Ambac Announces Meeting and Record Date for 2025 Annual Meeting of Stockholders
- NEW YORK--(BUSINESS WIRE)--Ambac Announces Meeting and Record Date for 2025 Annual Meeting of Stockholders.
- 03/25/2025
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Ambac: Despite EPS Miss, It's A Growth Company
- Ambac Financial Group saw a stock decline after an earnings miss for Q4. Such a sell-off overlooks the fundamental improvements: profitable underwriting and the build-out of a higher-ROE distribution platform. The sale of the legacy business remains to be approved by Wisconsin, creating a thorn in AMBC's side for the moment.
- 03/01/2025
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Ambac Financial Group, Inc. (AMBC) Q4 2024 Earnings Call Transcript
- Ambac Financial Group, Inc. (NYSE:AMBC ) Q4 2024 Earnings Conference Call February 27, 2025 8:30 AM ET Company Participants Charles Sebaski - Managing Director and Head of Investor Relations Claude LeBlanc - President and Chief Executive Officer David Trick - Chief Financial Officer Conference Call Participants Deepak Sarpangal - Repertoire Partners LP Operator Ladies and gentlemen, good morning, and welcome to the Ambac Financial Group Fourth Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode.
- 02/27/2025
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Ambac Financial: Don't Get Lost In The Weeds; It's Working
- Ambac Financial Group has shifted from guarantee insurance to specialty property-casualty insurance and distribution. Despite a drop in tangible book value per share, the sale of the legacy business and recent acquisitions are expected to improve financials and boost earnings. Ambac Financial faces risks from recent hurricanes and potential delays in the legacy business sale approval, but overall outlook remains positive.
- 12/27/2024
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Ambac Financial Group Inc (AMBC) Q3 2024 Earnings Call Transcript
- Ambac Financial Group Inc (NYSE:AMBC ) Q3 2024 Earnings Conference Call November 13, 2024 8:30 AM ET Company Participants Charles Sebaski - MD & Head of Investor Relation Claude LeBlanc - President, CEO & Director David Trick - Executive VP, CFO & Treasurer Conference Call Participants Mark Hughes - Truist Securities Dennis Chua - Repertoire Partners Harry Fong - Roth MKM Operator Greetings, and welcome to Ambac Financial Group, Inc. Third quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode.
- 11/13/2024
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Beat Capital Partners launches proRISE Insurance Services with A+ rated Capacity, Specializing in SME Management and Professional Liability Insurance
- CHARLOTTE, N.C.--(BUSINESS WIRE)--Beat Capital Partners launches proRISE Insurance Services.
- 09/20/2024
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New Strong Sell Stocks for September 19th
- AZUL, ARCH and AMBC have been added to the Zacks Rank #5 (Strong Sell) List on September 19 2024.
- 09/19/2024
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Ambac Financial Group Will Be Better Positioned Once Sale Of Financial Guarantee Business Closes, Analyst Says
- After declining since the beginning of 2024, shares of Ambac Financial Group, Inc. AMBC have risen by almost 10% over the past five trading sessions.
- 09/18/2024
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New Strong Sell Stocks for September 4th
- AMBC, BZH and PMTS have been added to the Zacks Rank #5 (Strong Sell) List on September 4, 2024.
- 09/04/2024
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AMBC Stock Alert: Halper Sadeh LLC Is Investigating Whether the Sale of Ambac Financial Group, Inc.'s Legacy Financial Guarantee Business Is Fair to Shareholders
- NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the sale of Ambac Financial Group, Inc.'s (NYSE: AMBC) legacy financial guarantee businesses to funds managed by Oaktree Capital Management, L.P. for $420 million in cash is fair to Ambac shareholders. Halper Sadeh encourages Ambac shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@halpersadeh.com or zh.
- 09/03/2024
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New Strong Sell Stocks for August 26th
- AMKR, AMBC and AIQUY have been added to the Zacks Rank #5 (Strong Sell) List on August 26, 2024.
- 08/26/2024
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New Strong Sell Stocks for August 20th
- ACI, AMBC and BW have been added to the Zacks Rank #5 (Strong Sell) List on August 20, 2024.
- 08/20/2024
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Ambac's Cirrata Group Launches Tara Hill, an E&S Management and Professional Liability Program Administrator Led by Industry Veteran Peter McKeegan
- NEW YORK--(BUSINESS WIRE)--Ambac's Cirrata Group Launches Tara Hill, an E&S Management and Professional Liability Program Administrator Led by Industry Veteran Peter McKeegan.
- 06/24/2024
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AMBC Stock Alert: Halper Sadeh LLC Is Investigating Whether the Sale of Ambac Financial Group, Inc.'s Legacy Financial Guarantee Business Is Fair to Shareholders
- NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the sale of Ambac Financial Group, Inc.'s (NYSE: AMBC) legacy financial guarantee businesses to funds managed by Oaktree Capital Management, L.P. for $420 million in cash is fair to Ambac shareholders. Halper Sadeh encourages Ambac shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@halpersadeh.com or zh.
- 06/05/2024
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Ambac Financial Group, Inc. to Acquire Majority Stake in Beat Capital Partners
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. to Acquire Majority Stake in Beat Capital Partners.
- 06/05/2024
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Ambac Financial Group, Inc. to Sell Legacy Financial Guarantee Business to Funds Managed by Oaktree Capital Management, L.P.
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. to Sell Legacy Financial Guarantee Business.
- 06/05/2024
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Is Ambac (AMBC) Stock a Solid Choice Right Now?
- Ambac (AMBC) has seen solid earnings estimate revision activity over the past month, and belongs to a strong industry as well.
- 05/13/2024
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Ambac Financial Group, Inc. (AMBC) Hits Fresh High: Is There Still Room to Run?
- Ambac (AMBC) is at a 52-week high, but can investors hope for more gains in the future? We take a look at the company's fundamentals for clues.
- 05/09/2024
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Ambac Financial Group, Inc. (AMBC) Q1 2024 Earnings Call Transcript
- Ambac Financial Group, Inc. (NYSE:AMBC ) Q1 2024 Earnings Conference Call May 7, 2024 8:30 AM ET Company Participants Charles Sebaski - Head of Investor Relations Claude LeBlanc - President & Chief Executive Officer David Trick - Executive Vice President, Chief Financial Officer & Treasurer Conference Call Participants Geoffrey Dunn - Dowling & Partners Giuliano Bologna - Compass Point Operator Greetings, and welcome to the Ambac Financial Group, Inc. First Quarter 2024 Earnings Call. At this time all participants are in a listen-only mode.
- 05/07/2024
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Ambac Reports First Quarter 2024 Results
- NEW YORK--(BUSINESS WIRE)--Ambac Reports First Quarter 2024 Results.
- 05/06/2024
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Ambac to Release First Quarter 2024 Results on May 6, 2024
- NEW YORK--(BUSINESS WIRE)--Ambac to release first quarter results on May 6, 2024.
- 04/22/2024
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Ambac: Finally Shaking Off The Great Financial Crisis
- Ambac Financial Group has undergone a turnaround after the 2008 Financial Crisis, improving its financial position and evolving its business model. The company's balance sheet appears healthy and able to meet upcoming obligations, with a new focus on specialty property-casualty insurance. AMBC is positioning itself to underwrite its products through a technology-driven MGA model, aiming to take advantage of the growing US market with attractive loss ratios.
- 03/27/2024
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Ambac Financial Group, Inc. (AMBC) Q4 2023 Earnings Call Transcript
- Ambac Financial Group, Inc. (AMBC) Q4 2023 Earnings Call Transcript
- 02/28/2024
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7 High-Growth Stocks to Snag for Spectacular Returns in 2024
- In the stock market, pursuing high-growth stocks becomes a compelling venture, akin to searching for pearls in the vast sea of possibilities. The year 2024 unfolds with promises of prosperity and strategic opportunities, and within this realm, seven stocks emerge as yielders of potential riches.
- 02/06/2024
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Ambac: Releasable Liquidity And SOTP Analysis Reveals Upside Potential
- Ambac is a complex company with a financial guarantees business and a new specialty P&C insurance business. We run a comparison with MBIA to compute releasable liquidity from the FG business that may be paid out as a special dividend. Ambac may benefit from a liquidity release or a sale, but the bulk of its value lies in its new businesses.
- 01/10/2024
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Should Value Investors Buy Ambac (AMBC) Stock?
- Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
- 12/13/2023
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Are Investors Undervaluing Ambac (AMBC) Right Now?
- Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
- 11/23/2023
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Buy These 5 Small-Cap Stocks to Tap Year-End Rally
- A less-hawkish Fed, the upcoming holiday season and decent U.S. economic growth may lead to small-cap investing. Investors can buy the likes of Ambac (AMBC), Pangaea Logistics Solutions (PANL), MoneyLion (ML), OppFi (OPFI) and Carrols Restaurant Group (TAST).
- 11/17/2023
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Ambac Financial Group, Inc. (AMBC) Q3 2023 Earnings Call Transcript
- Start Time: 08:30 January 1, 0000 8:56 AM ET Ambac Financial Group, Inc. (NYSE:AMBC ) Q3 2023 Earnings Conference Call November 08, 2023, 08:30 AM ET Company Participants Claude LeBlanc - President and CEO David Trick - EVP, CFO and Treasurer Charles Sebaski - Head of IR Conference Call Participants Giuliano Bologna - Compass Point Dennis Chua - Repertoire Partners Operator Ladies and gentlemen, good morning, and welcome to the Ambac Financial Group Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode.
- 11/08/2023
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Ambac to Release Third Quarter 2023 Results on November 7, 2023
- NEW YORK--(BUSINESS WIRE)--Ambac to Release Third Quarter 2023 Results on November 7, 2023.
- 10/24/2023
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Ambac Financial Group (AMBC) Q2 Earnings and Revenues Surpass Estimates
- Ambac Financial Group (AMBC) came out with quarterly earnings of $0.07 per share, beating the Zacks Consensus Estimate of a loss of $0.06 per share. This compares to earnings of $0.28 per share a year ago.
- 08/07/2023
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Ambac Reports Second Quarter 2023 Results
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported its results for the second quarter ended June 30, 2023. Net loss of $(13) million or $(0.29) per diluted share and Adjusted net income of $3 million or $0.07 per diluted share Specialty P&C Insurance ("Everspan") gross written premium of $53 million, up 30% from the second quarter of 2022 Insurance Distribution ("Cirrata") premiums placed of $41 millio.
- 08/07/2023
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Ambac Acquires Riverton Insurance Agency Corp.
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial services holding company, today announced that it has acquired a majority stake in Riverton Insurance Agency Corp., a New Jersey-based insurance services business consisting of an MGA and a retail agency. Terms of the deal were not released. Riverton's MGA, Professionals' Best, offers professional liability insurance programs to licensed architects, engineers, construction managers, and real estate profes.
