Ambac Financial Group, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 07, 2023 at 04:12 pm EDT
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Ambac Financial Group, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 62 million compared to USD 86 million a year ago. Net loss was USD 13 million compared to net income of USD 5 million a year ago. Basic loss per share from continuing operations was USD 0.29 compared to basic earnings per share from continuing operations of USD 0.11 a year ago. Diluted loss per share from continuing operations was USD 0.29 compared to diluted earnings per share from continuing operations of USD 0.11 a year ago.
For the six months, revenue was USD 120 million compared to USD 206 million a year ago. Net loss was USD 47 million compared to net income of USD 7 million a year ago. Basic loss per share from continuing operations was USD 1.02 compared to basic earnings per share from continuing operations of USD 0.15 a year ago. Diluted loss per share from continuing operations was USD 1.02 compared to diluted earnings per share from continuing operations of USD 0.15 a year ago.
Ambac Financial Group, Inc. is a financial services holding company. It operates three principal businesses: Legacy Financial Guarantee (LFG) Insurance, Specialty Property and Casualty Insurance, and Insurance Distribution. The LFG Insurance includes the activities of Ambac Assurance Corporation (AAC) and its wholly owned subsidiaries, including Ambac Assurance UK Limited (Ambac UK) and Ambac Financial Services LLC (AFS). The Specialty Property and Casualty Insurance includes five admitted carriers and an excess and surplus lines (E&S or no admitted) insurer, Everspan Indemnity Insurance Company (all carriers collectively, Everspan). The Insurance Distribution includes the specialty property and casualty (P&C) insurance distribution business, which includes managing general agents and underwriters (collectively MGA/Us), insurance wholesalers, brokers, and other distribution businesses, which includes Xchange Benefits, LLC, a P&C MGA specializing in accident and health products.