Ambac Financial Group, Inc., a financial services holding company, provides financial guarantees in the United States, the United Kingdom, Italy, Austria, Australia, France, and Internationally. It offers financial guarantee insurance policies; and credit derivative contracts and interest rate derivative transactions. The company was incorporated in 1991 and is headquartered in New York, New York.
IPO Year:
Exchange: NYSE
Website: ambac.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 9/18/2024 | $13.00 → $15.00 | Neutral → Buy | ROTH MKM |
| 8/9/2023 | $18.00 | Neutral → Buy | Compass Point |
| 11/28/2022 | $18.00 | Neutral | Compass Point |
10-Q - AMBAC FINANCIAL GROUP INC (0000874501) (Filer)
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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. Third Quarter 2024 Highlights Net loss of $(28) million or $(0.63) per diluted share and Adjusted net loss of $(19) million or $(0.46) per diluted share driven by approximately $20 million of transaction costs and acquisition related short-term interest expense Total P&C Premium Production of $260 million, increased 86% from the third quarter of 2023 Insurance Distribution ("Cirrata") generated total revenue of $24 million up 64.0% over last year Specialty P&C Insurance ("Everspan") combined ratio improved by 600
Conference Call Scheduled for November 13, 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. Conference Call On November 13, 2024, at 8:30 a.m. (ET), Claude LeBlanc, President and Chief Executive Officer, and David Trick, Executive Vice President and Chief Financial Officer, will discuss third quarter 2024 results during a live conference call. A live audio webcast of the call will be available through the Investor Relations section of Ambac's website, www.ambac.com. Participants may also listen via telephone by dialing (877) 407-9716 (Domestic
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. The Fallow Grove product offering is focused on excess and surplus lines technical and general commercial property insurance, designed to address the complex risks, exposures and challenges faced by businesses across the United States. Dupre, president and chief executive officer of Fallow Grove,
Approximately 95% of Votes Cast Approved the Transaction 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). "We are pleased to reach this important milestone towards the completion of the Sale and thank our shareholders for their overwhelming support," Ambac President and Chief Executive Officer Claude
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. Pivix offers property and casualty coverages for targeted segments, including the sizeable SME segment. It was founded by Miller, Ken Levine, Joe Griffith, and Sandy Vertuno—all alumni of Nationwide. "We are thrilled that Mike Miller and his team have chosen to partner with Amba
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 throug
Closes the acquisition of Beat Capital Partners 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. Second Quarter 2024 Highlights Net loss under $(1) million or $(0.02) per diluted share and Adjusted net income of $8 million or $0.18 per diluted share Insurance Distribution ("Cirrata") generated net income of $1 million and EBITDA of $2 million on $53 million of premiums placed Specialty P&C Insurance ("Everspan") produced Gross Premium Written of $111 million up 109% from second quarter of 2023 Total P&C Premium Production of $165 million, an increase of 75% from t
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. The acquisition doubles the size of Ambac's property and casualty insurance operation, placing it on track to produce approximately $1.4 billion in premiums on an annualized basis for 2024. The acquisition of Beat adds immediate scale and diversification to Cirrata Group
Conference Call Scheduled for August 6, 2024 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. Conference Call On August 6, 2024, at 8:00 a.m. (ET), Claude LeBlanc, President and Chief Executive Officer, and David Trick, Executive Vice President and Chief Financial Officer, will discuss second quarter 2024 results during a live conference call. A live audio webcast of the call will be available through the Investor Relations section of Ambac's website, www.ambac.com. Participants may also listen via telephone by dialing (877) 407-9716 (Dom
Brian McKeegan named senior underwriter of the newly launched E&S program administrator 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. This press release features multimedia. View the full release here: https://www.businesswire.com
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ROTH MKM upgraded Ambac from Neutral to Buy and set a new price target of $15.00 from $13.00 previously
Compass Point upgraded Ambac from Neutral to Buy and set a new price target of $18.00
Compass Point initiated coverage of Ambac with a rating of Neutral and set a new price target of $18.00
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. Third Quarter 2024 Highlights Net loss of $(28) million or $(0.63) per diluted share and Adjusted net loss of $(19) million or $(0.46) per diluted share driven by approximately $20 million of transaction costs and acquisition related short-term interest expense Total P&C Premium Production of $260 million, increased 86% from the third quarter of 2023 Insurance Distribution ("Cirrata") generated total revenue of $24 million up 64.0% over last year Specialty P&C Insurance ("Everspan") combined ratio improved by 600
