Ambac Financial Group, a US-based insurance holding company that now owns a 60% controlling stake in UK general insurance underwriting and management platform Beat Capital Partners, has published its financial results for the second quarter of 2024.

According to Ampak’s earnings report, the company managed to reduce its net losses in the three months ended June 30. Here is Ampak’s performance during that period:

The group’s pre-tax income for the quarter was US$2 million, of which US$1.1 million was a pre-tax loss from the Specialty Property & Casualty segment. Meanwhile, the Insurance Distribution segment contributed US$1.3 million to pre-tax income; and the Traditional Financial Insurance segment contributed US$13.1 million.

Commenting on the figures, Claude LeBlanc, Chairman and CEO of Ampac, said: “This quarter, we made significant progress in transforming Ampac into a specialist property and casualty insurance company, a goal we have been working towards for several years. We are turning the page on our past by agreeing to sell our legacy financial assurance business for $420 million.

“We also paved the way for our future as a growth-oriented, capital-light insurance distribution platform by acquiring 60% of Beat Capital Partners for approximately $278 million. With this acquisition, we have strengthened our position as a premier destination for best-in-class underwriters and wealth management firms.”

As part of the transition, Ambac will initiate a share repurchase program of up to $50 million, reflecting the company’s view that the current price of its shares does not reflect the future value of the property and casualty insurance platform following the sale of Ambac Assurance Corporation to Oaktree Capital Management.

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