Ambac Financial Group, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2021
November 08, 2021 at 05:16 pm EST
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Ambac Financial Group, Inc. reported earnings results for the third quarter and nine months ended September 30, 2021. For the third quarter, the company reported revenue was USD 51 million compared to USD 62 million a year ago. Net income was USD 17 million compared to net loss of USD 108 million a year ago. Basic earnings per share from continuing operations was USD 0.35 compared to basic loss per share from continuing operations of USD 2.33 a year ago. Diluted earnings per share from continuing operations was USD 0.35 compared to diluted loss per share from continuing operations of USD 2.33 a year ago.
For the nine months, revenue was USD 229 million compared to USD 68 million a year ago. Net income was USD 5 million compared to net loss of USD 423 million a year ago. Basic loss per share from continuing operations was USD 0.19 compared to USD 9.16 a year ago. Diluted loss per share from continuing operations was USD 0.19 compared to USD 9.16 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. 
