Ambac Appoints Head of Investor Relations
March 28 2022 - 7:00AM
Business Wire
Charles J. Sebaski Joins Ambac as Managing
Director, Head of Investor Relations
Ambac Financial Group, Inc. (NYSE: AMBC) ("Ambac" or "AFG"), a
financial services holding company, today announced that Charles J.
Sebaski has joined the firm as Managing Director, Head of Investor
Relations, succeeding Lisa A. Kampf.
“Charles brings vast industry experience across the investment
community value chain, and we’re pleased to welcome him to Ambac as
we continue building and growing our diversified specialty P&C
platform,” said David Trick, Ambac’s Chief Financial Officer. “His
expertise will help our team continue to capture momentum as we
execute our go-forward strategic roadmap. I want to thank Lisa for
her contributions over nearly five years on our team. We wish her
our best in her new role.”
Charles brings over 20 years of insurance and capital markets
expertise. Charles joins Ambac from Guy Carpenter & Co where he
was most recently Senior Vice President and Head of North American
Business Intelligence. Prior to that, Charles held positions as a
P&C equity research analyst covering numerous insurers and
brokers at BMO Capital Markets and Deutsche Bank. Prior to entering
equity research, Charles also held roles as a P&C credit
analyst at S&P Global Ratings and a broker at Aon.
About Ambac
Ambac Financial Group, Inc. (“Ambac” or “AFG”) is a financial
services holding company headquartered in New York City. Ambac’s
core business is a growing specialty P&C distribution and
underwriting platform. Ambac also has a legacy financial guaranty
business that is in run off. Ambac’s common stock trades on the New
York Stock Exchange under the symbol “AMBC”. 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.
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.
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,” “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
led quarterly or annual report. 2 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 Financial Group’s (“AFG”) and its subsidiaries’
(collectively, “Ambac” or the “Company”) 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 (“AAC”) and its
subsidiaries or from the specialty property and casualty program
insurance business, the managing general agency/underwriting
business, or related businesses; (3) the inability of AAC to
realize the expected recoveries, including RMBS litigation
recoveries, included in its financial statements, or changes in
estimated RMBS litigation recoveries over time; (4) failure to
recover claims paid on Puerto Rico exposures or realization of
losses in amounts higher than expected; (5) 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; (6) potential for rehabilitation
proceedings or other regulatory intervention against AAC; (7)
credit risk throughout Ambac’s business, including but not limited
to credit risk related to insured residential mortgage-backed
securities, student loan and other asset securitizations, public
finance obligations (including risks associated with Chapter 9 and
other restructuring proceedings), issuers of securities in our
investment portfolios, and exposures to reinsurers; (8) our
inability to effectively reduce insured financial guarantee
exposures or achieve recoveries or investment objectives; (9) our
inability to generate the significant amount of cash needed to
service our debt and financial obligations, including through
litigation recoveries or disposition of assets, and our inability
to refinance our indebtedness; (10) Ambac’s substantial
indebtedness could adversely affect its financial condition and
operating flexibility; (11) 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; (12) the impact
of catastrophic public health, environmental or natural events,
including events like the COVID-19 pandemic, on significant
portions of our insured portfolio; (13) credit risks related to
large single risks, risk concentrations and correlated risks; (14)
risks associated with adverse selection as Ambac’s financial
guarantee insurance portfolio runs off; (15) the risk that Ambac’s
risk management policies and practices do not anticipate certain
risks and/or the magnitude of potential for loss; (16) restrictive
covenants in agreements and instruments that impair Ambac’s ability
to pursue or achieve its business strategies; (17) adverse effects
on operating results or the Company’s financial position resulting
from measures taken to reduce financial guarantee risks in its
insured portfolio; (18) disagreements or disputes with Ambac's
insurance regulators; (19) loss of control rights in transactions
for which we provide financial guarantee insurance; (20) adverse
tax consequences or other costs resulting from the characterization
of the AAC’s surplus notes or other obligations as equity; (21)
risks attendant to the change in composition of securities in the
Ambac’s investment portfolio; (22) adverse impacts from changes in
prevailing interest rates; (23) events or circumstances that result
in the impairment of our intangible assets and/or goodwill that was
recorded in connection with Ambac’s acquisition of 80% of the
membership interests of Xchange Benefits, 3 LLC and Xchange
Affinity Underwriting Agency, LLC; (24) risks associated with the
expected discontinuance of the London Inter-Bank Offered Rate; (25)
factors that may negatively influence the amount of installment
premiums paid to Ambac; (26) risks relating to determinations of
amounts of impairments taken on investments; (27) the risk of
litigation and regulatory inquiries or investigations, and the risk
of adverse outcomes in connection therewith; (28) actions of
stakeholders whose interests are not aligned with broader interests
of the Ambac's stockholders; (29) system security risks, data
protection breaches and cyber attacks; (30) regulatory oversight of
Ambac Assurance UK Limited (“Ambac UK”) and applicable regulatory
restrictions may adversely affect our ability to realize value from
Ambac UK or the amount of value we ultimately realize; (31)
failures in services or products provided by third parties; (32)
our inability to attract and retain qualified executives, senior
managers and other employees, or the loss of such personnel; (33)
fluctuations in foreign currency exchange rates; (34) failure to
realize our business expansion plans or failure of such plans to
create value; (35) greater competition for our specialty property
& casualty program insurance business; (36) loss or lowering of
the AM Best rating for our property and casualty insurance company
subsidiaries; (37) disintermediation within the insurance industry
or greater competition that negatively impacts our managing general
agency/underwriting business; (38) changes in law or in the
functioning of the healthcare market that impair the business model
of our accident and health managing general underwriter; and (39)
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/20220328005136/en/
Charles J. Sebaski Managing Director, Investor Relations (212)
208-3177 csebaski@ambac.com
Alex Jorgensen Prosek Partners (646) 818-9059
ajorgensen@prosek.com
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