Articles from Ambac Financial Group, Inc.

Ambac Financial Group, Inc. (“Ambac”) (NYSE: AMBC) reports that it has met all of its necessary pre-closing conditions under the purchase agreement for the sale of Ambac Assurance Corporation (“AAC”) and Ambac UK (“AUK”) to funds managed by Oaktree Capital Management, L.P. (“Oaktree”). Oaktree continues to pursue the final outstanding regulatory approval, which is expected to be received in the second quarter. As a result, consistent with the terms of the purchase agreement, the term of the purchase agreement has been automatically extended from April 4, 2025, to July 3, 2025.

Ambac Financial Group, Inc. (NYSE: AMBC), an insurance holding company, today announced that Ambac’s 2025 Annual Meeting of Stockholders will be held on Wednesday, May 28, 2025 at 11 a.m. (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 April 3, 2025.

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), an insurance holding company, today reported its results for the Fourth Quarter 2024.

Ambac Financial Group, Inc. (NYSE: AMBC), an insurance holding company, will release fourth quarter 2024 results on February 26, 2025, following the close of the market.

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported its results for the quarter ended September 30, 2024.

Ambac Financial Group, Inc. (NYSE: AMBC), an insurance holding company, today announced that it will release third quarter 2024 results on November 12, 2024, following the close of the market.

Beat Capital Partners (“Beat”), a London-based incubator of underwriting franchises and a subsidiary of Ambac Financial Group, Inc. (“Ambac”) (NYSE: AMBC), has partnered with former CrossCover executive Brett Dupre to launch U.S.-based Fallow Grove Insurance Services (“Fallow Grove”). Dupre has more than 35 years of industry experience and was also a former executive at AmRisc Group and FM Global.

Ambac Financial Group, Inc. (“Ambac”) (NYSE: AMBC), an insurance holding company, announced that at the special meeting of shareholders (the “Special Meeting”) held earlier today, its shareholders voted to approve the proposed purchase agreement under which funds managed by Oaktree Capital Management, L.P. will acquire its legacy financial guarantee businesses, Ambac Assurance Corporation and Ambac Assurance UK Limited (the “Sale” proposal).

Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), an insurance holding company, announced it has partnered with Mike Miller and his team on the launch of Pivix Specialty Insurance Services Inc. (“Pivix”), a managing general agency focusing on the excess and surplus (E&S) lines market. Miller, the former president of Scottsdale Insurance, Nationwide’s E&S carrier, is president and chief executive officer of Pivix.

Beat Capital Partners (“Beat”), a London-based incubator of underwriting franchises and a subsidiary of Ambac Financial Group, Inc. (“Ambac”) (NYSE: AMBC), and Doug Karpp, former executive at Hiscox and AIG with over two decades of industry experience, announce proRISE Insurance Services (“proRISE’”) to launch on Oct. 1. proRISE specializes in management and professional liability insurance with a focus on small and medium-sized enterprises (SMEs). Backed by A+ rated capacity, proRISE writes on behalf of a consortium led by Beat Syndicate 4242 at Lloyd’s. It offers a robust line of products tailored to the diverse needs of professionals and executives. Its products will be distributed through wholesale brokers.

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported its results for the quarter ended June 30, 2024.

Ambac Financial Group, Inc. (“Ambac”) (NYSE: AMBC), an insurance holding company, today announced the completion of its previously disclosed acquisition of Beat Capital Partners (“Beat”), a London-based insurance underwriting and managing general agency (MGA) incubation platform. Ambac purchased a 60% controlling stake in Beat, which will continue to be led by its existing management team, including Chairman John Cavanagh.

Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it will release second quarter 2024 results on August 5, 2024, following the close of the market.

Tara Hill Insurance Services (“Tara Hill”), a program administrator owned by Ambac Financial Group, Inc. (NYSE: AMBC), today announced that industry veteran Richard Edsall has joined its team as senior vice president. Edsall, who most recently was senior vice president of commercial management liability at Argo Pro, will be responsible for developing an excess & surplus (E&S) portfolio focused on private management liability and miscellaneous professional liability coverages for small to medium sized risks.

