Ambac(AMBC)2025-02-26 22:25Revenue and Growth - Total revenue from continuing operations increased by 89% year-over-year to 236 million[3] - Total Specialty P&C Insurance premium rose by 74% year-over-year to 876 million[3] - Specialty P&C Insurance production reached 44,070 thousand, representing a 257% increase compared to 382,771,000 in 2024 from 5 million for Q4 2024, up 270% from the previous year[3] - The company reported a consolidated net loss of (10.23) per diluted share for Q4 2024[3] - The net income from continuing operations attributable to Ambac shareholders was (9) million in Q4 2023[3] - Net income from continuing operations rose significantly by 68% to 1,092 thousand in Q4 2023, with an annual increase of 3025% to 335 thousand[13] - The diluted net income per share for Q4 2024 was 0.10 in Q4 2023[20] - The company reported a net loss attributable to common shareholders of 3,632 thousand in 2023[20] - Net income from continuing operations for 2024 was a loss of 23,232,000 in 2023, indicating a worsening of 153.5%[42][44] Expenses and Ratios - The combined ratio improved by 380 basis points to 96.5% compared to Q4 2023[3] - The expense ratio for Q4 2024 increased to 44.6% from 32.9% in the prior year, influenced by a sliding scale commissions adjustment[16] - Corporate expenses increased to 13 million in Q4 2023, primarily due to costs associated with the Beat acquisition[16] - Total expenses from continuing operations increased to 148,949,000 in 2023, reflecting a rise of 98.7%[42][44] Business Operations and Strategy - Ambac launched six new Managing General Agents (MGAs) in 2024, exceeding previous expectations[3] - The company is in the final stages of selling its Legacy Financial Guarantee business for (570) million recorded in Q4 2024[3] - The company is in the process of selling its legacy financial guarantee business, pending regulatory approval[32] - The company faced significant challenges, including a high degree of volatility in stock price and potential disruptions from proposed sale transactions, which could materially affect future performance[36] - The company highlighted risks related to credit exposure and the inability to generate sufficient cash to service its debt obligations, which could impact financial stability[36] - The company is actively pursuing business expansion plans, although it faces challenges in onboarding new program partners and achieving expected synergies from acquisitions[36] Shareholder Information - Stockholders' equity decreased to 18.43 per share as of December 31, 2024, down from 30.89 per share as of September 30, 2024[19] - During Q4 2024, the company repurchased 962,141 shares at an average price of 14.8 million[18] Tax and Income Provisions - The provision for income taxes in Q4 2023 was 157,000, indicating a shift in tax position[39] - The provision for income taxes in 2024 was a benefit of 989,000 in 2023, a decrease of 6.7%[42][44]