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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
 
10-Q

x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
 
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2018
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
 
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 1-10777
AMBAC FINANCIAL GROUP INC
Exact name of Registrant as specified in its charter)
Delaware
 
13-3621676
(State of incorporation)
 
(I.R.S. employer identification no.)
 
 
 
One State Street Plaza, New York, New York
 
10004
(Address of principal executive offices)
 
(Zip code)
212-658-7470
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act): (Check one):
Large accelerated filer
x
Accelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
¨
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ¨    No  x
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    Yes  x    No  ¨
As of November 5, 2018, 45,336,278 shares of common stock, par value $0.01 per share, of the Registrant were outstanding.



AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
 
 
Page
PART I.
FINANCIAL INFORMATION
 
 
Item 1.
Unaudited Consolidated Financial Statements of Ambac Financial Group, Inc. and Subsidiaries
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 3.
 
Item 4.
 
 
 
 
 
PART II.
OTHER INFORMATION
 
 
Item 1.
 
Item 1A.
 
Item 2.
 
Item 3.
 
Item 6.
 
 
 
 
 
 




PART I.    FINANCIAL INFORMATION
Item 1.     Unaudited Financial Statements of Ambac Financial Group, Inc. and Subsidiaries
AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
 
September 30,
 
December 31,
(Dollars in thousands, except share data) (September 30, 2018 (Unaudited))
2018
 
2017
Assets:
 
 
 
Investments:
 
 
 
Fixed income securities, at fair value (amortized cost of $3,001,432 and $4,614,623)
$
3,221,301

 
$
4,652,172

Fixed income securities pledged as collateral, at fair value (amortized cost of $84,186 and $99,719)
84,186

 
99,719

Short-term investments, at fair value (amortized cost of $562,111 and $557,476)
562,060

 
557,270

Other investments (includes $372,774 and $396,689 at fair value)
411,604

 
431,630

Total investments
4,279,151

 
5,740,791

Cash and cash equivalents
52,505

 
623,703

Receivable for securities
46,376

 
11,177

Investment income due and accrued
10,709

 
16,532

Premium receivables
517,197

 
586,312

Reinsurance recoverable on paid and unpaid losses
25,511

 
40,997

Deferred ceded premium
45,204

 
52,195

Subrogation recoverable
1,898,611

 
631,213

Loans
10,082

 
10,358

Derivative assets
50,262

 
73,199

Current taxes
32,509

 
11,803

Insurance intangible asset
755,734

 
846,973

Other assets
22,191

 
46,614

Variable interest entity assets:
 
 
 
Fixed income securities, at fair value
2,718,377

 
2,914,145

Restricted cash
1,024

 
978

Loans, at fair value
4,563,091

 
11,529,384

Derivative assets
61,543

 
54,877

Other assets
3,387

 
1,123

Total assets
$
15,093,464

 
$
23,192,374

Liabilities and Stockholders’ Equity:
 
 
 
Liabilities:
 
 
 
Unearned premiums
$
669,820

 
$
783,155

Loss and loss expense reserves
1,868,484

 
4,745,015

Ceded premiums payable
34,306

 
37,876

Deferred taxes
27,537

 
33,659

Long-term debt
2,937,771

 
991,696

Accrued interest payable
356,711

 
436,984

Derivative liabilities
61,331

 
82,782

Other liabilities
61,533

 
67,583

Payable for securities purchased
31,292

 
1,932

Variable interest entity liabilities:
 
 
 
Accrued interest payable
2,817

 
589

Long-term debt, at fair value
5,585,860

 
12,160,544

Derivative liabilities
1,657,173

 
2,205,264

Other liabilities
20

 
37

Total liabilities
13,294,655

 
21,547,116

Commitments and contingencies (See Note 12)
 
 
 
Stockholders’ equity:
 
 
 
Preferred stock, par value $0.01 per share; 20,000,000 shares authorized shares; issued and outstanding shares—none

 

Common stock, par value $0.01 per share; 130,000,000 shares authorized; issued and outstanding shares: 45,365,170 and 45,275,982
454

 
453

Additional paid-in capital
218,050

 
199,560

Accumulated other comprehensive income (loss)
97,825

 
(52,239
)
Retained earnings
1,441,857

 
1,233,845

Treasury stock, shares at cost: 32,956 and 24,816
(527
)
 
(471
)
Total Ambac Financial Group, Inc. stockholders’ equity
1,757,659

 
1,381,148

Noncontrolling interest
41,150

 
264,110

Total stockholders’ equity
1,798,809

 
1,645,258

Total liabilities and stockholders’ equity
$
15,093,464

 
$
23,192,374

See accompanying Notes to Unaudited Consolidated Financial Statements


| Ambac Financial Group, Inc. 1 2018 Third Quarter FORM 10-Q |



AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Total Comprehensive Income (Loss) (Unaudited)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(Dollars in thousands, except share data)
 
2018
 
2017
 
2018
 
2017
Revenues:
 
 
 
 
 
 
 
 
Net premiums earned
 
$
25,640

 
$
52,989

 
$
82,359

 
143,754

Net investment income:
 
 
 
 
 
 
 
 
Securities available-for-sale and short-term
 
49,985

 
80,999

 
222,278

 
235,092

Other investments
 
8,347

 
6,178

 
12,956

 
18,804

Total net investment income
 
58,332

 
87,177

 
235,234

 
253,896

Other-than-temporary impairment losses:
 
 
 
 
 
 
 
 
Total other-than-temporary impairment losses
 
(266
)
 
(25,664
)
 
(1,617
)
 
(48,581
)
Portion of other-than-temporary impairment recognized in other comprehensive income
 

 
12,154

 
38

 
29,366

Net other-than-temporary impairment losses recognized in earnings
 
(266
)
 
(13,510
)
 
(1,579
)
 
(19,215
)
Net realized investment gains (losses)
 
30,201

 
6,150

 
82,211

 
5,434

Change in fair value of credit derivatives:
 
 
 
 
 
 
 
 
Realized gains and other settlements
 
99

 
134

 
296

 
1,467

Unrealized gains (losses)
 
151

 
45

 
(609
)
 
6,388

Net change in fair value of credit derivatives
 
250

 
179