Ambac Financial Group, Inc. Reports Earnings Results for the Second Quarter Ended June 30, 2020
August 06, 2020 at 04:42 pm EDT
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Ambac Financial Group, Inc. announced earnings results for the second quarter ended June 30, 2020. For the second quarter, the company announced total revenue was USD 75 million compared to USD 89 million a year ago. Net loss was USD 35 million compared to USD 128 million a year ago. Basic loss per share from continuing operations was USD 0.77 compared to USD 2.79 a year ago. For the half year, total revenue was USD 6 million compared to USD 189 million a year ago. Net loss was USD 315 million compared to USD 172 million a year ago. Basic loss per share from continuing operations was USD 6.83 compared to USD 3.74 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. 
