Ambac Financial Group, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2021
May 10, 2021 at 07:10 am EDT
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Ambac Financial Group, Inc. announced earnings results for the first quarter ended March 31, 2021. For the first quarter, the company announced total revenue was USD 129 million compared to negative total revenue of USD 70 million a year ago. Net income was USD 17 million compared to net loss of USD 280 million a year ago. Basic earnings per share from continuing operations was USD 0.08 compared to basic loss per share from continuing operations of USD 6.07 a year ago.
Ambac Financial Group, Inc. is a financial services holding company. It operates three principal businesses: Legacy Financial Guarantee (LFG) Insurance, Specialty Property and Casualty Insurance, and Insurance Distribution. The LFG Insurance includes the activities of Ambac Assurance Corporation (AAC) and its wholly owned subsidiaries, including Ambac Assurance UK Limited (Ambac UK) and Ambac Financial Services LLC (AFS). The Specialty Property and Casualty Insurance includes five admitted carriers and an excess and surplus lines (E&S or no admitted) insurer, Everspan Indemnity Insurance Company (all carriers collectively, Everspan). The Insurance Distribution includes the specialty property and casualty (P&C) insurance distribution business, which includes managing general agents and underwriters (collectively MGA/Us), insurance wholesalers, brokers, and other distribution businesses, which includes Xchange Benefits, LLC, a P&C MGA specializing in accident and health products.
AMBAC FINANCIAL GROUP, INC. 
