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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
 
10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2019
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
NY
 
10004
(Address of principal executive offices)
 
(Zip code)
 
(212)
658-7470
 
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
 
 
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common stock par value $0.01 per share
 
AMBC
 
NASDAQ
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      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     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
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  
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      No  
As of August 5, 2019, 45,551,260 shares of common stock, par value $0.01 per share, of the Registrant were outstanding.




AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
Item Number
Page
 
Item Number
Page
PART I. FINANCIAL INFORMATION
 
 
PART I (CONTINUED)
 
1
Unaudited Consolidated Financial Statements of Ambac Financial Group, Inc. and Subsidiaries
 
 
3
 
 
4
 
 
 
 
 
 
 
PART II. OTHER INFORMATION
 
 
 
1
 
 
1A
2
 
2
 
 
3
 
 
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
 
June 30,
 
December 31,
(Dollars in thousands, except share data) (June 30, 2019 (Unaudited))
2019
 
2018
Assets:
 
 
 
Investments:
 
 
 
Fixed income securities, at fair value (amortized cost of $2,465,967 and $3,020,744)
$
2,604,177

 
$
3,115,675

Fixed income securities pledged as collateral, at fair value (amortized cost of $84,418 and $0)
84,418

 

Short-term investments, at fair value (amortized cost of $772,214 and $430,405)
772,299

 
430,331

Other investments (includes $426,563 and $351,049 at fair value)
469,438

 
391,217

Total investments
3,930,332

 
3,937,223

Cash and cash equivalents
17,514

 
63,089

Restricted cash

 
19,405

Premium receivables
441,526

 
495,391

Reinsurance recoverable on paid and unpaid losses
27,215

 
23,133

Deferred ceded premium
56,272

 
61,134

Subrogation recoverable
1,984,826

 
1,932,960

Derivative assets
72,376

 
59,468

Current taxes
14,092

 
47,040

Insurance intangible asset
454,830

 
718,931

Other assets
190,566

 
137,628

Variable interest entity assets:
 
 
 
Fixed income securities, at fair value
3,138,714

 
2,737,286

Restricted cash
28,500

 
999

Loans, at fair value
4,288,572

 
4,287,664

Derivative assets
62,941

 
66,302

Other assets
4,790

 
1,058

Total assets
$
14,713,066

 
$
14,588,711

Liabilities and Stockholders’ Equity:
 
 
 
Liabilities:
 
 
 
Unearned premiums
$
556,908

 
$
629,971

Loss and loss expense reserves
1,494,106

 
1,826,078

Ceded premiums payable
30,795

 
32,913

Deferred taxes
31,716

 
40,130

Long-term debt
2,946,620

 
2,928,929

Accrued interest payable
407,096

 
375,808

Derivative liabilities
88,245

 
76,699

Other liabilities
137,757

 
63,792

Variable interest entity liabilities:
 
 
 
Accrued interest payable
529

 
556

Long-term debt (includes $5,308,724 and $5,268,596 at fair value)
5,648,083

 
5,268,596

Derivative liabilities
1,818,273

 
1,712,062

Other liabilities
22

 
30

Total liabilities
13,160,150

 
12,955,564

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 shares: 45,571,743 and 45,365,170
456

 
454

Additional paid-in capital
226,794

 
219,429

Accumulated other comprehensive income (loss)
19,088

 
(48,715
)
Retained earnings
1,246,990

 
1,421,302

Treasury stock, shares at cost: 22,558 and 28,892
(380
)
 
(473
)
Total Ambac Financial Group, Inc. stockholders’ equity
1,492,948

 
1,591,997

Noncontrolling interest
59,968

 
41,150

Total stockholders’ equity
1,552,916

 
1,633,147

Total liabilities and stockholders’ equity
$
14,713,066

 
$
14,588,711

See accompanying Notes to Unaudited Consolidated Financial Statements


| Ambac Financial Group, Inc. 1 2019 Second Quarter FORM 10-Q |



AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Total Comprehensive Income (Loss) (Unaudited)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(Dollars in thousands, except share data)
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
 
Net premiums earned
 
$
7,833

 
$
25,836

 
$
35,591

 
56,719

Net investment income
 
86,459

 
66,662

 
141,301

 
176,902

Other-than-temporary impairment losses:
 
 
 
 
 
 
 
 
Total other-than-temporary impairment losses
 

 
(1,010
)
 
(29
)
 
(1,351
)
Portion of other-than-temporary impairment recognized in other comprehensive income
 

 
(4
)
 

 
38

Net other-than-temporary impairment losses recognized in earnings
 

 
(1,014
)
 
(29
)
 
(1,313
)
Net realized investment gains (losses)
 
35,860

 
47,148

 
53,093

 
52,010

Net gains (losses) on derivative contracts
 
(35,412
)
 
