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Ambac posts specialty P&C loss amid business transition

May 12, 2022

Ambac Financial Group, Inc. has posted net income of $2 million for the first quarter of 2022, and adjusted earnings of $14 million.

This compares to net income of $17 million and adjusted earnings of $41 million for the same period last year.

However, its specialty property and casualty business segment recorded a pretax loss of $2 million for the quarter, slightly worse than last year when it reported a loss of $1 million.

Specialty P&C insurance production, which includes gross premiums written for Ambac’s Specialty P&C Insurance segment and premiums placed by the Insurance Distribution segment, totalled $69 , an increase of 71% from the first quarter of 2021.

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