Conference Call Scheduled for November 13, 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. Conference Call On November 13, 2024, at 8:30 a.m. (ET), Claude LeBlanc, President and Chief Executive Officer, and David Trick, Executive Vice President and Chief Financial Officer, will discuss third quarter 2024 results during a live conference call. A live audio webcast of the call will be available through the Investor Relations section of Ambac's website, www.ambac.com. Participants may also listen via telephone by dialing (877) 407-9716 (Domestic
Closes the acquisition of Beat Capital Partners 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. Second Quarter 2024 Highlights Net loss under $(1) million or $(0.02) per diluted share and Adjusted net income of $8 million or $0.18 per diluted share Insurance Distribution ("Cirrata") generated net income of $1 million and EBITDA of $2 million on $53 million of premiums placed Specialty P&C Insurance ("Everspan") produced Gross Premium Written of $111 million up 109% from second quarter of 2023 Total P&C Premium Production of $165 million, an increase of 75% from t
Conference Call Scheduled for August 6, 2024 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. Conference Call On August 6, 2024, at 8:00 a.m. (ET), Claude LeBlanc, President and Chief Executive Officer, and David Trick, Executive Vice President and Chief Financial Officer, will discuss second quarter 2024 results during a live conference call. A live audio webcast of the call will be available through the Investor Relations section of Ambac's website, www.ambac.com. Participants may also listen via telephone by dialing (877) 407-9716 (Dom
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. "Three years ago, we announced our vision and strategy to transform Ambac into a specialty property and casualty insurance platform," Ambac President and Chief Executive Officer Claude LeBlanc said. "The sale of our legacy financial guarantee business is the
Acquisition of UK Underwriting Franchise and MGA Platform Strengthens Ambac's Position as a Leading Specialty Program Insurance Platform 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 approv
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. First Quarter 2024 Highlights Net income of $20 million or $0.43 per diluted share and Adjusted net income of $38 million or $0.82 per diluted share Legacy Financial Guarantee segment generated net income of $20 million Specialty P&C Insurance ("Everspan") produced a 98.4% combined ratio compared to 121.9% in the first quarter of 2023 Insurance Distribution ("Cirrata") generated net income of $3 million and EBITDA of $5 million on $90 million of premiums placed Total P&C Premium Production of $187 million, an incr
Conference Call Scheduled for May 7, 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. Conference Call On May 7, 2024, at 8:30 a.m. (ET), Claude LeBlanc, President and Chief Executive Officer, and David Trick, Executive Vice President and Chief Financial Officer, will discuss first quarter 2024 results during a live conference call. A live audio webcast of the call will be available through the Investor Relations section of Ambac's website, www.ambac.com. Participants may also listen via telephone by dialing (877) 300-8521 (Domestic) or (41
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. Net loss of $(16) million or $(0.24) per diluted share and Adjusted net income of $10 million or $0.32 per diluted share in the fourth quarter of 2023 Legacy Financial Guarantee segment generated net loss of $(12) million in fourth quarter of 2023 Specialty P&C Insurance ("Everspan") produced its second consecutive quarterly pre-tax profit and wrote gross premium of $91 million, up 76% from the fourth quarter of 2022 Insurance Distribution ("Cirrata") premiums placed of $50 million, up 31% from the f
Conference Call Scheduled for February 28, 2024 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. Conference Call On February 28, 2024, 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 2023 results during a live conference call. A live audio webcast of the call will be available through the Investor Relations section of Ambac's website, www.ambac.com. Participants may also listen via telephone by dialing (877) 407-9716 (Domestic) or (201) 493-
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. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230622048794/en/Kristi A. Matus has joined the Board of Directors of Ambac Financial Group (Photo: Business Wire) "We are pleased to welcome Kristi Matus and Michael Price to Ambac's Board of Directors," said Jeffrey S. Stein, Chair
Newly created position established to expand Ambac's insurance distribution division 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. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230509005342/en/Ambac has
Xchange Benefits LLC, a managing general underwriter owned by Ambac Financial Group, Inc. (NYSE:AMBC), today announced the appointment of Christopher LaDelfa as Senior Vice President and head of its Captive Solutions unit, a newly-created division that will utilize Xchange's wholly owned protected cell company, Distribution Re. LaDelfa will be based in New Jersey. Launched in January, Distribution Re insures accident & health risks mainly in the form of high deductible medical stop loss plans. The captive is domiciled in Tennessee. "I am so pleased that Chris with his nearly 20 years of stop loss industry experience, integrity and reputation has agreed to join the Xchange team," said Pete
