Ambac Financial : First Quarter 2025 Highlights

Published: 2025-05-13 11:49:16 ET AMBC

Published on 05/13/2025 at 11:49

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P&C premium production up 70% to ~$318 million

Total revenue up 27% to ~$63 million

Beat Capital contributed over $20 million of revenue, up ~40%

Completed all pre-closing conditions for Legacy sale

Premium placed increased 156% to $231 million

Total revenue up 129% to $41 million over prior year

Organic growth of (2)%

Net Income & EBITDA1,3 ($ in millions)

Net loss of $(2) million with a margin of (4)%

Adjusted EBITDA of $12 million2,3with a margin1of 29%

Adjusted EBITDA to shareholders of $7 million2,3with a margin1of 17%

Premium Placed by Line ($ in millions)

$30

$20

$10

$0

-$10

2022 2023 2024 1Q 2025

$600

$500

$400

$300

$200

$100

$0

$493

$231

$231

$135

2022 2023 2024 1Q 2025

A&H

Specialty Auto

Other professional

Niche Specialty Risks

Property

Marine & Energy

Professional D&O

Reinsurance

Misc. Specialty

EBITDA Margin calculated as EBITDA/Total (Segment) Revenue

EBITDA is prior to the impact of noncontrolling interests, relating to subsidiaries where Ambac does not own 100%, of $5.0 and $0.9 for the three months ended March 31, 2025 and 2024, respectively.

Refer to slides ##for a reconciliation of Non-GAAP financial measures

GPW $87 million down 10% vs. 1Q2024

67% of 1Q25 GPW is E&S lines

Loss ratio of 66.9% compared to 75.7% for 1Q2024

Combined ratio of 102.1% vs. 98.4% for 1Q2024

GPW by Line of Business

Gross Premium Written (GPW) and Number of Programs

1Q2025

1Q2024

27

26

23

14

500 35

20%

32%

17%

400

(GPW in millions)

300

200

100

0

30

(Program #)

25

20

15

10

2022 2023 2024 1Q 2025

1. Ambac Stockholders' Equity as shown on slide 20

Disclaimer

Ambac Financial Group Inc. published this content on May 12, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2025 at 15:48 UTC.