On February 26, 2025, Ambac Financial Group reported a net loss of $492.5 million, or $10.23 per share, for the fourth quarter of 2024. For the full year 2024, the company posted a net loss of $1.26 per share, compared to a profit of $0.20 per share in fiscal year 2023.
Full year revenue from continuing operations increased by 89% to $236 million, despite a 12% decrease in total revenue to $235.8 million from FY 2023. The P&C premium production surged 74% to $876 million for the full year, with Cirrata's revenue growing 93% to $99 million.
A significant event was the move of the legacy financial guarantee business to discontinued operations in preparation for its sale, which resulted in a $570 million loss on transfer. Everspan's combined ratio improved to 96.5% in Q4, and 101.6% for the full year, demonstrating progress towards underwriting profitability. The company also launched six new MGAs and acquired Beat Capital Partners during the year, expanding its distribution platform and securing over $1.5 billion of committed third-party capacity for 2025.
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