- 08/07/2023
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Xchange Benefits to host Experience Xchange educational symposium
- ARMONK, N.Y.--(BUSINESS WIRE)--Xchange Benefits LLC, a property and casualty managing general underwriter specializing in accident and health insurance, today announced it will host an educational symposium, Experience Xchange, June 5-7 in Bloomington, Ind. The two-day event will take place at the Biddle Hotel and Conference Center at Indiana University. The conference aims to educate attendees through the sharing of career insights and experiences. It will feature speakers from across the insurance industry, including Gary Nidds, Executive Vice President and Head of the Medical Business Unit, Crum & Forster Accident & Health; Joseph Scheerer, Principal and CEO, Stonybrook Capital; Tim Tompkins and Rob Whitt, Managing Executives, Markel; David Balinski, CEO, and Jamin Ferner, Chief People Officer, Wire Health; R. Sharon Smith, Chief Strategy Officer, Ambac; Achim Dauser, Senior Vice President, Head of Life & Health Medical Reinsurance Americas, Swiss Re; Michael Buchanan, Partner, Patterson Belknap Webb & Tyler LLP; Claude LeBlanc, President and CEO of Ambac; and Peter McGuire, Chairman, President and CEO of Xchange Benefits LLC. It will also include a leadership training session led by Emily Shaw of sales and management consulting firm Lushin. “The Experience Xchange is exactly what it says, an opportunity for valued partners to spend time with the Xchange team and to share valuable insights and experiences with each other,” McGuire said. “It is also very importantly an investment in the people at Xchange, providing them with an opportunity to gain invaluable insights from seasoned industry leaders.” For registration and additional information on the event, contact experiencexchange@xbllc.com. About Xchange Benefits Founded in 2010, Xchange Benefits, LLC is a diverse group of business units focused on the global insurance and reinsurance industry. Led by a team who have industry leading experience, Xchange Benefits underwrites, consults, creates products, creates retail distribution, structures risk, transacts reinsurance, advises on capital deployment and most importantly, listens to its clients. Xchange Benefits is headquartered in Armonk, N.Y., and has an office in Indianapolis. For more information, visit Xchange Benefits on the web at www.xbllc.com.
- 05/25/2023
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Ambac Reports First Quarter 2023 Results
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a financial services holding company, today reported its results for the quarter ended March 31, 2023. Net loss of $(33) million or $(0.73) per diluted share and Adjusted net loss of $(14) million or $(0.30) per diluted share Specialty P&C Insurance ("Everspan") gross written premium of $52 million, up 116% from the first quarter of 2022 Insurance Distribution ("Cirrata") premiums placed of $77 million, up 72% from the first quarter of 2022 Book Value per share of $27.66 and Adjusted Book Value per share of $27.89 were largely in line with the prior quarter down 1% and 1%, respectively Claude LeBlanc, President and Chief Executive Officer, stated, “Our Specialty P&C businesses kicked off 2023 with very strong performances. Everspan and Cirrata's total premium production grew by 87% over last year to $129 million in the quarter. Overall U.S. casualty insurance pricing is keeping up with loss cost trends in the lines we are writing and is supportive of strong growth in the program sector, which we expect will continue to provide a tailwind to our business this year." LeBlanc continued, "During the quarter we progressed work with our advisers to evaluate all available options to maximize value from our legacy financial guarantee businesses as we continue to work with our U.S. regulator on a revised operating and capital framework. We look forward to updating the market on our progress later this year." Ambac's First Quarter 2023 Summary Results B (W) Percent ($ in millions, except per share data)1 1Q2023 1Q2022 Gross written premium $ 60.7 $ 30.3 101 % Net premiums earned 13.9 14.6 (5 )% Commission income 14.5 8.6 69 % Program fees 1.5 0.3 485 % Net investment income 34.1 5.0 582 % Pretax income (loss) (28.8 ) 2.8 NA Net income (loss) attributable to common stockholders (33.4 ) 2.0 NA Net income (loss) attributable to common stockholders per diluted share2,3 $ (0.73 ) $ 0.04 NA EBITDA2,4 (5.1 ) 61.8 (108 )% Adjusted net income (loss) 2 (13.8 ) 11.0 (225 )% Adjusted net income (loss) per diluted share 2, 3 $ (0.30 ) $ 0.23 (230 )% Weighted-average diluted shares outstanding (in millions) 45.6 47.4 4 % March 31, 2023 December 31, 2022 B(W) Amount Percent Total Ambac Financial Group, Inc. stockholders' equity $ 1,253.6 $ 1,252.3 $ 1.2 — % Total Ambac Financial Group, Inc. stockholders' equity per share $ 27.66 $ 27.85 $ (0.19 ) (1 )% Adjusted book value1,2 $ 1,264.2 $ 1,272.1 $ (7.9 ) (1 )% Adjusted book value per share 1,2 $ 27.89 $ 28.29 $ (0.40 ) (1 )% (1) (2) (3) (4) Results of Operations by Segment Specialty Property & Casualty Insurance Segment Three Months Ended ($ in millions) 2023 2022 % Change Gross premiums written $ 51.8 $ 24.0 116 % Net premiums written $ 9.2 $ 4.9 87 % Net premiums earned $ 7.0 $ 1.2 493 % Program fees earned $ 1.5 $ 0.3 485 % Losses and loss expense $ 4.7 $ 0.8 504 % Pretax income (loss) $ (0.8 ) $ (2.5 ) 69 % EBITDA $ (0.8 ) $ (2.5 ) 69 % MGA programs partners increased to 15 from 14 in the fourth quarter of 2022 and 10 in first quarter of 2022. Gross premium written more than doubled in the first quarter of 2023 to $51.8 million compared to the prior year period as the size and number of program partners continues to expand. Net premiums earned in the first quarter of 2023 grew 493% to $7.0 million, over the first quarter of 2022, this expansion is a reflection of net premium written growth at Everspan over the last year. Losses and loss expense ratio for the first quarter of 2023 was 66.6% in-line with the 65.3% for the first quarter of 2022. Expense ratio of 63.1% for the first quarter of 2023 was down from 237.1% in the prior year period. Expenses continue to normalize as the business scales. Everspan's statutory surplus was $106.3 million at March 31, 2023. Insurance Distribution Segment Three Months Ended March 31, ($ in millions) 2023 2022 % Change Premiums placed $ 77.3 $ 44.9 72 % Gross commissions $ 14.5 $ 8.6 69 % Net commissions $ 6.9 $ 4.1 69 % General and administrative expenses $ 2.4 $ 1.3 82 % Pretax income $ 3.6 $ 2.1 70 % EBITDA1 $ 4.5 $ 2.8 64 % Pretax income margin2 24.6 % 24.5 % 0.10 bps EBITDA margin 3 31.3 % 32.2 % -0.90 bps Premium placed of $77.3 million grew 72% over the first quarter of 2022 driven by the inclusion of All Trans and Capacity Marine (which were acquired effective November 1, 2022) and growth at Xchange. Gross commission income, which is generated as a percentage of premium placed, grew 69% in the first quarter 2023 to $14.5 million from $8.6 million in the first quarter of 2022. General and administrative expenses of $2.4 million in the first quarter of 2023 compared to $1.3 million in the prior year period. The change between the periods is largely due to the acquisitions of All Trans and Capacity Marine and other growth related investments. EBITDA of $4.5 million for the quarter was up 105% over first quarter of 2022; EBITDA Margin of 31.3% for the quarter compared to 32.2% last year. The increase in EBITDA compared to the same period last year is attributable to the acquisition of All Trans and Capacity Marine in the fourth quarter of 2022, the EBU acquisition in May 2022 and organic growth at Xchange. The modest decrease in the EBITDA margin compared to the first quarter of 2022 related to acquisitions. (1) (2) (3) Legacy Financial Guarantee Insurance Segment Three Months Ended ($ in millions) 2023 2022 % Change Normal Net Premiums Earned $ 6.9 $ 9.5 (27 )% Accelerated Net Premiums Earned $ — $ 3.9 (100 )% Net premiums earned $ 6.9 $ 13.4 (49 )% Net investment income $ 31.2 $ 4.5 (588 )% Losses and loss adjustment expenses $ 13.0 $ 23.2 (44 )% Pretax income (loss) $ (32.1 ) $ 6.5 (594 )% EBITDA1 $ (9.3 ) $ 64.8 (114 )% (1) Net premiums earned of $6.9 million in the first quarter of 2023 decreased from $13.4 million in the prior year. This reduction is mainly on account of $3.2 million of Puerto Rico accelerations in 1Q22 and additional de-risking initiatives taken throughout the last year. Losses and loss adjustment expenses for the first quarter of 2023 were $13.0 million, compared to $23.2 million in the first quarter of 2022. This quarter's losses were driven by a $19.2 million negative impact from lower discount rates on RMBS reserves partially off-set by favorable development in the international portfolio of $9.7 million. General and administrative expenses for the first quarter of 2023 were $28.1 million compared to $20.7 million in the prior year period due to higher defensive legal expenses and the timing of the annual $4.0 million expense reimbursement paid to AFG. These expenses were somewhat off-set by lower compensation expenses related to incentive compensation and reduced headcount. Adversely Classified and Watch List Credits decreased 2.6% to $7.6 billion in first quarter of 2023, from December 31, 2022; excluding the impact of FX Adversely Classified and Watch List Credits decreased 3.0%. Net par outstanding ("NPO") declined 0.8% during the quarter to $22.4 billion from $22.6 billion at December 31, 2022; excluding the impact of FX, NPO decreased 1.5%. Consolidated Financial Information Specialty P&C Insurance Production Specialty P&C Insurance production, which includes gross premiums written by Ambac's Specialty P&C Insurance segment and premiums placed by the Insurance Distribution segment, totaled $129 million in the first quarter of 2023, an increase of 87% from the first quarter of 2022. Specialty P&C Insurance revenues are dependent on gross premiums written as specialty program insurance companies earn premiums based on the portion of gross premiums written retained (i.e. net premiums written) and fees on gross premiums written that are ceded to reinsurers. Insurance Distribution revenues are dependent on premium volume as Managing General Agents/Underwriters and brokers receive commissions based on the amount of premiums placed (i.e. gross premiums written on behalf of insurance carriers) with insurance carriers. Three Months Ended March 31, ($ in millions) 2023 2022 Change Specialty Property & Casualty Insurance Gross Premiums Written $ 51.8 $ 24.0 116 % Insurance Distribution Premiums Placed 77.3 44.9 72 % Specialty P&C Insurance Production $ 129.1 $ 68.9 87 % Net Premiums Earned During the first quarter of 2023, net premiums earned of $14 million declined 5% compared to the first quarter of 2022 where significant growth in the Specialty P&C businesses was off-set by the reduction in the Legacy FG business due to de-risking and natural run-off. Net Investment Income Net investment income for the first quarter of 2023 was $34 million compared to net investment income of $5 million for the first quarter of 2022. The increase in net investment income in the first quarter of 2023 compared to the first quarter of 2022 was mostly attributable to a $12.3 million increase in income from alternative investments and a $7.2 million increase from higher yields on available-for-sale and short-term investments. In addition, the first quarter of 2022 included a $(9.3) million net realized loss from assets classified as trading (related to Puerto Rico recoveries) compared to a $0.5 million net realized gain in the first quarter of 2023. Losses and Loss Expenses Losses and loss expenses ("Incurred Losses") for the first quarter of 2023 were $18 million, compared to $24 million for the first quarter of 2022. The first quarter of 2023 loss was driven primarily by the impact of lower discount rates that more than offset an incurred benefit in the international portfolio of the Legacy Financial Guarantee business. The net loss was not the result of any fundamental change in credit outlook for the underlying Legacy Financial Guarantee insured portfolio. Loss and loss expenses at Everspan increased from 1Q22 in-line with growth of net premiums earned. Net Gains (Losses) on Derivative Contracts Net losses on derivative contracts were $(4) million for the first quarter of 2023, compared to $57 million of