Newly created position established to expand Ambac's insurance distribution division 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. This press release features multimedia. View the full release here: https:/
Everspan Group ("Everspan"), a specialty property and casualty insurance platform rated A- (Excellent) by AM Best, today announced the appointment of Darwin Lucas as Chief Underwriting and Reinsurance Officer. He will report directly to Steve Dresner, President of Everspan, and will oversee the company's program business and reinsurance relationships. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230105005301/en/Darwin Lucas (pictured) has been named Chief Underwriting and Reinsurance Officer for Everspan Group. (Photo: Business Wire) "We are thrilled to welcome Darwin to the Everspan team," Dresner said. "His technical expertis
Steven K. Dresner to Succeed Blackburn as President Everspan Group ("Everspan"), a specialty property and casualty insurance platform owned by Ambac Financial Group (NYSE:AMBC) ("Ambac"), today announced that Steven K. Dresner has been appointed President of Everspan, succeeding Wyatt Blackburn, who has retired. Blackburn will assume the role of Vice Chairman of Everspan Holdings and become a member of the Everspan Holdings Board of Directors. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221129005264/en/Steven K. Dresner (pictured) has been appointed president of Everspan. Dresner replaces Wyatt Blackburn, who has retired. (Ph
Charles J. Sebaski Joins Ambac as Managing Director, Head of Investor Relations 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 Chief Financial Officer. "His expertise will help our team continue to capture momentum as we execute our go-forward strategic roadmap. I want to thank
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 invaluable insurance and other business experience to our Board and will be a tremendous asset to Ambac as we execute on our strategic priorities to enhance long-term shareholder value," said Jeffrey S. Stein, Chairman of the Board.
Shares of Lands’ End, Inc. (NASDAQ:LE) fell sharply during Wednesday's session following first-quarter results. Lands’ End reported quarterly adjusted loss of 20 cents per share which beat the analyst consensus estimate of 26 cents per share. The company reported quarterly sales of $285.47 million which beat the analyst consensus estimate of $269.82 million, according to data from Benzinga Pro. Lands’ End shares dipped 9.3% to $12.60 on Wednesday. Here are some other stocks moving in today’s mid-day session. Gainers Actelis Networks, Inc. (NASDAQ:ASNS) shares jumped 512% to $2.88 after the company announced orders for cyber-hardened networking technology to be deployed at thr
Compass Point analyst Giuliano Bologna maintains Ambac Financial Group (NYSE:AMBC) with a Buy and raises the price target from $18 to $19.
Shares of Beyond, Inc. (NYSE:BYON) fell sharply during Tuesday’s session following weaker-than-expected quarterly results. Beyond posted adjusted loss of $1.22 per share, versus estimates for a loss of 87 cents per share. The company’s sales came in at $382.281 million versus estimates of $389.264 million, according to data from Benzinga Pro. Beyond shares dipped 20.8% to $17.34 on Tuesday. Here are some other stocks moving in today’s mid-day session. Gainers Golden Sun Health Technology Group Limited (NASDAQ:GSUN) shares gained 94.7% to $5.60. Golden Sun Health Technology Group regained compliance with Nasdaq continued listing requirement. MMTec, Inc. (NASDAQ:MTC) gained
U.S. stocks were higher, with the Dow Jones gaining over 80 points on Tuesday. Shares of Tempur Sealy International, Inc. (NYSE:TPX) rose sharply during Tuesday's session following upbeat quarterly earnings. Tempur Sealy reported a first-quarter FY24 sales decline of 1.5% year-on-year to $1.189 billion, missing the analyst consensus estimate of $1.213 billion. Adjusted EPS of 50 cents beat the analyst consensus of 48 cents, according to data from Benzinga Pro. Tempur Sealy International shares gained 6.6% to $53.48 on Tuesday. Here are some other big stocks recording gains in today's session. Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) shares jumped 31.5% to $9.26 fol
Shares of Zeta Global Holdings Corp. (NASDAQ:ZETA) rose sharply in today's pre-market trading after the company reported better-than-expected first-quarter financial results and increased its second-quarter revenue guidance. Zeta Global posted GAAP loss of 23 cents per share, compared to market expectations for a loss of 25 cents per share. The company's quarterly sales came in at $194.947 million topping estimates of $187.112 million, according to data from Benzinga Pro. Zeta Global shares jumped 15.3% to $15.00 in pre-market trading. Here are some other stocks moving in pre-market trading. Gainers reAlpha Tech Corp (NASDAQ:AIRE) gained 65.8% to $1.42 in pre-market trading a
Ambac Financial Group (NYSE:AMBC) reported quarterly earnings of $0.82 per share which beat the analyst consensus estimate of $0.09 by 811.11 percent. This is a 373.33 percent increase over losses of $(0.30) per share from the same period last year. The company reported $103.000 million in sales this quarter. This is a 77.59 percent increase over sales of $58.000 million the same period last year.