Ambac Reschedules Release of First Quarter 2021 Results and Conference Call to May 10, 2021
May 06 2021 - 2:15PM
Business Wire
Ambac Financial Group, Inc. (NYSE: AMBC), a financial services
holding company, today announced that it has rescheduled the
release of its first quarter 2021 results to May 10, 2021, before
market open. Ambac is rescheduling the release to allow it to
consider the possible effect on first quarter results of the May
5th announcement by the Financial Oversight and Management Board
(“FOMB”) for Puerto Rico. The FOMB’s announcement provides details
on an agreement with certain creditors to settle their clawback
claims and establish a Plan of Adjustment framework for debts of
the Puerto Rico Highways and Transportation Authority and the
Puerto Rico Convention Center District Authority and a template for
treatment of other clawback claims, including with respect to bonds
issued by the Puerto Rico Infrastructure Financing Authority.
The agreement, as made available by the FOMB, can be accessed at
the following link: https://oversightboard.pr.gov/documents/.
Conference Call
On May 10, 2021, at 8:30am (ET), Claude LeBlanc, President and
Chief Executive Officer, and David Trick, Executive Vice President
and Chief Financial Officer, will discuss first quarter 2021
results during a live conference call. A live audio webcast of the
call will be available through the Investor Relations section of
Ambac’s website, www.ambac.com. Participants may also listen via
telephone by dialing (877) 407-9716 (Domestic) or (201) 493-6779
(International).
The webcast will be archived on Ambac's website. A replay of the
call will be available through May 24, 2021 and can be accessed by
dialing (844) 512-2921 (Domestic) or (412) 317-6671
(International), using ID#13717886.
About Ambac
Ambac Financial Group, Inc. (“Ambac” or “AFG”), headquartered in
New York City, is a financial services holding company. Ambac's
subsidiaries include: Ambac Assurance Corporation and Ambac
Assurance UK Limited, financial guarantee insurance companies
currently in runoff; Everspan Indemnity Insurance Company and
Everspan Insurance Company, specialty property & casualty
program insurers; and Xchange Benefits, LLC and Xchange Affinity
Underwriting Agency, LLC, property & casualty Managing General
Underwriters. Ambac’s common stock trades on the New York Stock
Exchange under the symbol “AMBC”. The Amended and Restated
Certificate of Incorporation of Ambac contains substantial
restrictions on the ability to transfer Ambac’s common stock.
Subject to limited exceptions, any attempted transfer of common
stock shall be prohibited and void to the extent that, as a result
of such transfer (or any series of transfers of which such transfer
is a part), any person or group of persons shall become a holder of
5% or more of Ambac’s common stock or a holder of 5% or more of
Ambac’s common stock increases its ownership interest. Ambac is
committed to providing timely and accurate information to the
investing public, consistent with our legal and regulatory
obligations. To that end, we use our website to convey information
about our businesses, including the anticipated release of
quarterly financial results, quarterly financial, statistical and
business-related information. For more information, please go to
www.ambac.com.
Forward-Looking Statements:
In this press release, statements that may constitute
“forward-looking statements” within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Words such as “estimate,” “expect,” “project,” “plan,” “believe,”
“anticipate,” “intend,” “planned,” “potential” and similar
expressions, or future or conditional verbs such as “will,”
“should,” “would,” “could,” and “may,” or the negative of those
expressions or verbs, identify forward-looking statements. We
caution readers that these statements are not guarantees of future
performance. Forward-looking statements are not historical facts
but instead represent only our beliefs regarding future events,
which may by their nature be inherently uncertain and some of which
may be outside our control. These statements may relate to plans
and objectives with respect to the future, among other things which
may change. We are alerting you to the possibility that our actual
results may differ, possibly materially, from the expected
objectives or anticipated results that may be suggested, expressed
or implied by these forward-looking statements. Important factors
that could cause our results to differ, possibly materially, from
those indicated in the forward-looking statements include, among
others, those discussed under “Risk Factors” in our most recent SEC
filed quarterly or annual report.