gains for the first quarter of 2022. Results in both periods were driven by changes in interest rates, with rates declining this quarter compared to the significant increase in rates in the first quarter of 2022. The interest rate derivatives portfolio was positioned to benefit from rising interest rates as a partial economic hedge against interest rate exposure in AAC's insured and investment portfolios. General and Administrative Expenses General and administrative expenses for the first quarter 2023 were $36 million compared to $29 million in the first quarter of 2022. The increase was attributable to litigation related expenses at the Legacy Financial Guarantee business, expenses from the consolidation of All Trans and Capacity Marine, corporate development costs and growth in the P&C businesses. AFG (holding company only) Assets AFG on a standalone basis, excluding its ownership interests in its Specialty P&C Insurance, Insurance Distribution, and Legacy Financial Guarantee businesses, had net assets of $224 million as of March 31, 2023. Assets included cash and liquid securities of $179 million and other investments of $28 million. Capital Activity In January 2023, AAC repaid the remaining $146 million of outstanding Tier 2 Notes following the RMBS representation and warranty litigation settlement with Nomura. On April 30, 2023, all of our remaining outstanding equity warrants which had a strike price of $16.67 expired unexercised. Consolidated Ambac Financial Group, Inc. Stockholders' Equity Stockholders’ equity at March 31, 2023, was $1,254 million, or $27.66 per share compared to $1,252 million or $27.85 per share as of December 31, 2022. The change was primarily due to the net loss attributable to common shareholders of $33 million, off-set by net unrealized investment gains of $17.4 million and foreign exchange translation gains of $15.9 million. Non-GAAP Financial Data In addition to reporting the Company’s quarterly financial results in accordance with GAAP, the Company is reporting non-GAAP financial measures: EBITDA, Adjusted Net Income, Adjusted Book Value and EBITDA Margin. These amounts are derived from our consolidated financial information, but are not presented in our consolidated financial statements prepared in accordance with GAAP. We present non-GAAP supplemental financial information because we believe such information is of interest to the investment community, and that it provides greater transparency and enhanced visibility into the underlying drivers and performance of our businesses on a basis that may not be otherwise apparent on a GAAP basis. We view these non-GAAP financial measures as important indicators when assessing and evaluating our performance on a segmented and consolidated basis and they are presented to improve the comparability of our results between periods by eliminating the impact of the items that may not be representative of our core operating performance. These non-GAAP financial measures are not substitutes for the Company’s GAAP reporting, should not be viewed in isolation and may differ from similar reporting provided by other companies, which may define non-GAAP measures differently. Adjusted Net Income (Loss) — We define Adjusted Net Income (Loss) as net income (loss) attributable to common stockholders adjusted to reflect the following items: (i) net investment (gains) losses, including impairments; (ii) amortization of intangible assets; (iii) litigation costs, including attorneys fees and other expenses to defend litigation against the Company, excluding loss adjustment expenses; (iv) foreign exchange (gains) losses; (v) workforce change costs, which primarily include severance and other costs related to employee terminations; and (vi) net (gain) loss on extinguishment of debt. Adjusted Net Income is also adjusted for the effect of the above items on both income taxes and noncontrolling interests. The income tax effects are determined by applying the statutory tax rate in each jurisdiction that generate these adjustments. The noncontrolling interest adjustments relate to subsidiaries where Ambac does not own 100% Adjusted net loss was $(13.8) million, or $(0.30) per diluted share, for the first quarter 2023 compared to Adjusted net income of $11.0 million, or $0.23 per diluted share, for the first quarter of 2022. The following table reconciles net income (loss) attributable to common stockholders to the non-GAAP measure, adjusted net income (loss), for the three-month periods ended March 31, 2023 and 2022, respectively: Three Months Ended March 31, 2023 2022 ($ in millions, other than per share data) $ Amount Per Share $ Amount Per Share Net income (loss) attributable to common shareholders $ (33.4 ) $ (0.73 ) $ 2.0 $ 0.04 Adjustments: Net investment (gains) losses, including impairments 4.4 0.10 (10.0 ) (0.21 ) Intangible amortization 6.9 0.15 14.3 0.30 Litigation costs 8.8 0.19 3.8 0.08 Foreign exchange (gains) losses (0.3 ) (0.01 ) 1.1 0.02 Workforce change costs 0.8 0.02 (0.1 ) — Net (gain) loss on extinguishment of debt — — — — (12.8 ) (0.28 ) 11.0 0.23 Income tax effects (0.8 ) (0.02 ) 0.1 — Net (gains) attributable to noncontrolling interests (0.2 ) — (0.1 ) — Adjusted net income (loss) $ (13.8 ) $ (0.30 ) $ 11.0 $ 0.23 Weighted-average diluted shares outstanding (in millions) 45.6 47.4 (1) EBITDA — We define EBITDA as net income (loss) before interest expense, income taxes, depreciation and amortization of intangible assets. The following table reconciles net income (loss) attributable to common shareholders to the non-GAAP measure, EBITDA on a consolidation and segment basis. Legacy Financial Guarantee Insurance Specialty Property & Casualty Insurance Insurance Distribution Corporate & Other Consolidated Three Months Ended March 31, 2023 Net income (loss) $ (35.9 ) $ (0.8 ) $ 3.5 $ 0.4 $ (32.8 ) Adjustments: Interest expense 16.4 — — — 16.4 Income taxes 3.8 — 0.1 — 3.9 Depreciation 0.4 — — — 0.5 Amortization of intangible assets 5.9 — 1.0 — 6.9 EBITDA (2) $ (9.3 ) $ (0.8 ) $ 4.5 $ 0.5 $ (5.1 ) Three Months Ended March 31, 2022 Net income (loss) $ 6.2 $ (2.5 ) $ 2.1 $ (3.4 ) $ 2.4 Adjustments: Interest expense 44.1 — — — 44.1 Income taxes 0.3 — — 0.1 0.4 Depreciation 0.5 — — — 0.5 Amortization of intangible assets 13.7 — 0.7 — 14.3 EBITDA (2) $ 64.8 $ (2.5 ) $ 2.8 $ (3.2 ) $ 61.8 (1) (2) EBITDA margin — We define EBITDA margin as EBITDA divided by total revenues. We report EBITDA margin for the Insurance Distribution segment only. Adjusted Book Value. Adjusted book value is defined as Total Ambac Financial Group, Inc. stockholders’ equity as reported under GAAP, adjusted for after-tax impact of the following: Insurance intangible asset: Elimination of the financial guarantee insurance intangible asset that arose as a result of Ambac’s emergence from bankruptcy and the implementation of Fresh Start reporting. This adjustment ensures that all financial guarantee contracts are accounted for within adjusted book value consistent with the provisions of the Financial Services—Insurance Topic of the ASC. Net unearned premiums and fees in excess of expected losses: Addition of the value of the unearned premium revenue ("UPR") on financial guarantee contracts, in excess of expected losses, net of reinsurance. This non-GAAP adjustment presents the economics of UPR and expected losses for financial guarantee contracts on a consistent basis. In accordance with GAAP, stockholders’ equity reflects a reduction for expected losses only to the extent they exceed UPR. However, when expected losses are less than UPR for a financial guarantee contract, neither expected losses nor UPR have an impact on stockholders’ equity. This non-GAAP adjustment adds UPR in excess of expected losses, net of reinsurance, to stockholders’ equity for financial guarantee contracts where expected losses are less than UPR. This adjustment is only made for financial guarantee contracts since such premiums are non-refundable. Net unrealized investment (gains) losses in Accumulated Other Comprehensive Income: Elimination of the unrealized gains and losses on the Company’s investments that are recorded as a component of accumulated other comprehensive income (“AOCI”), net of income taxes. Ambac has a significant U.S. tax net operating loss (“NOL”) that is offset by a full valuation allowance in the GAAP consolidated financial statements. As a result of this, tax planning strategies and other considerations, we utilized a 0% effective tax rate for non-GAAP operating adjustments to Adjusted Book. Adjusted book value was $1,264 million, or $27.89 per share, at March 31, 2023, as compared to $1,272 million, or $28.29 per share, at December 31, 2022. The following table reconciles Total Ambac Financial Group, Inc. stockholders’ equity to the non-GAAP measure adjusted book value as of each date presented: March 31, 2023 December 31, 2022 ($ in millions, other than per share data) $ Amount Per Share $ Amount Per Share Total AFG Stockholders' Equity $ 1,253.6 $ 27.66 $ 1,252.3 $ 27.85 Adjustments: Insurance intangible asset (261.5 ) (5.77 ) (265.7 ) (5.91 ) Net unearned premiums and fees in excess of expected losses 218.2 4.81 214.1 4.76 Net unrealized investment (gains) losses in Accumulated Other Comprehensive Income 54.0 1.19 71.4 1.59 Adjusted book value $ 1,264.2 $ 27.89 $ 1,272.1 $ 28.29 Shares outstanding (in millions) 45.3 45.0 Earnings Call and Webcast On May 10, 2023 at 8:30am ET, Claude LeBlanc, President and Chief Executive Officer, and David Trick, Executive Vice President and Chief Financial Officer, will discuss Ambac's first quarter 2023 results during a conference call. A live audio webcast of the call will be available through the Investor Relations section of Ambac’s website, https://ambac.com/investor-relations/events-and-presentations/events/. Participants may also listen via telephone by dialing (877) 407-9716 (Domestic) or (201) 493-6779 (International). The webcast will be archived on Ambac's website. A replay of the call will be available through May 24, 2023, and can be accessed by dialing (Domestic) (844) 512-2921 or (International) (412) 317-6671; and using ID#13737443 Additional information is included in an operating supplement and presentations at Ambac's website at www.ambac.com. About Ambac Ambac Financial Group, Inc. (“Ambac” or “AFG”) is a financial services holding company headquartered in New York City. Ambac’s core business is a growing specialty P&C distribution and underwriting platform. Ambac also has a legacy financial guaranty business in run off. Ambac’s common stock trades on the New York Stock Exchange under the symbol “AMBC”. Ambac is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, we use our website to convey information about our businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information. For more information, please go to www.ambac.com. The Amended and Restated Certificate of Incorporation of Ambac contains substantial restrictions on the ability to transfer Ambac’s common stock. Subject to limited exceptions, any attempted transfer of common stock shall be prohibited and void to the extent that, as a result of such transfer (or any series of transfers of which such transfer is a part), any person or group of persons shall become a holder of 5% or more of Ambac’s common stock or a holder of 5% or more of Ambac’s common stock increases its ownership interest. Forward-Looking Statements In this press release, statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “estimate,” “project,” “plan,” “believe,” “anticipate,” “intend,” “planned,” “potential” and similar expressions, or future or conditional verbs such as “will,” “should,” “would,” “could,” and “may,” or the negative of those expressions or verbs, identify forward-looking statements. We caution readers that these statements are not guarantees of future performance. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, which may by their nature be inherently uncertain and some of which may be outside our control. These statements may relate to plans and objectives with respect to the future, among other things which may change. We are alerting you to the possibility that our actual results may differ, possibly materially, from the expected objectives or anticipated results that may be suggested, expressed or implied by these forward-looking statements. Important factors that could cause our results to differ, possibly materially, from those indicated in the forward-looking statements include, among others, those discussed under “Risk Factors” in our most recent SEC filed quarterly or annual report. Any or all of management’s forward-looking statements here or in other publications may turn out to be incorrect and are based on management’s current belief or opinions. Ambac Financial Group’s (“AFG”) and its subsidiaries’ (collectively, “Ambac” or the “Company”) actual results may vary materially, and there are no guarantees about the performance of Ambac’s securities. Among events, risks, uncertainties or factors that could cause actual results to differ materially are: (1) the high degree of volatility in the price of AFG’s common stock; (2) uncertainty concerning the Company’s ability to achieve value for holders of its securities, whether from Ambac Assurance Corporation (“AAC”) and its subsidiaries or from the specialty property and casualty insurance business, the insurance distribution business, or related businesses; (3) inadequacy of reserves established for losses and loss expenses and the possibility that changes in loss reserves may result in further volatility of earnings or financial results; (4) potential for rehabilitation proceedings or other regulatory intervention or restrictions against AAC; (5) credit risk throughout Ambac’s business, including but not limited to credit risk related to insured residential mortgage-backed securities, student loan and other asset securitizations, public finance obligations (including risks associated with Chapter 9 and other restructuring proceedings), issuers of securities in our investment portfolios, and exposures to reinsurers; (6) our inability to effectively reduce insured financial guarantee exposures or achieve recoveries or investment objectives; (7) our inability to generate the significant amount of cash needed to service our debt and financial obligations, and our inability to refinance our indebtedness; (8) Ambac’s substantial indebtedness could adversely affect its financial condition and operating flexibility; (9) Ambac may not be able to obtain financing or raise capital on acceptable terms or at all due to its substantial indebtedness and financial condition; (10) greater than expected underwriting losses in the Company’s specialty property and casualty insurance business; (11) failure of specialty insurance program partners to properly market, underwrite or administer policies; (12) inability to obtain reinsurance coverage on expected terms; (13) loss of key relationships for production of business in specialty property and casualty and insurance distribution businesses or the inability to secure such additional relationships to produce expected results; (14) the impact of catastrophic public health, environmental or natural events, or global or regional conflicts, on significant portions of our insured portfolio; (15) credit risks related to large single risks, risk concentrations and correlated risks; (16) risks associated with adverse selection as Ambac’s financial guarantee insurance portfolio runs off; (17) the risk that Ambac’s risk management policies and practices do not anticipate certain risks and/or the magnitude of potential for loss; (18) restrictive covenants in agreements and instruments that impair Ambac’s ability to pursue or achieve its business strategies; (19) adverse effects on operating results or the Company’s financial position resulting from measures taken to reduce financial guarantee risks in its insured portfolio; (20) disagreements or disputes with Ambac's insurance regulators; (21) loss of control rights in transactions for which we provide financial guarantee insurance; (22) inability to realize expected recoveries of financial guarantee losses; (23) risks attendant to the change in composition of securities in the Ambac’s investment portfolio; (24) adverse impacts from changes in prevailing interest rates; (25) events or circumstances that result in the impairment of our intangible assets and/or goodwill that was recorded in connection with Ambac’s acquisitions; (26) risks associated with the expected discontinuance of the London Inter-Bank Offered Rate; (27) factors that may negatively influence the amount of installment premiums paid to Ambac; (28) the risk of litigation and regulatory inquiries or investigations, and the risk of adverse outcomes in connection therewith; (29) the Company’s ability to adapt to the rapid pace of regulatory change; (30) actions of stakeholders whose interests are not aligned with broader interests of Ambac's stockholders; (31) system security risks, data protection breaches and cyber attacks; (32) regulatory oversight of Ambac Assurance UK Limited (“Ambac UK”) and applicable regulatory restrictions may adversely affect our ability to realize value from Ambac UK or the amount of value we ultimately realize; (33) failures in services or products provided by third parties; (34) political developments that disrupt the economies where the Company has insured exposures; (35) our inability to attract and retain qualified executives, senior managers and other employees, or the loss of such personnel; (36) fluctuations in foreign currency exchange rates; (37) failure to realize our business expansion plans or failure of such plans to create value; (38) greater competition for our specialty property and casualty insurance business and/or our insurance distribution business; (39) loss or lowering of the AM Best rating for our property and casualty insurance company subsidiaries; (40) disintermediation within the insurance industry or greater competition from technology-based insurance solutions; (41) changes in law or in the functioning of the healthcare market that impair the business model of our accident and health managing general underwriter; and (42) other risks and uncertainties that have not been identified at this time. AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES Consolidated Statements of Income (Loss) (Unaudited) Three Months Ended March 31, ($ in millions, except share data) 2023 2022 Revenues: Net premiums earned $ 14 $ 15 Commission income 14 9 Program fees 1 — Net investment income 34 5 Net investment gains (losses), including impairments (4 ) 10 Net gains (losses) on derivative contracts (4 ) 57 Income (loss) on variable interest entities (1 ) 22 Other income 3 2 Total revenues and other income 58 119 Expenses: Losses and loss adjustment expenses 18 24 Amortization of deferred acquisition costs, net 1 — Commission expense 8 5 General and administrative expenses 36 29 Intangible amortization 7 14 Interest expense 16 44 Total expenses 86 116 Pretax income (loss) (29 ) 3 Provision for income taxes 4 — Net income (loss) (33 ) 2 Less: net (gain) loss attributable to noncontrolling interest (1 ) — Net income (loss) attributable to common stockholders $ (33 ) $ 2 Net income (loss) per basic share $ (0.73 ) $ 0.04 Net income (loss) per diluted share $ (0.73 ) $ 0.04 Weighted-average number of common shares outstanding: Basic 45,564,276 46,731,459 Diluted 45,564,276 47,359,731 AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) ($ in millions, except share data) March 31, 2023 December 31, 2022 Assets: Investments: Fixed maturity securities, at fair value (amortized cost: $1,554 and $1,469) $ 1,494 $ 1,395 Fixed maturity securities - trading 29 59 Short-term investments, at fair value (amortized cost: $367 and $507) 367 507 Short-term investments pledged as collateral, at fair value (amortized cost: $61 and $64) 61 64 Other investments (includes $545 and $556 at fair value) 557 568 Total investments (net of allowance for credit losses of $1 and $181) 2,509 2,593 Cash and cash equivalents (including $10 and $14 of restricted cash) 48 44 Premium receivables (net of allowance for credit losses of $5 and $5) 272 269 Reinsurance recoverable on paid and unpaid losses (net of allowance for credit losses of $0 and $0) 130 115 Deferred ceded premium 135 124 Deferred acquisition costs 4 3 Subrogation recoverable 146 271 Derivative assets 31 27 Intangible assets 321 326 Goodwill 61 61 Other assets 85 84 Variable interest entity assets: Fixed maturity securities, at fair value 2,119 1,967 Restricted cash 256 17 Loans, at fair value 1,856 1,829 Derivative and other assets 244 241 Total assets $ 8,219 $ 7,973 Liabilities and Stockholders’ Equity: Liabilities: Unearned premiums $ 389 $ 372 Loss and loss adjustment expense reserves 851 805 Ceded premiums payable 38 39 Deferred program fees and reinsurance commissions 6 5 Long-term debt 497 639 Accrued interest payable 438 427 Derivative liabilities 44 38 Other liabilities 141 163 Variable interest entity liabilities: Long-term debt (includes $2,869 and $2,788 at fair value) 3,060 3,107 Derivative liabilities 1,174 1,048 Other liabilities 255 5 Total liabilities 6,892 6,647 Redeemable noncontrolling interest 20 20 Stockholders’ equity: Preferred stock, par value $0.01 per share; 20,000,000 shares authorized shares; issued and outstanding shares—none — — Common stock, par value $0.01 per share; 130,000,000 shares authorized; issued shares: 46,659,019 and 46,658,990 — — Additional paid-in capital 278 274 Accumulated other comprehensive income (loss) (217 ) (253 ) Retained earnings 1,206 1,245 Treasury stock, shares at cost: 1,337,274 and 1,685,233 (14 ) (15 ) Total Ambac Financial Group, Inc. stockholders’ equity 1,254 1,252 Nonredeemable noncontrolling interest 53 53 Total stockholders’ equity 1,307 1,305 Total liabilities, redeemable noncontrolling interest and stockholders’ equity $ 8,219 $ 7,973 The following table presents segment financial results and includes the non-GAAP measure, EBITDA on a segment and consolidated basis. ($ in millions) Legacy Financial Guarantee Insurance Specialty Property & Casualty Insurance Insurance Distribution Corporate & Other Consolidated Three Months Ended March 31, 2023 Gross premiums written $ 8.9 $ 51.8 $ 60.7 Net premiums written 8.8 9.2 18.0 Revenues: Net premiums earned 6.9 7.0 13.9 Fees and commission income 1.5 $ 14.5 16.0 Net investment income 31.2 0.8 $ 2.1 34.1 Net investment gains (losses), including impairments (4.5 ) — 0.1 (4.4 ) Net gains (losses) on derivative contracts (3.4 ) (0.2 ) (3.6 ) Net realized gains on extinguishment of debt — — Other income 1.6 — — — 1.7 Litigation recoveries — — Total revenues and other income 31.8 9.2 14.5 2.0 57.5 Expenses: Losses and loss adjustment expenses 13.0 4.7 17.7 Commission expense 7.6 7.6 Amortization of deferred acquisition costs, net — 1.4 1.4 General and administrative expenses 28.1 4.0 2.4 1.5 36.0 Total expenses 41.1 10.0 10.0 1.5 62.6 EBITDA (9.3 ) (0.8 ) 4.5 0.5 (5.1 ) Add: Interest expense 16.4 — 16.4 Add: Depreciation expense 0.4 — — — 0.5 Add: Intangible amortization 5.9 1.0 6.9 Pretax income (loss) (32.1 ) (0.8 ) 3.6 0.4 (28.8 ) Income tax expense (benefit) 3.8 — 0.1 — 3.9 Net income (loss) $ (35.9 ) $ (0.8 ) $ 3.5 $ 0.4 $ (32.8 ) Three Months Ended March 31, 2022 Gross premiums written $ 6.3 $ 24.0 $ 30.3 Net premiums written 6.9 4.9 11.8 Revenues: Net premiums earned 13.4 1.2 14.6 Program Fees and commission income 0.3 $ 8.6 8.9 Net investment income 4.5 0.3 $ 0.2 5.0 Net investment gains (losses), including impairments 10.1 — — 10.0 Net gains (losses) on derivative contracts 57.1 57.1 Other income 23.7 — — — 23.7 Total revenues and other income 108.8 1.7 8.6 0.2 119.2 Expenses: Losses and loss adjustment expenses 23.2 0.8 24.0 Amortization of deferred acquisition costs, net — 0.2 0.2 Commission expense 4.5 4.5 General and administrative expenses 20.7 3.2 1.3 3.4 28.7 Total expenses 44.0 4.2 5.8 3.4 57.4 EBITDA 64.8 (2.5 ) 2.8 (3.2 ) 61.8 Add: Interest expense 44.1 44.1 Add: Depreciation expense 0.5 — — — 0.5 Add: Intangible amortization 13.7 — 0.7 14.3 Pretax income (loss) 6.5 (2.5 ) 2.1 (3.3 ) 2.8 Income tax expense (benefit) 0.3 — — 0.1 0.4 Net income (loss) $ 6.2 $ (2.5 ) $ 2.1 $ (3.4 ) $ 2.4
- 05/09/2023
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Ambac to Release First Quarter 2023 Results on May 9, 2023
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it will release first quarter 2023 results on May 9, 2023, following the close of the market.
- 04/25/2023
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With Bear Market Scars, These 26 Stocks Expect Up To 1,220% Growth
- Oil stocks dominate this list of today's fastest-growing stocks, all eyeing 100%-1,220% EPS gains this year. The post With Bear Market Scars, These 26 Stocks Expect Up To 1,220% Growth appeared first on Investor's Business Daily.
