Ambac Financial Group, Inc. (NYSE:AMBC) Q4 2020 Earnings Conference Call March 2, 2021 8:30 AM ET Company Participants Lisa Kampf – Head-Investor Relations Claude LeBlanc – President and Chief Executive Officer David Trick – Executive Vice President, Chief Financial Officer and Treasurer Conference Call Participants Mark Palmer – BTIG Derek Pilecki – Gator Capital Giuliano Bologna – Compass Point Matt Weber – Sage Venture Partners Operator Greetings and welcome to the Ambac Financial Group, Inc. Fourth Quar ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-10777 AMBAC FINANCIAL GROUP, INC. (Exact name of Registrant as specified in its charter) Delaware 13-3621676 (State of incorporati ...

Ambac Financial Group, Inc. (NYSE:AMBC) Q3 2020 Earnings Conference Call November 10, 2020 8:30 AM ET Company Participants Lisa Kampf - Head, IR Claude LeBlanc - CEO David Trick - CFO Conference Call Participants Mark Palmer - BTIG Giuliano Bologna - Compass Point Sean Perkins - Waterfall Asset Management Operator Greetings, and welcome to the Ambac Financial Group, Inc. Third Quarter 2020 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-10777 AMBAC FINANCIAL GROUP, INC. | --- | --- | --- | |-------------------------------------------------------------|----------------------------------------------|--------- ...

Financial Data and Key Metrics Changes - Ambac reported a net loss of $35 million or $0.77 per diluted share for Q2 2020, compared to a net loss of $280 million or $6.07 per diluted share in Q1 2020 [8][18] - Adjusted loss for Q2 was $24 million or $0.52 per diluted share, down from an adjusted loss of $265 million or $5.75 per diluted share in Q1 [19] - Book value per share increased by $1.46 to $23.34, while adjusted book value decreased to $21.06 from $22.11 [23] Business Line Data and Key Metrics Changes - Premiums earned were $11 million in Q2, slightly up from just over $10 million in Q1 [20] - Investment income, excluding realized gains, was $52 million in Q2, a significant recovery from a net loss of $21 million in Q1 [20] - Loss and loss expenses incurred were $16 million in Q2, down from $117 million in Q1, with public finance sector losses driving the incurred losses [21][22] Market Data and Key Metrics Changes - Net par exposure was $35.3 billion at June 30, 2020, down 3% from March 31, 2020 [10] - Watch list and adversely classified credits were $14 billion at June 30, 2020, up 1% from Q1 [10] Company Strategy and Development Direction - The company remains focused on derisking its watch list and adversely classified credits, particularly in the public finance sector [12] - Ambac is exploring new market opportunities that could lead to future value creation for shareholders [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty regarding the impact of COVID-19 on municipal exposures and emphasized the need for ongoing monitoring [9] - The company believes its financial guarantee business is well-positioned to manage potential challenges due to its disciplined risk management strategy [24][25] Other Important Information - Ambac facilitated a reinsurance transaction related to its remaining exposure to the New Jersey Turnpike and commuted a significant portion of its exposure to PG&E [12] - The company is implementing a specialty insurance new business strategy, with the approval of Everspan Insurance Company as a key component [16][17] Q&A Session Summary Question: Impact of low interest rates on Ambac - Management discussed the benefits of lower interest rates, including opportunities for refinancing municipal credits and increased excess spread in structured finance portfolios [29][30] Question: Repurchase of Ambac liabilities - The company confirmed it bought back approximately $150 million in Ambac-wrapped securities during the quarter [35] Question: Cash and investments at AFG - Management clarified that the reported cash and investments of $481 million at AFG is a net number, with no significant liabilities other than working capital payables [37]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-10777 AMBAC FINANCIAL GROUP INC Exact name of Registrant as specified in its charter) Delaware 13-3621676 | --- | --- | --- | |--------------------------------------------------- ...

Ambac Financial Group, Inc. (NYSE:AMBC) Q1 2020 Earnings Conference Call May 12, 2020 8:30 AM ET Company Participants Lisa Kampf - MD, IR Claude LeBlanc - President, CEO & Director David Trick - EVP, CFO & Treasurer Conference Call Participants Giuliano Bologna - BTIG Operator Good morning, and welcome to the Ambac Financial Group, First Quarter 2020 Earnings Call [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Lisa Kampf, Head of ...