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As Of Filer Filing For·On·As Docs:Size 2/27/24 Ambac Financial Group Inc. 10-K 12/31/23 164:31M |
Document/Exhibit Description Pages Size 1: 10-K Annual Report HTML 6.16M 2: EX-10.38 Material Contract HTML 70K 3: EX-21.1 Subsidiaries List HTML 54K 4: EX-23.1 Consent of Expert or Counsel HTML 48K 5: EX-24.1 Power of Attorney HTML 56K 9: EX-97.1 Clawback Policy re: Recovery of Erroneously HTML 63K Awarded Compensation 6: EX-31.1 Certification -- §302 - SOA'02 HTML 52K 7: EX-31.2 Certification -- §302 - SOA'02 HTML 52K 8: EX-32.1 Certification -- §906 - SOA'02 HTML 51K 15: R1 Document and Entity Information HTML 118K 16: R2 Audit Information HTML 54K 17: R3 Consolidated Balance Sheets HTML 228K 18: R4 Consolidated Balance Sheets (Parenthetical) HTML 92K 19: R5 Consolidated Statements of Total Comprehensive HTML 193K Income 20: R6 Consolidated Statements of Stockholders' Equity HTML 104K 21: R7 Consolidated Statements of Cash Flows HTML 199K 22: R8 Background and Business Description HTML 110K 23: R9 Basis of Presentation and Significant Accounting HTML 218K Policies (Notes) 24: R10 Segment Reporting HTML 55K 25: R11 Investments HTML 382K 26: R12 Fair Value Measurements HTML 420K 27: R13 Financial Guarantees in Force (Notes) HTML 88K 28: R14 Financial Guarantee Insurance Contracts HTML 82K 29: R15 Insurance Regulatory Restrictions (Notes) HTML 79K 30: R16 Derivative Instruments HTML 179K 31: R17 Intangible Assets HTML 99K 32: R18 Variable Interest Entities HTML 198K 33: R19 Long-Term Debt (Notes) HTML 92K 34: R20 Revenue from Contract with Customer HTML 76K 35: R21 Comprehensive Income HTML 122K 36: R22 Net Income Per Share HTML 87K 37: R23 Income Taxes HTML 161K 38: R24 Employment Benefit Plans (Notes) HTML 96K 39: R25 Leases (Notes) HTML 90K 40: R26 Commitments and Contingencies HTML 112K 41: R27 SEC Schedule, Article 12-04, Condensed Financial HTML 263K Information of Registrant 42: R28 Pay vs Performance Disclosure HTML 61K 43: R29 Insider Trading Arrangements HTML 54K 44: R30 Reorganizations (Policies) HTML 75K 45: R31 Basis of Presentation and Significant Accounting HTML 240K Policies (Policies) 46: R32 Background and Business Description Reorganization HTML 58K Costs (Tables) 47: R33 Basis of Presentation and Significant Accounting HTML 99K Policies Supplemental Cash Flow Information (Tables) 48: R34 Investments (Tables) HTML 341K 49: R35 Fair Value Measurements (Tables) HTML 392K 50: R36 Financial Guarantees in Force (Tables) HTML 87K 51: R37 Financial Guarantee Insurance Contracts (Tables) HTML 623K 52: R38 Derivative Instruments (Tables) HTML 179K 53: R39 Intangible Assets (Tables) HTML 108K 54: R40 Variable Interest Entities (Tables) HTML 113K 55: R41 Long-Term Debt (Tables) HTML 93K 56: R42 Revenue from Contract with Customer (Tables) HTML 72K 57: R43 Comprehensive Income (Tables) HTML 124K 58: R44 Net Income Per Share (Tables) HTML 84K 59: R45 Income Taxes (Tables) HTML 183K 60: R46 Employment Benefit Plans (Tables) HTML 96K 61: R47 Leases (Tables) HTML 130K 62: R48 Background and Business Description Rehabilitation HTML 80K Exit Support Agreement (Details) 63: R49 Background and Business Description Stipulation HTML 48K and Order (Details) 64: R50 Background and Basis of Presentation - Surplus HTML 63K Note Exchange (Details) 65: R51 Background and Business Description AMPS Exchange HTML 60K (Details) 66: R52 Background and Business Description - Additional HTML 87K Information (Detail) 67: R53 Background and Business Description - Redemption HTML 63K of Notes (Details) 68: R54 Background and Business Description - Settlement HTML 65K of RMBS Litigation (Details) 69: R55 Basis of Presentation and Significant Accounting HTML 122K Policies