- 12/21/2022
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Ambac Financial Group, Inc. (AMBC) Q3 2022 Earnings Call Transcript
- Ambac Financial Group, Inc. (NYSE:AMBC ) Q3 2022 Earnings Conference Call November 9, 2022 8:30 AM ET Company Participants Charles Sebaski - Head, Investor Relations Claude LeBlanc - President and Chief Executive Officer David Trick - Chief Financial Officer Conference Call Participants Dennis Chua - Repertoire Partners Richard Burns - Private Investor Giuliano Bologna - Compass Point Geoffrey Dunn - Dowling & Partners Operator Greetings and welcome to the Ambac Financial Group, Inc. Third Quarter 2022 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.
- 11/10/2022
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Ambac (AMBC) Stock Rallies on Settlement With Bank of America
- Source: Shutterstock At long last, Ambac Financial Group's (NYSE: AMBC ) ongoing legal battle with Bank of America (NYSE: BAC ) has come to a resolution. Apparently, Ambac had brought litigation against Bank of America due to issues related to the 2008 mortgage market crash.
- 10/07/2022
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Billion-Dollar Settlement Boosts Insurance Stock
- Ambac Financial Group Inc (NYSE:AMBC) stock is surging today, after news that the insurance name has reached a settlement with Bank of America (BAC) for $1.84 billion.
- 10/07/2022
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Ambac Settles With Bank of America for $1.84 Billion
- Ambac Financial and Bank of America have resolved longstanding litigation related to residential mortgage-backed securities with a $1.84 billion settlement.
- 10/07/2022
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Ambac Financial Group mortgage suit against Countrywide, Bank of America cleared to go to jury trial
- Ambac Financial Group Inc. AMBC, +0.86% said Wednesday it's pleased with a decision by the Supreme Court of the State of New York's to allow its 2014 fraud lawsuit against Countrywide and Bank of America Corp. BAC, +0.56% to go forward to trial in front of a jury. The court denied Countrywide's motion for summary judgment in the case: Ambac Assurance Corp. vs.
- 08/31/2022
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Ambac Financial Group, Inc. (AMBC) CEO Claude LeBlanc on Q2 2022 Results - Earnings Call Transcript
- Ambac Financial Group, Inc. (NYSE:AMBC ) Q2 2022 Earnings Conference Call August 9, 2022 8:30 AM ET Company Participants Charles Sebaski - Head of Investor Relation Claude LeBlanc - Chief Executive Officer David Trick - Chief Financial Officer Conference Call Participants Operator Greetings, and welcome to Ambac Financial Group, Inc. Second Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode.
- 08/09/2022
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Ambac Financial Group, Inc. (AMBC) CEO Claude LeBlanc on Q1 2022 Results - Earnings Call Transcript
- Ambac Financial Group, Inc. (NYSE:AMBC ) Q1 2022 Earnings Conference Call May 11, 2022 8:30 AM ET Company Participants Charles Sebaski - Head of Investor Relation Claude LeBlanc - President & Chief Executive Officer David Trick - Executive Vice President, Chief Financial Officer & Treasurer Conference Call Participants David Belport - Wells Fargo Advisors Operator Greetings and welcome to Ambac Financial Group, Inc. First Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode.
- 05/11/2022
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Ambac Financial Group, Inc. (AMBC) CEO Claude LeBlanc on Q4 2021 Results - Earnings Call Transcript
- Ambac Financial Group, Inc. (AMBC) CEO Claude LeBlanc on Q4 2021 Results - Earnings Call Transcript
- 02/25/2022
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Ambac Financial Group, Inc. (AMBC) CEO Claude LeBlanc on Q3 2021 Results - Earnings Call Transcript
- Ambac Financial Group, Inc. (AMBC) CEO Claude LeBlanc on Q3 2021 Results - Earnings Call Transcript
- 11/09/2021
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Ambac Financial Group's (AMBC) CEO Claude LeBlanc on Q2 2021 Results - Earnings Call Transcript
- Ambac Financial Group's (AMBC) CEO Claude LeBlanc on Q2 2021 Results - Earnings Call Transcript
- 08/06/2021
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Ambac Reports Second Quarter 2021 Results
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG")), a financial services holding company, today reported a net loss attributable to common stockholders of $29 million or $0.63(1) per diluted share and adjusted loss(2) of $13 million or $0.30 per diluted share for the quarter ended June 30, 2021. This compares to net Income attributable to common stockholders of $17 million or $0.08 per diluted share and adjusted earnings of $41 million or $0.59 per diluted s
- 08/05/2021
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Ambac Assurance Endorses Plans Providing for Consensual Resolution of its Puerto Rico Exposures
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that its subsidiary, Ambac Assurance Corporation (“AAC”) executed a plan support agreement (the “PRIFA PSA”) that provides for a consensual settlement of its insured exposure to bonds issued by the Puerto Rico Infrastructure Financing Authority (“PRIFA”). AAC today also joined a plan support agreement (the “GO/PBA PSA”) related to general obligation (“GO”) bonds issued by t
- 07/27/2021
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Ambac to Release Second Quarter 2021 Results on August 5, 2021
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it will release second quarter 2021 results on August 5, 2021 following the close of the market. Conference Call On August 5, 2021 at 8:30am (ET), Claude LeBlanc, President and Chief Executive Officer, and David Trick, Executive Vice President and Chief Financial Officer, will discuss second quarter 2021 results during a live conference call. A live audio webcast of th
- 07/16/2021
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Ambac Launches Senior Secured Note Offering to Refinance Existing Ambac LSNI Senior Secured Notes
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac"), a financial services holding company, today announced that its newly formed special purpose entity, Sitka Holdings, LLC (“Sitka” or the “Issuer””), has launched a private offering, to eligible purchasers, of senior secured notes due 2026 (the “Sitka Senior Secured Notes”). The Sitka Senior Secured Notes will be secured by all assets of Sitka, which include a secured note issued by Ambac Assurance Corporation (“AAC”)
- 06/24/2021
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Venbrook Partners with Everspan on a Non-Emergency Medical Transportation Program
- WOODLAND HILLS, Calif., June 14, 2021 /PRNewswire/ -- Venbrook Group, LLC ("Venbrook"), a holdings company with various subsidiaries engaged in the insurance marketplace, today announced that it has formed a program partnership with Everspan Indemnity Insurance Company ("Everspan"), an excess and surplus lines insurer, which is part of Everspan Group, a participatory fronting insurance group Rated A- (Excellent) by AM Best with a Financial Size Category Class VIII, to offer a Non-Emergency Medical Transportation ("NEMT") Program.
- 06/14/2021
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Ambac Financial's (AMBC) CEO Claude LeBlanc on Q1 2021 Results - Earnings Call Transcript
- Ambac Financial's (AMBC) CEO Claude LeBlanc on Q1 2021 Results - Earnings Call Transcript
- 05/10/2021
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Recap: Ambac Financial Group Q1 Earnings
- Shares of Ambac Financial Group (NYSE:AMBC) fell 0.1% in pre-market trading after the company reported Q1 results. Quarterly Results Earnings per share rose 110.26% over the past year to $0.59, which may not compare to the estimate of ($0.53).
- 05/10/2021
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Ambac Reports First Quarter 2021 Results
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac"), a financial services holding company, today reported Net Income attributable to common stockholders of $17 million or $0.08(1) per diluted share and Adjusted Earnings(2) of $41 million or $0.59 per diluted share for the quarter ended March 31, 2021. This compares to a Net Loss attributable to common stockholders of $14 million or $0.31 per diluted share and Adjusted Earnings of $4 million or $0.08 per diluted share i
- 05/10/2021
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Ambac Reschedules Release of First Quarter 2021 Results and Conference Call to May 10, 2021
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it has rescheduled the release of its first quarter 2021 results to May 10, 2021, before market open. Ambac is rescheduling the release to allow it to consider the possible effect on first quarter results of the May 5th announcement by the Financial Oversight and Management Board (“FOMB”) for Puerto Rico. The FOMB's announcement provides details on an agreement with ce
- 05/06/2021
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Ambac to Release First Quarter 2021 Results on May 6, 2021
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it will release first quarter 2021 results on May 6, 2021 following the close of the market. Conference Call On May 7, 2021 at 8:30am (ET), Claude LeBlanc, President and Chief Executive Officer, and David Trick, Executive Vice President and Chief Financial Officer, will discuss first quarter 2021 results during a live conference call. A live audio webcast of the call w
- 04/20/2021
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Ambac Financial's (AMBC) CEO Claude LeBlanc on Q4 2020 Results - Earnings Call Transcript
- Ambac Financial's (AMBC) CEO Claude LeBlanc on Q4 2020 Results - Earnings Call Transcript
- 03/02/2021
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Ambac Reports Fourth Quarter 2020 Results
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac"), a financial services holding company, today reported a Net Loss attributable to common stockholders of $14 million or $0.31 per diluted share and Adjusted Earnings(1) of $4 million or $0.08 per diluted share for the quarter ended December 31, 2020. This compares to a Net Loss attributable to common stockholders of $108 million or $2.33 per diluted share and an Adjusted Loss of $93 million or $2.01 per diluted share i
- 03/01/2021
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Ambac Financial Group Earnings Preview
- Ambac Financial Group (NYSE:AMBC) announces its next round of earnings this Monday, March 01. Here is Benzinga's everything-that-matters guide for this Monday's Q4 earnings announcement.
- 02/26/2021
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Ambac to Release Fourth Quarter 2020 Results on March 1, 2021
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announced that it will release fourth quarter 2020 results on March 1, 2021 following the close of the market. Conference Call On March 2, 2021 at 8:30am (ET), Claude LeBlanc, President and Chief Executive Officer, and David Trick, Executive Vice President and Chief Financial Officer, will discuss fourth quarter 2020 results and provide additional detail and updates on Ambac's three
- 02/12/2021
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Ambac Launches Specialty Program Insurance Business Everspan Group Assigned AM Best Financial Strength Rating of ‘A-' (Excellent)
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac'), a financial services holding company, today announced that it has launched Everspan Group, a specialty, participatory fronting program insurance business. Earlier today, A.M. Best issued a Financial Strength Rating (“FSR”) of ‘A-' (Excellent) for Everspan Group's core insurance companies, Everspan Indemnity Insurance Company, an excess and surplus lines insurer and Everspan Insurance Company, an admitted carrier. Wit
- 02/10/2021
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Ambac Closes Financial Deleveraging Transaction Through Exchange of Outstanding Corolla Trust Obligations for Surplus Notes
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE:AMBC) (“Ambac”), a financial services holding company, today announced that its subsidiary, Ambac Assurance Corporation (“AAC”), successfully completed an exchange whereby it acquired 100% of the outstanding obligations of Corolla Trust in return for AAC issued 5.1% Senior Surplus Notes (“SSNs”). Corolla Trust was established in 2014 and is the sole owner of an AAC Junior Surplus Note (“JSN”) with a face amount of $350 million and acc
- 01/25/2021
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Ambac To Acquire Property & Casualty Managing General Underwriter Xchange; Provides Update on Strategy
- NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac'), a financial services holding company, today announced, consistent with its platform diversification strategy, that it has entered into an agreement to acquire 80% of the membership interests of each of Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC (collectively, “Xchange”), subject to customary closing conditions. Xchange, whose management principals will retain the remaining 20% of the company,
- 12/23/2020
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Ambac Financial Group, Inc. (AMBC) CEO Claude LeBlanc on Q3 2020 Results - Earnings Call Transcript
- Ambac Financial Group, Inc. (AMBC) CEO Claude LeBlanc on Q3 2020 Results - Earnings Call Transcript
- 11/10/2020
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Recap: Ambac Financial Group Q3 Earnings
- Shares of Ambac Financial Group (NYSE:AMBC) fell 1.93% in after-market trading after the company reported Q3 results.