8,932

 
(51,571
)
 
34,123

Net realized gains (losses) on extinguishment of debt
 

 
6

 

 
3,121

Other income (expense)
 
(8,908
)
 
2,491

 
(8,106
)
 
1,982

Income (loss) on variable interest entities
 
3,294

 
577

 
19,215

 
1,151

Total revenues
 
89,126

 
150,638

 
189,494

 
324,695

Expenses:
 
 
 
 
 
 
 
 
Losses and loss expenses (benefit)
 
(133,480
)
 
32,579

 
(121,073
)
 
(214,816
)
Insurance intangible amortization
 
226,242

 
23,242

 
262,520

 
51,878

Operating expenses
 
29,090

 
26,063

 
54,005

 
62,497

Interest expense
 
67,381

 
62,446

 
135,359

 
110,519

Total expenses
 
189,233

 
144,330

 
330,811

 
10,078

Pre-tax income (loss)
 
(100,107
)
 
6,308

 
(141,317
)
 
314,617

Provision for income taxes
 
28,322

 
1,995

 
30,313

 
4,600

Net income (loss) attributable to common stockholders
 
$
(128,429
)
 
$
4,313

 
$
(171,630
)
 
$
310,017

Other comprehensive income (loss), after tax:
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(128,429
)
 
$
4,313

 
$
(171,630
)
 
$
310,017

Unrealized gains (losses) on securities, net of income tax provision (benefit) of $(7,005), $1,122, $(7,603) and $(586)
 
15,238

 
575

 
71,401

 
122,879

Gains (losses) on foreign currency translation, net of income tax provision (benefit) of $0, $0, $0 and $0
 
(18,533
)
 
(52,989
)
 
(3,962
)
 
(20,933
)
Credit risk changes of fair value option liabilities, net of income tax provision (benefit) of $33, $(188), $65 and $42
 
163

 
(906
)
 
319

 
208

Changes to postretirement benefit, net of income tax provision (benefit) of $0, $0, $0 and $0
 
(322
)
 
(302
)
 
45

 
(1,161
)
Total other comprehensive income, net of income tax
 
(3,454
)
 
(53,622
)
 
67,803

 
100,993

Total comprehensive income (loss) attributable to common stockholders
 
$
(131,883
)
 
$
(49,309
)
 
$
(103,827
)
 
$
411,010

Net income (loss) per share attributable to common stockholders:
 
 
 
 
 
 
 
 
Basic
 
$
(2.79
)
 
$
0.09

 
$
(3.74
)
 
$
6.80

Diluted
 
$
(2.79
)
 
$
0.09

 
$
(3.74
)
 
$
6.73

Weighted average number of common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
45,986,043

 
45,683,058

 
45,909,595

 
45,577,656

Diluted
 
45,986,043

 
46,472,375

 
45,909,595

 
46,097,647

See accompanying Notes to Unaudited Consolidated Financial Statements


| Ambac Financial Group, Inc. 2 2019 Second Quarter FORM 10-Q |



AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Stockholders’ Equity (Unaudited)
 
 
 
Ambac Financial Group, Inc.
 
 
(Dollars in thousands)
Total
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Preferred
Stock
 
Common
Stock
 
Additional Paid-in
Capital
 
Common
Stock Held
in Treasury,
at Cost
 
Noncontrolling
Interest
Balance at March 31, 2019
$
1,665,888

 
$
1,376,244

 
$
22,542

 
$

 
$
456

 
$
223,545

 
$
(813
)
 
$
43,914

Total comprehensive income
(131,883
)
 
(128,429
)
 
(3,454
)
 

 

 

 

 

Stock-based compensation
3,249

 

 

 

 

 
3,249

 

 

Cost of shares (acquired) issued under equity plan
(392
)
 
(825
)
 

 

 

 

 
433

 

Re-issuance of Ambac Assurance auction market preferred shares
16,054

 

 

 

 

 

 

 
16,054

Balance at June 30, 2019
$
1,552,916

 
$
1,246,990

 
$
19,088

 
$

 
$
456

 
$
226,794

 
$
(380
)
 
$
59,968

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2018
$
2,109,165

 
$
1,541,464

 
$
99,476

 
$

 
$
454

 
$
204,172

 
$
(511
)
 
$
264,110

Total comprehensive income
(49,309
)
 
4,313

 
(53,622
)
 

 

 

 

 

Stock-based compensation
4,153

 

 

 

 

 
4,153

 

 

Cost of shares (acquired) issued under equity plan
(91
)
 
(75
)
 

 

 

 

 
(16
)
 

Warrants exercised
3

 

 

 

 

 
3

 

 

Balance at June 30, 2018
$
2,063,921

 
$
1,545,702

 
$
45,854

 
$

 
$
454