Additional Information (Details) 70: R56 Basis of Presentation and Significant Accounting HTML 52K Policies FX gain (Loss) (Details) 71: R57 Basis of Presentation and Significant Accounting HTML 57K Policies Goodwill (Details) 72: R58 Basis of Presentation and Significant Accounting HTML 84K Policies Noncontrolling Interest (Details) 73: R59 Basis of Presentation and Significant Accounting HTML 49K Policies Adoption of New Accounting Standards (Details) 74: R60 Basis of Presentation and Significant Accounting HTML 76K Policies Supplemental Cash Flow Information (Details) 75: R61 Basis of Presentation and Significant Accounting HTML 51K Policies Restricted Cash (Details) 76: R62 Segment Reporting (Details) HTML 161K 77: R63 Investments - Summary of Amortized Cost and HTML 121K Estimated Fair Value of Available-for-Sale Investments, Excluding VIE Investments (Detail) 78: R64 Investments - Summary of Amortized Cost and HTML 92K Estimated Fair Value of Available-for-Sale Investments, Excluding VIE Investments Held by Successor Ambac, by Contractual Maturity (Detail) 79: R65 Investments - Summary of Gross Unrealized Losses HTML 162K and Fair Values of Ambac's Available-for-Sale Investments (Detail) 80: R66 Investments - Additional Information (Detail) HTML 105K 81: R67 Investments - Summary of Amounts Included in Net HTML 66K Realized (Losses) Gains and Other-Than-Temporary Impairments (Detail) 82: R68 Investments - Summary of Roll-Forward of Ambac's HTML 52K Cumulative Credit Losses on Debt Securities for Which Portion of Other-than-Temporary Impairment was Recognized in Other Comprehensive Income (Detail) 83: R69 Investments - Summary of Sources of Collateral HTML 73K Received and Various Investment Agreement in which Collateral Pledged (Detail) 84: R70 Investments - Summary of Fair Value, Including HTML 98K Financial Guarantee, and Weighted-Average Underlying Rating, Excluding Financial Guarantee, of Insured Securities (Detail2) 85: R71 Investments - Summary of Net Investment Income HTML 95K (Detail) 86: R72 Investments (Details) HTML 103K 87: R73 Fair Value Measurements - Summary of Carrying HTML 310K Amount and Fair Value of Ambac's Financial Assets and Liabilities (Detail) 88: R74 Fair Value Measurements - Additional Information HTML 86K (Detail) 89: R75 Fair Value Measurements - Information about HTML 87K Valuation Inputs for Fixed Income Securities Classified as Level 3 (Detail) 90: R76 Fair Value Measurements - Summary of Information HTML 53K about Described Model Inputs Used to Determine Fair Value of Each Class of Credit Derivatives (Detail) 91: R77 Fair Value Measurements - Summary of Information HTML 53K about Described Model Inputs Used to Determine Fair Value of Each Class of Credit Derivatives (Detail2) 92: R78 Fair Value Measurements - Information about HTML 67K Valuation Inputs for Variable Interest Entity Assets and Liabilities Classified as Level 3 (Detail) 93: R79 Fair Value Measurements - Summary of Changes in HTML 139K Level 3 Fair Value Category (Detail) 94: R80 Fair Value Measurements - Summary of Gains and HTML 72K Losses (Realized and Unrealized) Relating to Level 3 Assets and Liabilities Included in Earnings (Detail) 95: R81 Financial Guarantees in Force - Additional HTML 64K Information (Detail) 96: R82 Financial Guarantees in Force - Summary of HTML 88K Financial Guarantee Portfolio Diversification by Type of Guaranteed Bond (Detail) 97: R83 Financial Guarantees in Force - Summary of HTML 68K International Finance Guaranteed Portfolio (Detail) 98: R84 Financial Guarantee Insurance Contracts - HTML 290K Additional Information (Detail) 99: R85 Financial Guarantee Insurance Contracts - Summary HTML 261K of Gross Premium Receivable Roll-Forward (Direct and Assumed Contracts) (Detail) 100: R86 Financial Guarantee Insurance Contracts - Effect HTML 78K of Reinsurance on Premiums Written and Earned (Detail) 101: R87 Financial Guarantee Insurance Contracts - HTML 117K Summarized Future Gross Undiscounted Premiums Expected to be Collected, and Future Expected Premiums Earned, Net of Reinsurance (Detail) 102: R88 Financial Guarantee Insurance Contracts Financial HTML 84K Guarantee Insurance Contracts - Components of Loss and Loss Expense Reserves and Subrogation Recoverable (Details) 103: R89 Financial Guarantee Insurance Contracts - Summary HTML 97K of Loss Reserve Roll-Forward, Net of Subrogation Recoverable and Reinsurance (Detail) 104: R90 Financial Guarantee Insurance Contracts - Summary HTML 187K of Information Related to Policies Currently Included in Ambac's Loss Reserves or Subrogation Recoverable (Detail) 105: R91 Financial Guarantee Insurance Contracts - Summary HTML 51K of Balance of RMBS Subrogation Recoveries and Related Claim Liabilities, by Estimation Approach (Detail) 106: R92 Financial Guarantee Insurance Contracts - Summary HTML 53K of Rollforward of RMBS Subrogation, by Estimation Approach (Detail) 107: R93 Financial Guarantee Insurance Contracts - HTML 80K Estimated Future Amortization Expense for Insurance Intangible Asset (Detail) 108: R94 Financial Guarantee Insurance - Summary of HTML 50K Percentage Ceded to Reinsurers and Reinsurance Recoverable and Rating Levels (Detail) 109: R95 Financial Guarantee Insurance Contracts Financial HTML 150K Guarantee Insurance Contracts Earned Premiums by Geographic Location (Details) 110: R96 Reinsurance (Details) HTML 79K 111: R97 Insurance Contracts (Details) HTML 50K 112: R98 Insurance Contracts (Details) HTML 123K 113: R99 Insurance Regulatory Restrictions Additional HTML 64K Details (Details) 114: R100 Derivative Instruments - Summary of Gross Fair HTML 114K Values of Individual Derivative Instruments (Detail) 115: R101 Derivative Instruments - Additional Information HTML 68K (Detail) 116: R102 Derivative Instruments - Summary of Location and HTML 65K Amount of Gains and Losses of Derivative Contracts (Detail) 117: R103 Derivative Instruments - Summary of Gross HTML 57K Principal Notional Outstanding for CDS Contracts (Detail) 118: R104 Derivative Instruments - Summarize Information by HTML 52K Major Category of CDS Contracts (Detail) 119: R105 Derivative Instruments - Summary of Notional HTML 56K Amounts of AFS's Trading Derivative Products (Detail) 120: R106 Derivative Instruments - Summary of Notional for HTML 58K VIE Derivatives Outstanding (Detail) 121: R107 Financial Guarantee Insurance Contracts - Summary HTML 57K of Gross Premium Receivable Roll-Forward (Direct and Assumed Contracts) (Details) 122: R108 Intangible Assets (Details) HTML 99K 123: R109 Variable Interest Entities - Additional HTML 179K Information (Detail) 124: R110 Variable Interest Entities - Summary of Fair Value HTML 73K of Fixed Income Securities, by Asset-Type, Held by Consolidated Variable Interest Entities (Detail) 125: R111 Variable Interest Entities - Supplemental HTML 57K Information about Loans Held as Assets and Long-Term Debt Associated with Consolidated Variable Interest Entities (Detail) 126: R112 Variable Interest Entities - Summary of Carrying HTML 95K Amount of Assets, Liabilities and Maximum Exposure to Loss of Ambac's Variable Interests in Non-Consolidated Variable Interest Entities (Detail) 127: R113 Variable Interest Entities Variable Interest HTML 101K Entity - Change in Fair Value of Assets and Liabilities (Details) 128: R114 Variable Interest Entities Variabile Interest HTML 52K Entities - Carry Value of Secured Notes from LSNI (Details) 129: R115 Variable Interest Entities Special Purpose HTML 159K Entities, including Variable Interest