- 11/09/2020
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Ambac: The Best Special Situation In The Markets Right Now
- Upcoming litigation has enough value to send the equity up hundreds of percentages. Hidden margin of safety creates a floor price for the shares.
- 11/09/2020
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Exclusive: HSBC put £1.5bn of customers' cash into 'dormant accounts'
- Leaked report raises questions over whether bank heeded warning that ‘frozen’ accounts could harm vulnerable customers
- 10/22/2020
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Brexit trade talks resume but Britain warns a deal is far from certain
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Makinson Cowell to Join Lazard
- Lazard Ltd (NYSE: LAZ) announced today that Makinson Cowell will join Lazard, effective 1 December 2020. Founded in 1989 and led by Bob Cowell and How
- 10/22/2020
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Coronavirus crisis has intensified UK's wealth divide, data reveals
- 12m adults struggling to pay bills, with BAME people worst hit, official figures show
- 10/21/2020
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Essent Group (NYSE:ESNT) vs. Ambac Financial Group (NYSE:AMBC) Critical Analysis
- Ambac Financial Group (NYSE:AMBC) and Essent Group (NYSE:ESNT) are both finance companies, but which is the better investment? We will contrast the two companies based on the strength of their valuation, analyst recommendations, profitability, dividends, earnings, risk and institutional ownership. Profitability This table compares Ambac Financial Group and Essent Group’s net margins, return on equity […]
- 10/20/2020
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Revint and Triage Become Cloudmed™, the Industry’s Most Comprehensive and Intelligent Revenue Integrity Platform
- Revint, a leader in data-driven revenue integrity solutions for healthcare providers, announced today it has completed its merger with Triage Consulti
- 10/20/2020
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Grant Shapps 'hopeful' test-and-release will cut UK Covid quarantine time
- Airline industry says planned seven-day waiting time is still ‘not going to cut the mustard’
- 10/19/2020
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Paula Dunn: 'I’m nice but I'm not weak. People get that mixed up'
- The first woman to become a head coach at British Athletics tells Sean Ingle it is possible to succeed in sport being kind and that the obsession with medals has gone too far
- 10/19/2020
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Global Processing Services Continues International Growth with Visa Investment
- Global Processing Services Continues International Growth with Visa Investment
- 10/19/2020
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Covid reinfections 'to be expected' as virus spreads, say government scientists
- Reports suggest timeframe between recovery and reinfection ‘relatively short’ for those who contracted virus twice
- 10/17/2020
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Q&A: Where are we in the COVID-19 vaccine race?
- Q&A: Where are we in the COVID-19 vaccine race?
- 10/16/2020
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US election: what a Biden or Trump victory could mean for Britain
- It could be the most significant election for US foreign policy since 1940, with huge implications for the UK
- 10/15/2020
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Geothermal Heat Pump Market Will Showcase Negative Impact During 2020-2024 | Rising Global Energy Consumption to Boost Market Growth | Technavio
- The Global Geothermal Heat Pump Market will grow by $ 9.5 bn during 2020-2024
- 10/15/2020
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Elderly Covid-19 hospital patients to be sent back to care homes
- The sensational decision has sparked widespread fears the UK Government has not learnt from its catastrophic errors during the first wave that led to the virus killing tens of thousands of residents.
- 10/14/2020
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Migrant healthcare charges are hampering the fight against Covid-19 | Hooi-Ling Harrison
- Checking a patient’s immigration status puts people off seeking treatment and is a waste of much-needed resources, says consultant Hooi-Ling Harrison
- 10/14/2020
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Hitachi ABB Power Grids Wins $6.6 Million Projects to Digitalize High-Speed Rail in the UK | | IT Business Net
- ZURICH, SWITZERLAND, Oct 14, 2020 - (JCN Newswire) - Hitachi ABB Power Grids, as part of its ongoing work with UK Power Networks Services to help manage existing traction power assets on High Speed 1
- 10/14/2020
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Amazon to escape UK digital services tax that will hit smaller traders
- US tech company’s third-party sellers face a 2% rise in the amount they pay
- 10/14/2020
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Global Autonomous Vehicle Sensor Market | Increased Need to Reduce Road Accidents to Boost the Market Growth | Technavio
- The Global Autonomous Vehicle Sensors Market will grow by 45.3 mn units during 2020-2024
- 10/14/2020
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MPs reject attempts to strengthen post-Brexit fishing protections
- Fisheries bill amendments on sustainable quotas and banning of supertrawlers defeated
- 10/13/2020
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UK Space Agency hopes first woman on moon mission will make it key player
- UK wants to be deeply involved in next frontier of space exploration – the mission to Mars
- 10/13/2020
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Europe POS Payment Methods and COVID-19's Impact, 2020 Report Featuring Apple, Garmin, Google, Samsung - ResearchAndMarkets.com
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Fears grow student Covid infections will spread into local areas in England and Wales
- Infection rates at universities up to seven times higher than in home cities
- 10/12/2020
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ArgoGlobal Announces Agreement on RITC Transaction with RiverStone
- ArgoGlobal Announces Agreement on RITC Transaction With RiverStone
- 10/12/2020
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Williamson accuses English universities of ignoring antisemitism
- Education secretary presses institutions to adopt IHRA definition by Christmas
- 10/09/2020
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This week’s home entertainment: from Taskmaster to Rap Trip
- Johnny Vegas and Richard Herring join Greg Davies for the 10th series, while the Rap Game UK winners hit the road
- 10/09/2020
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Markets fret as Trump pulls plug on stimulus package talks – business live
- Rolling coverage of the latest economic and financial news
- 10/07/2020
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‘It’s unacceptable’: 250,000 SMEs struggle to access bounce-back loans
- Cross-party group warns many businesses are falling through the cracks due to being with ‘wrong bank’
- 10/07/2020
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Two Sigma Advisers LP Boosts Holdings in Ambac Financial Group, Inc. (NASDAQ:AMBC)
- Two Sigma Advisers LP lifted its stake in Ambac Financial Group, Inc. (NASDAQ:AMBC) by 7.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,500 shares of the financial services provider’s stock after purchasing an additional 3,900 shares during the […]
- 10/07/2020
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Q&A: Where are we in the COVID-19 vaccine race?
- Q&A: Where are we in the COVID-19 vaccine race?
- 10/07/2020
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Lenders left wondering how PM's homeowners pledge will be achieved
- Boris Johnson’s conference promise leaves mortgage industry bemused and puzzled
- 10/06/2020
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Fire chiefs step into row over soaring insurance costs for high-rise flats
- Call for insurers to take ‘informed approach’ as leaseholders face rise in premiums of up to 1,200%
- 10/06/2020
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Global Cyber Insurance Market to be Driven by Rise in Cyber-Attacks in the Forecast Period of 2020-2025
- Oct 06, 2020 (SUPER MARKET RESEARCH via COMTEX) --
The new report by Expert Market Research titled, 'Global Cyber Insurance Market Price, Trends, Growth,...
- 10/06/2020
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Safety Shoes Market - Actionable Research on COVID-19 | Rising Instances of Industrial Accidents to Boost the Market Growth | Technavio
- The Global Safety Shoes Market will grow by USD 890.34 mn during 2020-2024
- 10/06/2020
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How does the PHE statistics error change the UK Covid picture?
- 15,841 coronavirus cases were not included in official figures, in latest testing data controversy
- 10/05/2020
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Priti Patel says Tories will bring in new laws for 'broken' UK asylum system
- Human rights groups decry home secretary’s plan to stop ‘endless legal claims’
- 10/04/2020
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Amgen Announces Collaboration With Two NHS Organisations to Help Improve Cholesterol Management for People at High Risk of a Heart Attack or Stroke
- Amgen today announced a new partnership with two NHS organisations, the North West Coast Innovation Agency and Imperial College Health Partners. This
- 10/04/2020
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Ambac Financial Group, Inc. (NASDAQ:AMBC) Shares Sold by Principal Financial Group Inc.
- Principal Financial Group Inc. decreased its stake in Ambac Financial Group, Inc. (NASDAQ:AMBC) by 1.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 341,920 shares of the financial services provider’s stock after selling 3,688 shares during the period. Principal Financial […]
- 10/03/2020
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UK Sport investigates British Bobsleigh over fresh racism and bullying claims
- UK Sport has launched an independent investigation into British Bobsleigh after the only black member of its board reported suffering discrimination, harassment and bullying
- 09/30/2020
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Personal Emergency Response System Market Will Showcase Neutral Impact During 2020-2024 | Growing Geriatric Population to Boost the Market Growth | Technavio
- The Global Personal Emergency Response System Market will grow by USD 2.47 bn during 2020-2024
- 09/30/2020
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Europe Sickle Cell Anemia Market and Competitive Landscape 2020: Pipeline, Epidemiology, Market Valuations, Drug Sales, Market Forecast, Drug Forecasts, and Market Shares 2016-2024 - ResearchAndMarkets.com
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A quarter of adopted UK children affected by drinking during pregnancy
- Survey by Adoption UK finds 17% of adopted children are suspected of having foetal alcohol spectrum disorder
- 09/28/2020
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Why I'm Still Bullish On National Grid (NYSE:NGG)
- Regulatory noise has caused recent price action volatility but The Global Investor sees this as an overblown issue.
- 09/28/2020
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Monopoly power is running wild. We need tough competition laws to rein it in | Michelle Meagher
- As a lawyer in the City, I saw how the rules can be twisted to shore up the big and suppress the small, says author Michelle Meagher
- 09/28/2020
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UK-built shoebox-sized satellites have launched into space
- Two of the devices have an on-board supercomputer with machine learning algorithms that can provide 'hyper-accurate predictions' of the locations of boats.
- 09/28/2020
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Aldi to create 4,000 more UK jobs as sales surge in Covid crisis
- Budget supermarket chain to open 100 new stores as part of £1.3bn investment
- 09/28/2020
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Oxford moves to protect students from China's Hong Kong security law
- Students will submit work related to China anonymously and told not to record classes
- 09/28/2020
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Global Mesothelioma Industry (2020 to 2024) - Develop In-depth Knowledge of Competition and Markets - ResearchAndMarkets.com
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UK universities 'bullying' junior staff into face-to-face teaching
- Young academic tells of £82 a week to teach three seminars and no statutory sick pay if he gets Covid-19
- 09/25/2020
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Cobalt Miners News For The Month Of September 2020
- Cobalt spot prices rose slightly for the month and LME cobalt inventory was lower. China’s SRB cobalt stockpiling could set metal price floor.
- 09/25/2020
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Europe Diabetic Nephropathy Market and Competitive Landscape Report 2020: Pipeline, Epidemiology, Market Valuations, Drug Sales, Market Forecast, Drug Forecasts, and Market Shares 2016-2024 - ResearchAndMarkets.com
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Unicef UK chair Douglas Alexander resigns amid bullying allegations
- Former Labour MP denies accusations as charity’s vice-chair also steps down
- 09/24/2020
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3 Reasons Why This Gold Correction Could Be The Last Below $2,000
- Deliveries of September spot gold have intensified during gold's correction, October deliveries begin September 29 with over 60,000 contracts open, and Registered Comex gold supplies are falling.
