Ambac Financial Group, Inc. has posted net income of $2 million for the first quarter of 2022, and adjusted earnings of $14 million.
This compares to net income of $17 million and adjusted earnings of $41 million for the same period last year.
However, its specialty property and casualty business segment recorded a pretax loss of $2 million for the quarter, slightly worse than last year when it reported a loss of $1 million.
Specialty P&C insurance production, which includes gross premiums written for Ambac’s Specialty P&C Insurance segment and premiums placed by the Insurance Distribution segment, totalled $69 , an increase of 71% from the first quarter of 2021.
Net investment income for the first quarter of 2022 was $5 million compared to $49 million for the first quarter of 2021.
“Our first quarter 2022 results are a reflection of the continued transition of Ambac’s business to a specialty property and casualty insurance company,” said Claude LeBlanc, President and Chief Executive Officer at Ambac.
“I am particularly encouraged by the significant growth in P&C premium production from both of our Specialty P&C Insurance and Insurance Distribution businesses, with gross production up 71% to nearly $70 million,” he added.
