Ambac Financial Group, Inc. Reports Earnings Results for the Third Quarter Ended September 30, 2020
November 09, 2020 at 04:28 pm EST
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Ambac Financial Group, Inc. announced earnings results for the third quarter ended September 30, 2020. For the third quarter, the company announced total revenue was USD 62 million compared to USD 216 million a year ago. Net loss was USD 108 million compared to net income of USD 66 million a year ago. Basic loss per share from continuing operations was USD 2.33 compared to basic earnings per share from continuing operations of USD 1.44 a year ago. Diluted loss per share from continuing operations was USD 2.33 compared to diluted earnings per share from continuing operations of USD 1.41 a year ago. For the nine months, total revenue was USD 68 million compared to USD 406 million a year ago. Net loss was USD 423 million compared to USD 106 million a year ago. Basic loss per share from continuing operations was USD 9.16 compared to USD 2.3 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.