Entities - Summary of Assets and Liabilities (Details) 130: R116 Long-Term Debt (Details) HTML 145K 131: R117 Revenue from Contract with Customer (Details) HTML 89K 132: R118 Comprehensive Income - Schedule of Changes in HTML 84K Balances of Each Component of Accumulated Other Comprehensive Income (Detail) 133: R119 Comprehensive Income - Schedule of Amounts HTML 107K Reclassed Out of Each Component of Accumulated Other Comprehensive Income (Detail) 134: R120 Net Income Per Share - Additional Information HTML 93K (Detail) 135: R121 Net Income Per Share - Reconciliation of Common HTML 72K Shares Used for Basic and Diluted Earnings Per Share (Detail) 136: R122 Income Taxes - Additional Information (Detail) HTML 54K 137: R123 Income Taxes - Significant Portions of Deferred HTML 87K Tax Liabilities and Deferred Tax Assets (Detail) 138: R124 Income Taxes Income Taxes - Provision for Income HTML 69K Taxes Charged To Income From Continuing Operations (Details) 139: R125 Income Taxes Income Taxes - Effect of Income Taxes HTML 64K on Net Income and Stockholders' Equity (Details) 140: R126 Income Taxes Income Taxes - Effective Tax Rates HTML 106K Differing From Prevailing Federal Corporate Income Tax Rates (Details) 141: R127 Income Taxes Income Taxes - Reconciliation of HTML 50K Unrecognized Tax Benefits (Details) 142: R128 Income Taxes Income Taxes - NOL Usage Table HTML 60K (Details) 143: R129 Income Taxes Schedule of Income Before Income HTML 59K Taxes (Details) 144: R130 Employment Benefit Plans Postretirement Health HTML 75K Care and Other Benefits (Details) 145: R131 Employment Benefit Plans Savings Plan (Details) HTML 56K 146: R132 Employment Benefit Plans Stock Compensation HTML 77K (Details) 147: R133 Employment Benefit Plans Restricted Stock Units HTML 122K (Details) 148: R134 Employment Benefit Plans Performance Units HTML 133K (Details) 149: R135 Leases Statement (Details) HTML 112K 150: R136 Leases (Details) HTML 50K 151: R137 Commitments and Contingencies - Additional HTML 53K Information (Detail) 152: R138 Schedule I - Summary Of Investments (Details) HTML 106K 153: R139 Schedule II - Condensed Financial Information of HTML 153K Registrant (Parent Company Only) - Condensed Balance Sheet (Details) 154: R140 Schedule II - Condensed Financial Information of HTML 154K Registrant (Parent Company Only) - Condensed Statement of Total Comprehensive Income (Details) 155: R141 Schedule II - Condensed Financial Information of HTML 130K Registrant (Parent Company Only) - Condensed Statements of Stockholders' Equity (Details) 156: R142 Schedule II - Condensed Financial Information of HTML 132K Registrant (Parent Company Only) - Condensed Statements of Cash Flows (Details) 157: R143 Schedule II - Condensed Financial Information of HTML 48K Registrant (Parent Company Only) Schedule II - Condensed Financial Information of Registrant - Additional Information (Details) 158: R144 Schedule II - Condensed Financial Information of HTML 60K Registrant (Parent Company Only) Schedule II - Condensed Financial Information of Registrant - Income Taxes (Details) 159: R145 SEC Schedule, Article 12-16, Supplementary HTML 81K Insurance Information (Details) 161: XML IDEA XML File -- Filing Summary XML 323K 164: XML XBRL Instance -- ambc-20231231_htm XML 7.92M 160: EXCEL IDEA Workbook of Financial Report Info XLSX 470K 11: EX-101.CAL XBRL Calculations -- ambc-20231231_cal XML 351K 12: EX-101.DEF XBRL Definitions -- ambc-20231231_def XML 3.58M 13: EX-101.LAB XBRL Labels -- ambc-20231231_lab XML 4.36M 14: EX-101.PRE XBRL Presentations -- ambc-20231231_pre XML 3.95M 10: EX-101.SCH XBRL Schema -- ambc-20231231 XSD 479K 162: JSON XBRL Instance as JSON Data -- MetaLinks 1,062± 1.78M 163: ZIP XBRL Zipped Folder -- 0000874501-24-000040-xbrl Zip 1.53M