Any or all of management’s forward-looking statements here or in
other publications may turn out to be incorrect and are based on
management’s current belief or opinions. Ambac’s actual results may
vary materially, and there are no guarantees about the performance
of Ambac’s securities. Among events, risks, uncertainties or
factors that could cause actual results to differ materially are:
(1) the highly speculative nature of AFG’s common stock and
volatility in the price of AFG’s common stock; (2) uncertainty
concerning the Company’s ability to achieve value for holders of
its securities, whether from Ambac Assurance Corporation ("Ambac
Assurance") and its subsidiaries or from transactions or
opportunities apart from Ambac Assurance and its subsidiaries,
including new business initiatives; (3) changes in Ambac’s
estimated representation and warranty recoveries or loss reserves
over time; (4) failure to recover claims paid on Puerto Rico
exposures or incurrence of losses in amounts higher than expected;
(5) adverse effects on AFG’s share price resulting from future
offerings of debt or equity securities that rank senior to AFG’s
common stock; (6) potential of rehabilitation proceedings against
Ambac Assurance; (7) dilution of current shareholder value or
adverse effects on AFG’s share price resulting from the issuance of
additional shares of common stock; (8) inadequacy of reserves
established for losses and loss expenses and possibility that
changes in loss reserves may result in further volatility of
earnings or financial results; (9) increased fiscal stress
experienced by issuers of public finance obligations or an
increased incidence of Chapter 9 filings or other restructuring
proceedings by public finance issuers, including an increased risk
of loss on revenue bonds of distressed public finance issuers due
to judicial decisions adverse to revenue bond holders; (10) Ambac's
inability to realize the expected recoveries included in its
financial statements; (11) insufficiency or unavailability of
collateral to pay secured obligations; (12) credit risk throughout
Ambac’s business, including but not limited to credit risk related
to residential mortgage-backed securities, student loan and other
asset securitizations, public finance obligations (including
obligations of the Commonwealth of Puerto Rico and its
instrumentalities and agencies) and exposures to reinsurers; (13)
credit risks related to large single risks, risk concentrations and
correlated risks; (14) the risk that Ambac’s risk management
policies and practices do not anticipate certain risks and/or the
magnitude of potential for loss; (15) risks associated with adverse
selection as Ambac’s insured portfolio runs off; (16) adverse
effects on operating results or the Company’s financial position
resulting from measures taken to reduce risks in its insured
portfolio; (17) disagreements or disputes with Ambac's insurance
regulators; (18) our inability to mitigate or remediate losses,
commute or reduce insured exposures or achieve recoveries or
investment objectives, or the failure of any transaction intended
to accomplish one or more of these objectives to deliver
anticipated results; (19) Ambac’s substantial indebtedness could
adversely affect its financial condition and operating flexibility;
(20) Ambac may not be able to obtain financing or raise capital on
acceptable terms or at all due to its substantial indebtedness and
financial condition; (21) Ambac may not be able to generate the
significant amount of cash needed to service its debt and financial
obligations, and may not be able to refinance its indebtedness;
(22) restrictive covenants in agreements and instruments may impair
Ambac's ability to pursue or achieve its business strategies; (23)
loss of control rights in transactions for which we provide
insurance due to a finding that Ambac has defaulted; (24) the
impact of catastrophic environmental or natural events, including
catastrophic public health events like the COVID-19 pandemic, on
significant portions of our insured and investment portfolios; (25)
adverse tax consequences or other costs resulting from the
characterization of Ambac Assurance’s surplus notes or other
obligations as equity; (26) risks attendant to the change in
composition of securities in Ambac’s investment portfolio; (27)
changes in prevailing interest rates; (28) the expected
discontinuance of the London Inter-Bank Offered Rate; (29) factors
that may influence the amount of installment premiums paid to
Ambac; (30) default by one or more of Ambac's portfolio
investments, insured issuers or counterparties; (31) market risks
impacting assets in Ambac’s investment portfolio or the value of
our assets posted as collateral in respect of interest rate swap
transactions; (32) risks relating to determinations of amounts of
impairments taken on investments; (33) the risk of litigation and
regulatory inquiries or investigations, and the risk of adverse
outcomes in connection therewith, which could have a material
adverse effect on Ambac’s business, operations, financial position,
profitability or cash flows; (34) actions of stakeholders whose
interests are not aligned with broader interests of Ambac's
stockholders; (35) system security risks, data protection breaches
and cyber attacks; (36) changes in accounting principles or
practices that may impact Ambac’s reported financial results; (37)
the economic and regulatory impact of “Brexit”; (38) operational
risks, including with respect to internal processes, risk and
investment models, systems and employees, and failures in services
or products provided by third parties; (39) Ambac’s financial
position that may prompt departures of key employees and may impact
its ability to attract qualified executives and employees; (40)
fluctuations in foreign currency exchange rates could adversely
impact the insured portfolio in the event of loss reserves or claim
payments denominated in a currency other than US dollars and the
value of non-US dollar denominated securities in our investment
portfolio; (41) decisions made by Ambac Assurance’s primary
insurance regulator for the benefit of policyholders that may
result in material adverse consequences for holders of Ambac’s
securities or holders of securities issued or incurred by Ambac
Assurance; and (42) other risks and uncertainties that have not
been identified at this time.
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version on businesswire.com: https://www.businesswire.com/news/home/20210506006047/en/
Lisa A. Kampf Managing Director, Investor Relations (212)
208-3177 lkampf@ambac.com
Ambac Financial (NYSE:AMBC)
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