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac"), an insurance holding company, today announced it has joined with Peter McKeegan to launch Tara Hill Insurance Services (“Tara Hill”), a program administrator specializing in Management and Professional Liability. Tara Hill will be part of Cirrata Group, Ambac’s insurance distribution division. McKeegan will serve as Tara Hill’s chief executive officer.

Ambac Financial Group, Inc. (“Ambac”) (NYSE: AMBC), an insurance holding company, yesterday signed a definitive agreement to sell its legacy financial guarantee businesses, Ambac Assurance Corporation (“AAC”) and Ambac UK (“AUK”), to funds managed by Oaktree Capital Management, L.P. (“Oaktree”) for $420 million in cash. Additionally, Oaktree will receive warrants to acquire up to 9.9% of Ambac common stock at a strike price of $18.50.

Ambac Financial Group, Inc. (“Ambac”) (NYSE: AMBC), an insurance holding company, has signed a definitive agreement to acquire a 60% controlling stake in Beat Capital Partners Limited (“Beat”), a London-based insurance underwriting and managing general agency (MGA) incubation platform, for approximately $282 million, up to $40 million of which will be paid in shares of Ambac common stock. The remainder will be paid in cash and is subject to closing adjustments. The transaction is expected to close in the third quarter of 2024, subject to regulatory approvals. The transaction will be financed from available cash and committed financing.

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported its results for the quarter ended March 31, 2024.

Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it will release first quarter 2024 results on May 6, 2024, following the close of the market.

Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that Ambac’s 2024 Annual Meeting of Stockholders will be held on Wednesday, June 5, 2024 at 11 a.m. (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 April 10, 2024.

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported its results for the fourth quarter and year ended December 31, 2023.

Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, will release fourth quarter 2023 results on February 27, 2024, following the close of the market.

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported its results for the third quarter ended September 30, 2023.

Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it will release third quarter 2023 results on November 7, 2023, following the close of the market.

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported its results for the second quarter ended June 30, 2023.

Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial services holding company, today announced that it has acquired a majority stake in Riverton Insurance Agency Corp., a New Jersey-based insurance services business consisting of an MGA and a retail agency. Terms of the deal were not released.

Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it will release second quarter 2023 results on August 7, 2023, following the close of the market.

Ambac Financial Group, Inc. (“Ambac”) (NYSE: AMBC), a financial services holding company, announced the appointment of Kristi A. Matus and Michael D. Price as members of its Board of Directors, effective today. Ms. Matus will be a member of the Board’s Audit and Compensation committees, while Mr. Price will be a member of the Audit and Strategy committees.

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported its results for the quarter ended March 31, 2023.

Ambac Financial Group (NYSE: AMBC) (“Ambac”), a financial services holding company, today announced the appointment of Naveen Anand as President of Cirrata Group, Ambac’s insurance distribution division. Anand, the former Group President of Players Health, will be responsible for expanding Cirrata Group and building its profile in the specialty property and casualty insurance market. This is a newly created position reporting to Claude LeBlanc, President and CEO of Ambac.

Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it will release first quarter 2023 results on May 9, 2023, following the close of the market.

Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac” or “AFG”) today issued a reminder to the holders of outstanding AFG warrants to purchase common stock of Ambac (NYSE: AMBC/WS) that the warrants will expire on Sunday, April 30, 2023. Because this expiration date is not a trading day on the NYSE, the warrants will not be exercisable after the cutoff time for exercises on Friday, April 28, 2023, at 5 p.m. EDT, set by the Depository Trust & Clearing Corporation (“DTCC”).

Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that Ambac’s 2023 Annual Meeting of Stockholders will be held on Thursday, June 22, 2023 at 11 a.m. (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 April 25, 2023.

