Loading...
•
Sep 30, 2023
Ambac Q3 2023 Earnings Report
Reported net income of $66 million and Everspan produced its first quarterly pre-tax profit.
Key Takeaways
Ambac Financial Group reported a net income of $66 million, with Everspan achieving its first quarterly pre-tax profit. The company's P&C growth strategy is progressing, with combined premium production across Everspan and Cirrata growing significantly.
Net income was $66 million, or $1.41 per diluted share; Adjusted net income was $94 million, or $2.00 per diluted share.
Legacy Financial Guarantee segment generated net income of $66 million.
Specialty P&C Insurance (Everspan) wrote gross premium of $77 million, up 160% year-over-year, and achieved its first quarterly pre-tax profit.
Insurance Distribution (Cirrata) premiums placed totaled $62 million, up 119% year-over-year.
Revenue by Segment
Forward Guidance
For 2024, Ambac is targeting over $700 million of premium production with attractive margins in its P&C businesses, subject to market conditions.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...