Ambac Financial Group Inc. (AMBC) reports earnings
Ambac Financial Group Inc. (AMBC) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. filing
The filing reports on the company's two primary business segments: Specialty Property and Casualty Insurance and Insurance Distribution. The Specialty Property and Casualty Insurance segment includes Everspan, which consists of four admitted carriers and one excess and surplus lines insurer. The Insurance Distribution segment includes various managing general agents and underwriters.
For the year ended December 31, 2024, Ambac reported total revenues from continuing operations of $235.8 million, compared to $124.7 million for the year ended December 31, 2023. The increase was primarily driven by growth in both the Specialty Property and Casualty Insurance and Insurance Distribution segments.
Net premiums earned in the Specialty Property and Casualty Insurance segment increased to $99 million in 2024 from $51.9 million in 2023. The Insurance Distribution segment reported commission income of $92 million in 2024, up from $51.3 million in 2023.
The company reported a net loss from continuing operations of $58.9 million for 2024, compared to a net loss of $23.2 million for 2023. The increase in net loss was primarily due to higher acquisition and integration costs, increased intangible amortization, and interest expense on short-term debt.
Ambac has entered into an agreement to sell its financial guarantee business, including Ambac Assurance Corporation, to American Acorn Corporation. This sale is expected to close in 2025, subject to regulatory approvals.
The filing also discusses Ambac's acquisition of a 60% interest in Beat Capital Partners Limited, which was completed on July 31, 2024. This acquisition is expected to enhance Ambac's Insurance Distribution segment.
Ambac's balance sheet as of December 31, 2024, shows total assets of $8.1 billion and total liabilities of $6.9 billion. Stockholders' equity was reported at $1.05 billion.
The filing highlights various risk factors, including the potential impact of economic and market conditions on Ambac's business operations and financial results.
Ambac continues to focus on expanding its Insurance Distribution business and growing its Specialty Property and Casualty Insurance segment to maximize long-term shareholder value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ambac Financial Group Inc. annual 10-K report dated March 6, 2025. To report an error, please email [email protected].