Ambac Financial reports Q1 EPS ($1.22) vs 44c last year

Reports Q1 revenue $40.998M vs $17.865M last year. Claude LeBlanc, President and Chief Executive Officer, stated, “Our P&C business had a strong start to the year, with premium production up 70% to $318 million and revenue up 27% to $63 million, both compared to the first quarter of 2024, bolstered by our acquisition of Beat. Our increasingly diversified portfolio is being built for long-term growth and to withstand market cyclicality, such as the headwinds experienced in property and ESL this quarter. We are positioned to continue growing our business by focusing on specialty niches, and I am encouraged by the early indications from the MGAs we launched last year, a few of which are already profitable and all of which are trending towards consistent profitability.”