Ambac Financial Group, the US-headquartered insurance holding company that now owns a 60% controlling stake in UK insurance underwriting and managing general agency incubation platform Beat Capital Partners, has published its financial results for the second quarter of 2024.
According to Ambac’s earnings report, the firm trimmed its net loss in the three months ended June 30. Here’s how Ambac fared in the period:
|
Metric |
Q2 2024 |
Q2 2023 |
|---|---|---|
|
Gross written premium |
$113.1 million |
$54.7 million |
|
Net investment income |
$36.2 million |
$35.2 million |
|
Net income (loss) attributable to common stockholders |
$(0.7 million) |
$(13.1 million) |
|
Adjusted net income (loss) |
$8.3 million |
$3.4 million |
The group’s pretax income in the quarter amounted to $2 million, of which $1.1 million in pretax loss came from the specialty property & casualty insurance segment. The insurance distribution segment, meanwhile, contributed $1.3 million in pretax income; the legacy financial guarantee insurance segment, $13.1 million).
Commenting on the numbers, Ambac president and chief executive Claude LeBlanc (pictured) said: “This quarter we substantially advanced Ambac’s transformation into a pure-play specialty P&C company, a goal we have been working towards for several years. We are turning the page on our past with the agreement to sell our legacy financial guarantee business for $420 million.
“We have also set the stage for our future, as a growth-orientated, capital-light, insurance distribution platform with the acquisition of 60% of Beat Capital Partners for approximately $278 million. With this acquisition, we have cemented our position to be a premier destination for best-in-class underwriters and MGAs.”
As part of its transformation, Ambac will be initiating a share repurchase program of up to $50 million, with the move considered a reflection of the company’s view that the current share price of its stock does not capture its P&C platform’s go-forward value after the sale of Ambac Assurance Corporation to Oaktree Capital Management.
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