- 09/24/2020
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Unicef UK chief quits after bullying claims against chairman
- Sacha Deshmukh resigns after allegations against former government minister Douglas Alexander
- 09/24/2020
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Nearly a quarter of UK pubs and restaurants 'fear collapse' by Christmas
- Survey finds nearly 23% of bars and restaurants may fold within three months without support
- 09/23/2020
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As UK care homes face a Covid second wave, families are seeking alternatives
- Growing numbers of older people are choosing live-in care or to move in with homeowners who have spare rooms
- 09/23/2020
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Violation of the European Timber Regulation Sanctioned: Dutch Authorities Stop Chinese Made Plywood Import
- As of today, the Dutch competent authority has ordered the company Sakol Nederland B.V. (“Sakol”) to cease importing tropical face plywood from Jiangs
- 09/23/2020
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Follow new Covid restrictions or risk a second lockdown, Johnson warns
- PM says he is prepared for harsher restrictions, if new measures do not cut down virus’ spread
- 09/22/2020
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University of Liverpool confirms 87 Covid cases in week before start of term
- Other campuses face outbreaks as Boris Johnson calls for universities to stay open
- 09/22/2020
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Toilet roll sales rise by more than a fifth amid new UK Covid-19 restrictions
- Manufacturer insists supplies will not run out as long as customers don’t panic buy
- 09/22/2020
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Europe Neuroblastoma Market and Competitive Landscape Report 2020: Pipeline, Epidemiology, Market Valuations, Drug Sales, Market Forecast, Drug Forecasts, & Market Shares 2016-2024 - ResearchAndMarkets.com
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Curfews will ruin sector 'already on its knees', pubs warn Boris Johnson
- Publicans sign open letter claiming plan for 10pm curfew on drinkers not supported by evidence
- 09/21/2020
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Quantifying Shopify Remaining Upside (NYSE:SHOP)
- In this article, I evaluate the most recent developments and trends affecting Shopify and its industry.
- 09/21/2020
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Flood of complaints expected over Covid-19 UK business loans
- Exclusive: UK Treasury warns new Business Banking Resolution Service to prepare for surge in grievances over loans such as CBILS
- 09/21/2020
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Europe Scleroderma Market and Competitive Landscape Report 2020: Epidemiology, Key Products Marketed, Market Valuations and Forecast, Drugs Sales and Market Shares 2016-2024 - ResearchAndMarkets.com
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Justice and the Rohingya people are the losers in Asia's new cold war
- Attacks against the Muslim minority in Myanmar have gone unchecked as regional players focus on their own interests
- 09/20/2020
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Home Office plans to evict thousands of refused asylum seekers
- People in England whose cases have been refused will be given 21 days to leave UK, letter states
- 09/19/2020
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In 2005, Helios flight 522 crashed into a Greek hillside. Was it because one man forgot to flip a switch?
- The accident led to the deaths of 121 people, and an eight-year legal battle for engineer Alan Irwin. This is what happens when the finger of blame is pointed at you
- 09/19/2020
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Engagement with anti-vaccine Facebook posts trebles in one month
- Exclusive: Guardian analysis prompts calls for new drive to combat conspiracy theories
- 09/19/2020
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WAYLIVRA▼® (volanesorsen), the First and Only Therapy for FCS, an Ultra-Rare and Life-Threatening Condition, to Be Available on the NHS in England
- Akcea Therapeutics UK Ltd., a subsidiary of Akcea Therapeutics Inc. (NASDAQ: AKCA), announced today that the National Institute for Health and Care Ex
- 09/18/2020
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Abandoned in Lesbos: UK delays leave teenage refugee homeless after fire
- Labour urges Home Office to ‘right this wrong’ as Syrian teenager remains stranded in Lesbos despite legal right to join family
- 09/17/2020
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Brandon Hall Group Honors TÜV SÜD America with Gold Award for Excellence in Leadership Development
- TÜV SÜD America, an innovative leader in the field of testing, inspection and certification (TIC), won a coveted Brandon Hall Group Gold award for Exc
- 09/17/2020
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SPANJAARD LIMITED – Results of Annual General Meeting (‘AGM’) - SENS
- Sens announcement for SPANJAARD LIMITED – Results of Annual General Meeting (‘AGM’) - SENS
- 09/16/2020
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Plans to record pregnant women's alcohol consumption in England criticised
- Pregnancy charities suggest the guideline could fall foul of data protection regulations
- 09/16/2020
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Amazon UK unit pays $8 million corporation tax as sales hit $17.5 billion
- Amazon UK unit pays $8 million corporation tax as sales hit $17.5 billion
- 09/16/2020
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Tuesday briefing: Rancour as law-breaking bill goes forward
- Dozens of abstentions, while amendment threatens rebellion … problem drinking nearly doubles in lockdown … artist couple blow up van-load of debt
- 09/15/2020
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UK Athletics to cut costs by culling its Diamond League and anti-doping staff
- UK Athletics is planning to cut all its major events staff responsible for staging prestigious Diamond League meetings and also intends to reduce its anti-doping team
- 09/14/2020
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Element Media Group, Inc. Announces Acquisition of OTRO Studios
- Element Global, Inc. (OTC: ELGL)(“Element Global”), a diversified holding Company, announced that its wholly-owned subsidiary, Element Media Group, In
- 09/14/2020
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Before attempting to reform the police, we must discover what actually works
- There’s not enough research on policing being done, so law enforcement today reacts to shifts in politics or public opinion.
- 09/10/2020
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Over-50s in England ‘prematurely shuffled out of labour market’
- DWP data shows decade-long growth in over-50s employment stalled this year
- 09/10/2020
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New Covid plan for England could confine university students to halls
- Department for Education issues guidelines to combat spread of coronavirus
- 09/10/2020
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London bus attack couple join campaign to make misogyny a hate crime
- Increase in violence against women during lockdown makes new law imperative, says MP Stella Creasy
- 09/10/2020
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Telangana Government and UK India Business Council renew their MoU to strengthen the state's industrial development | Business
- The UK India Business Council (UKIBC) renewed its' Memorandum of Understanding (MoU) with Industries and Commerce Department, Government of Telangana.
- 09/08/2020
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Telangana Government and UK India Business Council Renew their MoU to Strengthen the State's Industrial Development | Business
- These interactions boost business investment, accelerate improvements in the ease of doing business, facilitate UK-Telangana business partnerships and expand higher education collaboration. The MoU was signed at a virtual roundtable by Mr. Jayesh Ranjan, Principal Secretary, Industries and Commerce Department, Government of Telangana and Mr. Kevin McCole, Managing Director, UKIBC in the presence of Mr. Andrew Fleming, Deputy High Commissioner, British Deputy High Commission - Hyderabad and UK businesses.
- 09/08/2020
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Mavenir apoia a Vodafone na rede OpenRAN Live para cobertura rural no Reino Unido
- A Vodafone UK se tornou a primeira operadora móvel do Reino Unido a mudar para um site OpenRAN 4G, em parceria com a Mavenir, o único provedor de soft
- 08/28/2020
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Mavenir Supports Vodafone in Live OpenRAN Network for Rural Coverage in the UK
- Mavenir supports Vodafone in live OpenRAN network for rural coverage in the UK.
- 08/27/2020
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Keto Pills Supplement UK – Dragons Den Keto Pills – Holland And Barrett Keto Pills
- Keto Pills Supplement UK – Dragons Den Keto Pills – Holland and Barrett Keto Pills: Peoples all around the globe struggle with excess weight | eTurboNews | Trends | Travel News |
- 08/26/2020
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Global $7.7 Bn Revenue Assurance Market Analysis, 2020-2026 - ResearchAndMarkets.com
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Tuesday briefing: Apocalyptic themes as Republicans back Trump
- Democrats will ‘disarm you, lock you in your homes’ … expectant mothers told only zero caffeine is safe … and how chairs shape our lives for the worse
- 08/25/2020
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Insurers ‘acted in bad faith’ in denying payouts for weddings cancelled because of coronavirus
- 'We believe the financial regulator must investigate and take tough action if the firm is found to have broken the rules,' says Which?
- 08/20/2020
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Ambac Financial : Second Quarter 2020 Puerto Rico Exposure Overview | MarketScreener
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Ambac Reports Second Quarter 2020 Results
- Ambac Financial Group, Inc. (NYSE:AMBC) ("Ambac"), a financial services holding company whose subsidiaries include run-off financial guarantee businesses, Ambac Assurance Corporation ("AAC") and Ambac Assurance UK Limited ("Ambac UK"), today reported a Net Loss attributable to common stockholders of $35 million or $0.77 per diluted share and an Adjusted Loss(1) of $24 million or $0.52 per diluted share for the quarter ended June 30, 2020. This compares to a Net Loss attributable to common stockholders of $280 million or $6.07 per diluted share and an Adjusted Loss of $265 million or $5.75 per diluted share in the first quarter of 2020. Book Value per Share increased $1.46 to $23.34 and Adjusted Book Value per Share(1) decreased $1.05 to $21.06 at June 30, 2020 from March 31, 2020.
- 08/06/2020
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Earnings Preview: Ambac Financial Group
- Ambac Financial Group (NYSE: AMBC) will be releasing its next round of earnings this Thursday, August 06. For all of the relevant information, here is your guide for Thursday's Q2 earnings announcement.Earnings and Revenue Ambac Financial Group EPS will likely be near $-0.61 while revenue will be around $50.20 million, according to analysts. Ambac Financial Group EPS in the same period a year ago totaled $1.880. Revenue was $89.13 million. If the company were to match the consensus estimate, earnings would be down 132.45%. Here's how the company's EPS has stacked up against analyst estimates in the past:Quarter Q1 2020 Q4 2020 Q3 2019 Q2 2019 EPS Estimate -0.53 -0.46 0.59 -0.14 EPS Actual -5.75 -1.91 1.63 1.88 Revenue Estimate 59.90 M 68.72 M 138.70 M 75.60 M Revenue Actual -70.00 M 91.00 M 216.16 M 89.13 M Stock Performance Over the past 52-week period, shares of Ambac Financial Group have declined 30.45%.View more earnings on AMBCConsidering these returns, shareholders will likely be feeling unsatisfied going into this earnings release.Don't be surprised to see the stock move on comments made during its conference call. Ambac Financial Group is scheduled to hold the call at 08:30:00 ET and can be accessed here: https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg20.jsp&referrer=https%3A%2F%2Fwww.ambac.com%2Fhome%2Fdefault.aspx&eventid=2520006&sessionid=1&key=A0CAFBF583170956A932F420AE839C87®Tag=&sourcepage=registerSee more from Benzinga * Amphastar Pharmaceuticals's Earnings: A Preview * Earnings Outlook For Appian * Earnings Preview for American Vanguard(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- 08/05/2020
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Gator Capital Management 2Q 2020 Investor Letter
- At Gator Capital Management, we are dedicated to the management of concentrated investment portfolios consisting of companies with proven profitability and dominant franchises.
- 07/31/2020
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Britain's COVID lending schemes risk widening regional divides
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Britain's COVID lending schemes risk widening regional divides | MarketScreener
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Ambac to Release Second Quarter 2020 Results on August 6, 2020
- Ambac Financial Group, Inc. (NYSE:AMBC), a financial services holding company whose principal subsidiaries Ambac Assurance Corporation and Ambac UK Limited are financial guarantee insurance companies currently in run-off, will release second quarter 2020 results on August 6, 2020 following the close of the market.
- 07/17/2020
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Ambac to Release Second Quarter 2020 Results on August 6, 2020
- Ambac Financial Group, Inc. (NYSE:AMBC), a financial services holding company whose principal subsidiaries Ambac Assurance Corporation and Ambac UK Li
- 07/17/2020
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APG Asset Management N.V. Purchases Shares of 12,700 Ambac Financial Group, Inc. (NASDAQ:AMBC)
- APG Asset Management N.V. purchased a new stake in Ambac Financial Group, Inc. (NASDAQ:AMBC) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 12,700 shares of the financial services provider’s stock, valued at approximately $205,000. A number of other hedge funds also recently bought and […]
- 07/16/2020
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Ambac Financial Group (NYSE:AMBC) Share Prices Have Dropped 26% In The Last Three Years
- Many investors define successful investing as beating the market average over the long term. But its virtually certain...
