Ambac Q2 2024 Earnings Report
Key Takeaways
Ambac reported a net loss of $(1) million, or $(0.02) per diluted share, and an adjusted net income of $8 million, or $0.18 per diluted share. They finalized the acquisition of a 60% stake in Beat Capital Partners for $278 million and agreed to sell the Legacy Financial Guarantee Business for $420 million.
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 the second quarter of 2023
Ambac
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Forward Guidance
Following the sale of our Legacy Financial Guarantee Business, Ambac will initiate a share repurchase program of up to $50 million.