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported net income attributable to common stockholders of $175 million or $3.86(1) per diluted share and adjusted earnings(2) of $190 million or $4.18(1) per diluted share for the quarter ended December 31, 2022. This compares to a net loss attributable to common stockholders of $22 million or $0.42 per diluted share and an adjusted loss of $10 million or $0.16 per diluted share in the fourth quarter of 2021. Book value per share increased $5.42 to $27.85 and adjusted book value per share(2) increased $5.16 to $28.29 from September 30, 2022, to December 31, 2022.

Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announces that C. James Prieur, a member of the Board of Directors, has made the decision to resign from the Board for personal reasons, effective February 22, 2023.

Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, will release fourth quarter 2022 results on February 28, 2023, following the close of the market.

Ambac Financial Group (NYSE: AMBC), a financial services holding company, today announced the appointment of John Tatum as a Managing Director and Business Development Officer for its insurance distribution division, Cirrata Group. In this position, he will be responsible for expanding the company’s platform of managing general agencies (MGAs) and managing general underwriters (MGUs). He also will launch Cirrata’s second de novo MGA, which will focus on the construction industry. Tatum will report to R. Sharon Smith, Chief of Staff.

Xchange Benefits LLC, a managing general underwriter owned by Ambac Financial Group, Inc. (NYSE: AMBC), today announced it has launched a reinsurance MGU, Xchange Re Underwriting Agency, LLC (“Xchange Re”). The new entity, which is a wholly owned subsidiary of Xchange Benefits, specializes in personal accident catastrophe and special risk reinsurance and retrocession.

Xchange Benefits LLC, a managing general underwriter owned by Ambac Financial Group, Inc. (NYSE: AMBC), today announced it has launched a protected cell company named Distribution Re. The new entity, which operates under the authority of the State of Tennessee Insurance Department, will insure accident & health risks mainly in the form of high deductible medical stop loss plans. Distribution Re, wholly owned by Xchange Benefits, will be run by captive manager Captive Planning Associates, LLC, located in New Jersey.

Ambac Financial Group (NYSE: AMBC), a financial services holding company whose subsidiaries include Ambac Assurance Corporation (“AAC”), today announced that on December 29, 2022, AAC entered into a Settlement Agreement and Release (the “Settlement Agreement”) with Nomura Credit & Capital, Inc. (“Nomura”) to settle its RMBS litigation1 against Nomura. As a result, Nomura has agreed to pay AAC $140 million.

Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial services holding company, released the following statement:

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported net income attributable to common stockholders of $340 million or $7.41(1) per diluted share and adjusted earnings(2) of $338 million or $7.37(1) per diluted share for the quarter ended September 30, 2022. 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 diluted share in the third quarter of 2021. Book value per share increased $4.99 to $22.43 and adjusted book value per share(2) increased $5.93 to $23.13 from June 30, 2022, to September 30, 2022.

Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial services holding company, today announced that it has acquired majority stakes in both All Trans Risk Solutions, LLC and Capacity Marine Corporation.

Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it will release third quarter 2022 results on November 8, 2022 following the close of the market.

Ambac Financial Group (NYSE: AMBC), a financial services holding company whose subsidiaries include Ambac Assurance Corporation (“AAC”), today announced that AAC entered into an agreement to settle all of its claims1 against Bank of America and related entities for $1.84 billion.

Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial services holding company, today announced a strategic partnership via a minority ownership stake in Embrace Partners (“Embrace”), a tech-driven managing general underwriter (MGU) of specialty commercial insurance and surety. The Embrace platform also consists of a diversity, equity and inclusion (DE&I) consulting firm. Terms of the transaction were not disclosed.

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported net income attributable to common stockholders of $5 million or $0.11(1) per diluted share and adjusted earnings(2) of $13 million or $0.28(1) per diluted share for the quarter ended June 30, 2022. 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 diluted share in the second quarter of 2021. Book value per share decreased $2.21 to $17.44 and adjusted book value per share(2) decreased $0.87 to $17.20 from March 31, 2022, to June 30, 2022.

Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it will release second quarter 2022 results on August 8, 2022 following the close of the market.

