Our Mission

We aim to create long-term shareholder value through the profitable growth of our specialty P&C insurance franchise and the re-deployment of capital from our legacy financial guarantee business. 2022 was a transformational year for Ambac on our path to generating sustainable shareholder value. On the legacy financial guarantee business, we settled the last two legacy RMBS litigations for nearly $2 billion and saw the resolution of our last remaining exposure to Puerto Rico, leaving AAC’s balance sheet and capital position in its strongest position in over a decade. Our new specialty P&C business experienced substantial growth across Everspan, our hybrid fronting platform, and Cirrata, our insurance distribution business. We expect both businesses to continue to scale over the next several years and reach over $700 million of premium combined.

zMGA key facts

Key Industry Facts


The U.S. MGA market doubled in size between 2014-2022

U.S. MGA Direct Written Premiums 2014-2022 chart


The U.S. market has more than 1,000 MGAs, with 700 identified in statutory filings and another 350 estimated to fall below the filing threshold


2022 E&S direct premiums, which had a 5-year CAGR of 17%

Value Drivers

Ambac’s specialty P&C platform is well positioned to capitalize on the fast-growing specialty P&C insurance market
Mid-teens ROE at scale over the cycle targeted at Everspan
+20% EBITDA margins targeted at Cirrata by offering centralized business services infrastructure to build and support quality businesses, while controlling costs
Ambac’s balance sheet quality has improved materially
+$3.5 billion of well-preserved NOLs not on the balance sheet
Accelerated consideration of strategic options for AAC following $2 billon settlement of legacy RMBS litigations

2023 Key Figures

Generating long-term shareholder value through capital re-deployment and profitable growth.


Shareholder Equity


Invested Assets


P&C Premium Production


New MGA Programs (Controlled & Partnered)