On November 12, 2024, Ambac Financial Group reported a net loss of $28 million, or $0.63 per share, for the third quarter of 2024. This compares to a profit of $1.45 per share in the same period of 2023.
Total revenue for the quarter increased by 67% year-over-year to $115.0 million. The Insurance Distribution segment (Cirrata) reported $30 million in net commissions and $8.9 million in EBITDA, with premiums placed reaching $288 million. The Specialty P&C Insurance segment (Everspan) generated gross premiums written of $115.2 million.
In addition to its earnings, Ambac's Board of Directors approved a new $50 million stock repurchase program. This program reflects management's confidence in the company's intrinsic value and its commitment to returning capital to shareholders. The company's book value per share stood at $30.89 as of September 30, 2024.
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