Ambac

Nov 09, 2020

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Sep 30, 2020

Ambac Q3 2020 Earnings Report

Reported a Net Loss attributable to common stockholders of $108 million and an Adjusted Loss of $93 million for the quarter ended September 30, 2020.

Key Takeaways

Ambac Financial Group reported a net loss attributable to common stockholders of $108 million, or $2.33 per diluted share, and an adjusted loss of $93 million, or $2.01 per diluted share, for the third quarter of 2020. The results were primarily driven by an increase in loss and loss expense reserves due to Puerto Rico and RMBS.

Net premiums earned were $15 million compared to $11 million in the second quarter of 2020, including accelerated premiums earned of $5 million compared to $1 million in the second quarter of 2020.

Net investment income for the third quarter of 2020 was $37 million compared to $52 million for the second quarter of 2020.

Losses and loss expenses for the third quarter of 2020 were $83 million, compared to $16 million for the second quarter of 2020.

The financial guarantee insurance portfolio net par amount outstanding declined 1.5% during the quarter ended September 30, 2020, to $34.8 billion from $35.3 billion at June 30, 2020.