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, through its wholly-owned insurance distribution division, Cirrata Group, is partnering with industry veteran Penny Parisoff to establish a new managing general agency that will serve the health and human services industry. Parisoff will be president of the MGA, which will provide professional and general liability insurance for mental health facilities, youth-serving organizations and other human services operations.

Xchange Benefits LLC, a managing general underwriter owned by Ambac Financial Group, Inc. (NYSE: AMBC), today announced it has signed a program manager agreement with Markel Service, Incorporated. Under the agreement, Xchange will underwrite medical stop loss coverage on behalf of an insurance affiliate of Markel, as well as handle claims and administer premiums. The collaboration marks Markel’s entry into the stop loss segment.

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported net income attributable to common stockholders of $2 million or $0.04(1) per diluted share and adjusted earnings(2) of $14 million or $0.30(1) per diluted share for the quarter ended March 31, 2022. 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 share in the first quarter of 2021. Book value per share decreased $2.77 to $19.65 and adjusted book value per share(2) decreased $0.81 to $18.07 from December 31, 2021, to March 31, 2022.

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.

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.

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:

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.

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 diluted share in the third quarter of 2021. Book value per share decreased $0.49 to $22.42 and adjusted book value per share(2) decreased $0.17 to $18.88 from September 30, 2021, to December 31, 2021.

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.

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.

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 diluted share in the second quarter of 2021. Book value per share decreased $0.10 to $22.91 and adjusted book value per share(2) decreased $0.20 to $19.05 from June 30, 2021, to September 30, 2021.

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.

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.

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 share in the first quarter of 2021. Book value per share decreased $0.01 to $23.01 and adjusted book value per share(2) decreased $0.41 to $19.25 from March 31, 2021, to June 30, 2021.

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.

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 the Commonwealth of Puerto Rico and bonds issued by the Puerto Rico Public Buildings Authority (“PBA”). The execution of the PRIFA PSA and the GO/PBA PSA follow Ambac’s July 15, 2021 joinder to a plan support agreement related to bonds issued by the Puerto Rico Highways and Transportation Authority (“HTA”) and the Puerto Rico Convention Center District Authority (“CCDA”).

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.

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 plus 5.00% Insured Secured Notes due 2023 (the “Ambac LSNI Notes”) and the secured note issued by Ambac Assurance Corporation (“AAC”) concurrent with the issuance of the Ambac LSNI Notes. The offering of the Senior Secured Notes was conducted in light of favorable market conditions and to effectively extend the maturity of the Ambac LSNI Notes by approximately three years. While Ambac expects to resolve the remaining litigations brought by AAC to recover losses on insured residential mortgage-backed securities well in advance of the maturity of the Senior Secured Notes, Ambac believes that an extended maturity date will provide increased financial flexibility during the pendency of such litigations.

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”).

Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac"), a financial services holding company, today reported Net Income attributable to common stockholders of $17 million or $0.08(1) per diluted share and Adjusted Earnings(2) of $41 million or $0.59 per diluted share for the quarter ended March 31, 2021. This compares to a Net Loss attributable to common stockholders of $14 million or $0.31 per diluted share and Adjusted Earnings of $4 million or $0.08 per diluted share in the fourth quarter of 2020. Book Value per Share decreased $0.55 to $23.02 and Adjusted Book Value per Share(2) decreased $0.39 to $19.66 from December 31, 2020, to March 31, 2021.

Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it has rescheduled the release of its first quarter 2021 results to May 10, 2021, before market open. Ambac is rescheduling the release to allow it to consider the possible effect on first quarter results of the May 5th announcement by the Financial Oversight and Management Board (“FOMB”) for Puerto Rico. The FOMB’s announcement provides details on an agreement with certain creditors to settle their clawback claims and establish a Plan of Adjustment framework for debts of the Puerto Rico Highways and Transportation Authority and the Puerto Rico Convention Center District Authority and a template for treatment of other clawback claims, including with respect to bonds issued by the Puerto Rico Infrastructure Financing Authority.

Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it will release first quarter 2021 results on May 6, 2021 following the close of the market.