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Ambac Financial Group, Inc (AMBC) Q1 2021 Earnings Call Transcript

Operator Greetings, and welcome to the Ambac Financial Group Inc. First Quarter 2021 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Lisa Kampf, Head of Investor Relations; Claude LeBlanc, Chief Executive Officer; and David Trick, Chief Financial Officer. I will now turn the call over to Lisa. Lisa A. Kampf Head of Investor Relations Thank you. Good morning, and thank you all for joining today s conference call to discuss Ambac Financial Group s first quarter 2021 financial results. We d like to remind you that today s presentation may contain forward-looking statements about our business, including but not limited to, new business, credit outlooks, market conditions, credit spreads, financial ratings, loss reserves, loss mitigation, loss recovery, investment returns or other items that may affect our future results. These statements are based on management s current expectations and a

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Ambac Reports Fourth Quarter 2020 Results

Net Premiums Earned During the fourth quarter of 2020, net premiums earned were $18 million compared to $15 million in the third quarter of 2020, including accelerated premiums earned of $7 million in the fourth quarter of 2020 compared to $5 million in the third quarter of 2020. The increase in accelerated premiums earned were driven by the proactive termination of an international credit during the fourth quarter of 2020. Net Investment Income and Net Realized Investment Gains Net investment income for the fourth quarter of 2020 was $53 million compared to $37 million for the third quarter of 2020. Net investment income includes interest and net discount accretion on fixed maturity securities classified as available-for-sale and net gains on pooled investment funds, including changes in fair value of the funds’ net assets.

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Ambac Financial Launches Specialty Insurance Group Everspan

Ambac Financial Launches Specialty Insurance Group Everspan February 10, 2021 Financial holding company Ambac Financial Group has launched Everspan Group, capitalized with more than $100 million, to focus on writing specialty program insurance business. Everspan Group’s insurance companies include two Arizona-domiciled entities: Everspan Indemnity Insurance Co., an excess and surplus lines insurer, and Everspan Insurance Co., an admitted carrier. A.M. Best has issued a Financial Strength Rating of ‘A-‘ (Excellent) for Everspan Group’s companies. The launch is part of Ambac’s specialty program insurance strategy and follows the December announcement that it is acquiring 80% of the membership interests of each of Xchange Benefits and Xchange Affinity Underwriting Agency, with Xchange’s management principals retaining the remaining 20%. Xchange is a managing general underwriter specializing in accident and health insurance.

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everspan insurance company Archives - Insurance Journal

everspan insurance company Archives - Insurance Journal
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Ambac To Acquire Property & Casualty Managing General Underwriter Xchange; Provides Update on Strategy

Press release content from Business Wire. The AP news staff was not involved in its creation. Ambac To Acquire Property & Casualty Managing General Underwriter Xchange; Provides Update on Strategy December 23, 2020 GMT NEW YORK (BUSINESS WIRE) Dec 23, 2020 Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac’), a financial services holding company, today announced, consistent with its platform diversification strategy, that it has entered into an agreement to acquire 80% of the membership interests of each of Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC (collectively, “Xchange”), subject to customary closing conditions. Xchange, whose management principals will retain the remaining 20% of the company, will continue operating under its existing brand as it seeks to expand its underwriting partnership with its key carriers in connection with its planned growth strategy.

Puerto ricoNew yorkUnited statesNew york stock exchangeCity ofUnited kingdomLisaa kampfPeter mcguireClaude leblancExchange benefitsAmbac assurance corporationAmbac assurance united kingdomEverspan indemnity insurance companyBank offered rateArizona department of insuranceXchange affinity underwriting agency