Ambac(US:AMBC)2024-05-07 14:41Financial Performance & Strategic Priorities - Ambac Financial Group (AFG) reported net income attributable to common stockholders of $20.1 million in 1Q24, compared to a net loss of $(33.4) million in 1Q23[50] - Adjusted net income for 1Q24 was $38.5 million, compared to an adjusted net loss of $(13.8) million in 1Q23[50] - Ambac's Specialty P&C platform aims to grow Gross Premium Written (GPW) to over $400 million in 2024 and target mid-teens Return on Equity (ROE) at scale[6] - Cirrata targets over $300 million in premiums placed and over $60 million in revenue in 2024, striving for double-digit organic growth and over 20% EBITDA margins[6] Everspan: Specialty P&C Program Insurer - Everspan's Gross Premium Written (GPW) in 1Q24 was $96 million, up 86% compared to 1Q23[21] - Everspan achieved a quarterly pre-tax profit of $2 million in 1Q24, compared to a $(1) million loss in 1Q23[21] - Everspan's Combined Ratio in 1Q24 was 98.4%, improved from 121.9% in 1Q23[21, 24] Cirrata: Insurance Distribution - Cirrata placed $90 million of premium in 1Q24, a 17% increase over 1Q23[29] - Cirrata's total revenue in 1Q24 was $18 million, an increase of $3 million over 1Q23[29] - Cirrata's pre-tax income was $3.8 million with a 21.5% margin in 1Q24[29] Legacy Financial Guarantee - Legacy Financial Guarantee insured net par decreased 2.6% to $19.0 billion in 1Q24[37]