rated A- (Excellent) by AM Best, has partnered with Specialty Program Group (SPG) to launch the HABX program, which provides coverage for owners of commercial residential properties. HABX offers $1 million in excess casualty coverage in addition to the primary insurer's $1 million limit. This product aims to fill a market gap for multi-unit dwellings, and is underwritten by Specialty Underwriting Insurance Solutions.

The HABX program is now available nationwide.

Ambac Financial Group (NYSE: AMBC) announced a significant settlement with Bank of America for $1.84 billion, leading to an estimated gain of $390 million for Ambac. This settlement exceeds previous subrogation recoveries reported in Q2 2022. Ambac will repay approximately $1.21 billion in Sitka Notes and $213 million in Tier 2 Notes following the receipt of funds expected within 10 days. This agreement advances Ambac's strategy towards stabilizing its legacy financial guaranty business.

Everspan Group has launched a partnership with Centrex Underwriters, enhancing its presence in the hospitality insurance sector. Rated A- by AM Best, Everspan aims to capitalize on Centrex's 34 years of expertise in liquor liability and general liability insurance. Operating in 38 states, Centrex specializes in insurance for various hospitality venues including bars, wineries, and golf courses. This collaboration is expected to support growth and profitability for both firms in the hospitality industry.

Ambac Financial Group (NYSE: AMBC) announced a significant legal development. On August 29, 2022, the Supreme Court of New York denied Countrywide's motion for summary judgment, allowing Ambac's fraud case against Countrywide and Bank of America to proceed to trial, scheduled for January 2024. Ambac aims to recover hundreds of millions in losses and punitive damages linked to misleading mortgage practices. Additionally, Ambac is pursuing other claims against Bank of America. Importantly, this decision does not affect Ambac's subrogation recoveries on its balance sheet.

Ambac Financial Group, Inc. (NYSE: AMBC) has entered a strategic partnership by acquiring a minority stake in Embrace Partners, a tech-driven managing general underwriter of specialty commercial insurance and surety. Led by David Cayemitte, Embrace aims to advance diversity, equity, and inclusion (DE&I) within the insurance industry. The partnership focuses on supporting minority- and women-owned businesses in construction through educational services and financial opportunities. Embrace's operations will leverage technology to improve efficiency and customer experience.

Ambac Financial Group reported a net income of $5 million for Q2 2022, a significant turnaround from a net loss of $29 million in Q2 2021. Adjusted earnings reached $13 million, reflecting a substantial increase. The Specialty P&C Insurance production surged 168% year-over-year to $65 million. However, the book value per share decreased to $17.44, down $2.21 from the previous quarter. The company highlighted ongoing de-risking efforts in its legacy financial guarantee portfolio, achieving an 11% reduction in adversely classified credits. Additionally, $133 million of debt was repurchased, demonstrating capital management.

Ambac Financial Group, Inc. (NYSE: AMBC) will announce its second quarter 2022 results on August 8, 2022, after market close. A conference call, featuring CEO Claude LeBlanc and CFO David Trick, is set for August 9, 2022, at 8:30 AM ET, available via audio webcast on Ambac's Investor Relations page. A replay will be accessible until August 23, 2022. Ambac operates a growing specialty P&C distribution and underwriting platform while managing a legacy financial guaranty business. For details, visit www.ambac.com.

Ambac Financial Group (NYSE: AMBC) has announced a partnership with Penny Parisoff to establish a new managing general agency (MGA) focused on the health and human services sector. Parisoff, with 40 years in the insurance industry, will lead the MGA to provide professional and general liability insurance for mental health facilities and youth organizations. The human services industry, housing over 130,000 organizations and employing three million people, is projected to experience significant employment growth over the next decade, enhancing the demand for specialized insurance solutions.