On May 12, 2025, Ambac Financial Group reported total revenues from continuing operations of $63 million for the first quarter of 2025, an increase of 27% compared to the prior year. However, the net loss from continuing operations attributable to shareholders increased to $16 million, compared to a $4 million loss in Q1 2024.
The net loss attributable to common stockholders per diluted share was $1.22, a significant change from a $0.44 profit in the prior-year period. The Insurance Distribution segment (Cirrata) saw revenues surge 129% to $41 million, with premiums placed increasing 156% to $231 million, and Adjusted EBITDA to shareholders up 69% to $7 million. Organic growth for Cirrata was (2.1)%.
The Specialty P&C Insurance segment (Everspan) reported gross premiums written of $87 million, a 10% decrease from the prior year, reflecting strategic program exits. Everspan's loss ratio improved to 66.9% from 75.7%, though its combined ratio increased to 102.1% from 98.4%. Ambac also repurchased 264,791 shares at an average price of $11.79 per share, with $35.2 million remaining on its authorization.
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