- 07/14/2020
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Abcam : Cancer Research UK and Abcam launch custom partnership to accelerate cancer research | MarketScreener
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Morgan Stanley Sells 28,423 Shares of Ambac Financial Group, Inc. (NASDAQ:AMBC)
- Morgan Stanley lessened its holdings in shares of Ambac Financial Group, Inc. (NASDAQ:AMBC) by 3.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 906,232 shares of the financial services provider’s stock after selling 28,423 shares during the quarter. Morgan Stanley owned about 1.98% of […]
- 07/06/2020
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Tower Research Capital LLC TRC Increases Holdings in Ambac Financial Group, Inc. (NASDAQ:AMBC)
- Tower Research Capital LLC TRC grew its stake in shares of Ambac Financial Group, Inc. (NASDAQ:AMBC) by 1,022.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,488 shares of the financial services provider’s stock after acquiring an additional 4,088 shares during the […]
- 07/02/2020
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Squarepoint Ops LLC Increases Position in Ambac Financial Group, Inc. (NASDAQ:AMBC)
- Squarepoint Ops LLC increased its stake in Ambac Financial Group, Inc. (NASDAQ:AMBC) by 5.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 42,583 shares of the financial services provider’s stock after acquiring an additional 2,066 shares during the period. Squarepoint Ops LLC owned about 0.09% of […]
- 07/02/2020
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Mitchells & Butlers : Bonds Announcement | MarketScreener
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European passports dominate top ten list of world’s most powerful passports
- According to the latest global mobility data, Europeans will benefit more than any other citizens worldwide in terms of restriction-free travel from 1st | eTurboNews | Trends | Travel News | International Visitor News
- 06/30/2020
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Ambac Financial Group, Inc. (AMBC): Hedge Funds In Wait-and-See Mode
- Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors' consensus returns have been exceptional. In the following paragraphs, we find out […]
- 06/27/2020
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12,700 Shares in Ambac Financial Group, Inc. (NASDAQ:AMBC) Acquired by APG Asset Management N.V.
- APG Asset Management N.V. bought a new position in shares of Ambac Financial Group, Inc. (NASDAQ:AMBC) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 12,700 shares of the financial services provider’s stock, valued at approximately $205,000. Other large investors have also modified […]
- 06/19/2020
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2020 Large Cap Stocks List - Sure Dividend
- Large cap stocks have market capitalizations above $10 billion. See our top 10 large cap stocks today plus a downloadable list of over 400 large cap stocks.
- 06/18/2020
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Principal Financial Group Inc. Reduces Stock Position in Ambac Financial Group, Inc. (NASDAQ:AMBC)
- Principal Financial Group Inc. lessened its holdings in Ambac Financial Group, Inc. (NASDAQ:AMBC) by 4.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 345,608 shares of the financial services provider’s stock after selling 14,294 shares during the quarter. Principal Financial Group Inc. owned […]
- 06/16/2020
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Swiss National Bank Buys 1,100 Shares of Ambac Financial Group, Inc. (NASDAQ:AMBC)
- Swiss National Bank grew its holdings in Ambac Financial Group, Inc. (NASDAQ:AMBC) by 1.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 88,200 shares of the financial services provider’s stock after acquiring an additional 1,100 shares during the period. Swiss National […]
- 06/10/2020
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Edited Transcript of AMBC earnings conference call or presentation 12-May-20 12:30pm GMT
- Q1 2020 Ambac Financial Group Inc Earnings Call
- 06/05/2020
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U.S. Supreme Court upholds Puerto Rico financial oversight board appointments
- The U.S. Supreme Court on Monday upheld appointments to Puerto Rico's federally created financial oversight board that had been challenged by creditors in a ruling that avoids disruption to the panel's restructuring of about $120 billion of the bankrupt U.S. territory's debt.
- 06/01/2020
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Board: Puerto Rico to see 65% surplus drop amid debt crisis
- A federal control board that oversees Puerto Rico’s finances says the island could be hit with a deficit earlier than expected and see its surplus plunge by 65%, warning the government cannot afford to pay current debt obligations
- 05/27/2020
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Board: Puerto Rico to see 65% surplus drop amid debt crisis
- A federal control board that oversees Puerto Rico’s finances says the island could be hit with a deficit earlier than expected and see its surplus plunge by 65%, warning the government cannot afford to pay current debt obligations
- 05/27/2020
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Ambac Files Complaint Against the Financial Oversight & Management Board for Puerto Rico, Alleging PROMESA Violates U.S. Constitution’s Uniform Bankruptcy Law Requirement
- Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "the Company"), a financial services holding company whose subsidiaries include Ambac Assurance Corporation, a guarantor of financial obligations in run-off ("Ambac Assurance"), today announced that Ambac Assurance has filed a complaint in the United States District Court for the District of Puerto Rico against the Financial Oversight & Management Board for Puerto Rico ("the Oversight Board").
- 05/26/2020
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Ambac Files Complaint Against the Financial Oversight & Management Board for Puerto Rico, Alleging PROMESA Violates U.S. Constitution’s Uniform Bankruptcy Law Requirement
- Ambac Financial Group, Inc. (NYSE: AMBC) (
- 05/26/2020
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Insider Buying: The Ambac Financial Group, Inc. (NYSE:AMBC) President Just Bought 6.2% More Shares
- Whilst it may not be a huge deal, we thought it was good to see that the Ambac Financial Group, Inc. (NYSE:AMBC...
- 05/15/2020
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Jacobs Asset Management, Llc Buys PennyMac Financial Services Inc, SPDR Select Sector Fund - ...
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Shares of several financial companies are trading higher. Not seeing any sector-wide news to justify the price action. NOTE: The financial sector rebound is leading the market higher today.
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Mid-Day Market Update: Virtusa Falls On Downbeat Q4 Results; Applied DNA Sciences Shares Jump
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Ambac Financial Group Inc (AMBC) CEO Claude Leblanc Bought $98,994 of Shares
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Shares of several companies in the financial services sector are trading lower amid market weakness, potentially related to cautious comments from Fed Chair Powell, who suggested uncertainty and 'significant' downside risks in the economy. The coronavirus pandemic has slowed economic growth and led to businesses scaling back investment, which has negatively impacted the financial sector.
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Ambac to Host Virtual Annual Meeting of Stockholders
- Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or the "Company"), a financial services holding company whose subsidiaries include Ambac Assurance Corporation, a guarantor of financial obligations in run-off, announced today that it will host the Company’s 2020 annual meeting of stockholders virtually due to public health concerns resulting from the coronavirus (COVID-19) outbreak, and government-recommended and required limits on public gatherings. Holding the meeting online will also protect the health and safety of the Company’s stockholders, directors and employees.
- 05/12/2020
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Shares of several companies in the financial services sector are trading lower. Weakness potentially related to economic uncertainty as a result of the coronavirus pandemic, which has caused businesses to scale back investment. US states easing lockdown restrictions has led to some investor concerns of a resurgence in cases, which could further hamper economic outlook.
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Ambac Financial Group Inc (AMBC) Q1 2020 Earnings Call Transcript
- It is now my pleasure to introduce your host, Ms. Lisa Kampf, Head of Investor Relations. Good morning and thank you all for joining today's conference call to discuss Ambac Financial Group's first quarter 2020 financial results.
- 05/12/2020
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Ambac to Host Virtual Annual Meeting of Stockholders
- Ambac Financial Group, Inc. (NYSE: AMBC) (
- 05/12/2020
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Ambac Financial Group Q1 Adj. EPS $(5.750) Down From $(1.910) YoY
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Ambac Reports First Quarter 2020 Results
- Ambac Financial Group, Inc. (NYSE:AMBC) ("Ambac"), a financial services holding company whose subsidiaries include Ambac Assurance Corporation ("AAC") and Ambac Assurance UK Limited ("Ambac UK"), guarantors of financial obligations in run-off, today reported a Net Loss attributable to common stockholders of $280 million or $6.07 per diluted share and an Adjusted Loss(1) of $265 million or $5.75 per diluted share for the quarter ended March 31, 2020. This compares to a Net Loss attributable to common stockholders of $110 million or $2.40 per diluted share and an Adjusted Loss of $88 million or $1.91 per diluted share in the fourth quarter of 2019.
- 05/11/2020
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Ambac Reports First Quarter 2020 Results
- Ambac Financial Group, Inc. (NYSE:AMBC) (
- 05/11/2020
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Stocks expected to trade the economy's reopening in the week ahead
- Investors will watch the economy's reopening, Fed Chairman Powell, and and economic reports, including retail sales in the coming week.
- 05/08/2020
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Roger Westman obituary
- Other lives: Architect who took great care that his buildings worked for their inhabitants
- 05/07/2020
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Athletics-UK Athletics review identifies 'culture of mistrust'
- An independent review into UK Athletics (UKA) has identified a "general culture of mistrust" within the organisation and concluded that the sport "is not currently in a good position", according to a summary of findings released on Thursday.
- 05/07/2020
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'It couldn’t get any worse' – review into UK Athletics demands sweeping change
- An independent review into UK Athletics has demanded changes to the organistion’s structures, culture and ethical approach
- 05/07/2020
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Global Acne Markets, 2016-2024 - ResearchAndMarkets.com
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Court upholds ban on anti-abortion poster targeting Stella Creasy
- Christian Hacking challenged council order over ‘StopStella’ ad on human rights grounds
- 05/06/2020
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Virgin Money chief downplays impact of Branson bailout plea
- David Duffy blames stalled plans to rebrand Clydesdale branches on Covid-19 amid row over Virgin Atlantic funding
- 05/06/2020
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UK's coronavirus recovery should have green focus, Johnson urged
- Climate advisers call for work and training in low-carbon heating, water efficiency and flood-protection
- 05/06/2020
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Serengeti Asset Management LP Buys FirstEnergy Corp, Six Flags Entertainment Corp, Acadia ...
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'Not just weeds': how rebel botanists are using graffiti to name forgotten flora
- Pavement chalking to draw attention to wild flowers and plants in urban areas has gone viral across Europe – but UK chalkers could face legal action
- 05/01/2020
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Does Ambac Financial Group, Inc.’s (NYSE:AMBC) CEO Pay Matter?
- Claude LeBlanc has been the CEO of Ambac Financial Group, Inc. (NYSE:AMBC) since 2017. This report will, first...
- 04/26/2020
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Ambac Financial Group (NASDAQ:AMBC) Lifted to "Sell" at BidaskClub
- BidaskClub upgraded shares of Ambac Financial Group (NASDAQ:AMBC) from a strong sell rating to a sell rating in a report issued on Tuesday, BidAskClub reports. Separately, TheStreet lowered Ambac Financial Group from a c- rating to a d+ rating in a research note on Monday, March 16th. Shares of AMBC opened at $15.89 on Tuesday. […]
- 04/25/2020
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Geode Capital Management LLC Increases Stock Holdings in Ambac Financial Group, Inc. (NASDAQ:AMBC)
- Geode Capital Management LLC boosted its stake in Ambac Financial Group, Inc. (NASDAQ:AMBC) by 3.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 636,879 shares of the financial services provider’s stock after acquiring an additional 23,943 shares during the quarter. Geode Capital Management LLC owned 1.40% […]
- 04/19/2020
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