ambc-20231231 |
FORM | i 10-K |
i ☒ | ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number: | i 1-10777 |
i AMBAC FINANCIAL GROUP, INC. |
i Delaware | i 13-3621676 | |||||||||||||
(State
of incorporation) | (I.R.S. employer identification no.) | |||||||||||||
i One World Trade Center | i New York | i NY | i 10007 | |||||||||||
(Address
of principal executive offices) | (Zip code) |
i (212) | i 658-7470 | ||||||||||
(Registrant’s
telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||
i Common Stock, par value $0.01 per share | i AMBC | i New York Stock Exchange |
i Large
accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | Emerging growth company | i ☐ |
Item Number | Page | Item Number | Page | |||||||||||||||||
PART II (CONTINUED) | ||||||||||||||||||||
1 | ||||||||||||||||||||
Description of the Business | U.S. Insurance Statutory Basis Financial Results | |||||||||||||||||||
Ambac UK Financial Results Under UK Accounting Principles | ||||||||||||||||||||
7A | Quantitative and Qualitative Disclosures about Market Risk | |||||||||||||||||||
8 | ||||||||||||||||||||
9 | ||||||||||||||||||||
1A | 9A | |||||||||||||||||||
1B | 9B | |||||||||||||||||||
1C | ||||||||||||||||||||
2 | 10 | |||||||||||||||||||
3 | 11 | |||||||||||||||||||
4 | 12 | |||||||||||||||||||
13 | ||||||||||||||||||||
5 | 14 | |||||||||||||||||||
6 | ||||||||||||||||||||
7 | 15 | |||||||||||||||||||
Executive Summary | ||||||||||||||||||||
Critical Accounting Policies and Estimates | ||||||||||||||||||||
16 | Form 10-K Summary | |||||||||||||||||||
Ambac Financial Group, Inc | 1 | 2023
Form 10-K |
PART I |
Ambac Financial Group, Inc | 2 | 2023 Form 10-K |
Ambac Financial Group, Inc | 3 | 2023 Form 10-K |
Ambac Financial Group, Inc | 4 | 2023 Form 10-K |
Ambac Financial Group, Inc | 5 | 2023 Form 10-K |
($ in millions) Year Ended December 31, | 2023 | 2022 | |||||||||
Commercial auto liability | $ | 122 | $ | 117 | |||||||
Excess liability | 41 | 5 | |||||||||
General liability | 27 | 6 | |||||||||
Surety | 26 | 4 | |||||||||
Non-standard auto | 20 | — | |||||||||
Workers Compensation | 20 | — | |||||||||
Commercial auto physical damage | 12 | 13 | |||||||||
Other | 6 | 1 | |||||||||
Gross written premiums | $ | 273 | $ | 146 |
Ambac Financial Group, Inc | 6 | 2023 Form 10-K |
Ambac Financial Group, Inc | 7 | 2023 Form 10-K
|
($ in millions) Year ended December 31, | 2023 | 2022 | |||||||||
Employee stop loss | $ | 76 | $ | 72 | |||||||
Limited & short-term medical | 54 | 48 | |||||||||
Commercial auto | 62 | 11 | |||||||||
Marine | 19 | 1 | |||||||||
Professional liability | 12 | — | |||||||||
Other | 6 | 4 | |||||||||
Premiums placed | $ | 231 | $ | 135 |
Ambac Financial Group, Inc | 8 | 2023 Form 10-K |
Ambac Financial Group, Inc | 9 | 2023 Form 10-K |
Ambac Financial Group, Inc | 10 | 2023 Form 10-K |
Ambac Financial Group, Inc | 11 | 2023 Form 10-K |
Ambac Financial Group, Inc | 12 | 2023 Form 10-K |
2023 | 2022 | ||||||||||||||||||||||
Investment
Category ($ in millions) December 31, | Carrying Value | Weighted Average Yield (1) | Carrying Value | Weighted Average Yield (1) | |||||||||||||||||||
Municipal obligations | $ | 72 | 4.8 | % | $ | 43 | 4.6 | % | |||||||||||||||
Corporate securities | 745 | 3.3 | % | 598 | 2.6 | % | |||||||||||||||||
Foreign obligations | 100 | 2.6 | % | 76 | 1.5 | % | |||||||||||||||||
U.S. government obligations | 82 | 3.0 | % | 65 | 1.9 | % | |||||||||||||||||
Residential mortgage-backed securities | 250 | 7.2 | % | 238 | 8.3 | % | |||||||||||||||||
Commercial mortgage-backed securities | 19 | 5.6 | % | 15 | 5.5 | % | |||||||||||||||||
Asset-backed securities | 442 | 8.5 | % | 361 | 7.0 | % | |||||||||||||||||
Short-term investments | 452 | 5.3 | % | 572 | 4.0 | % | |||||||||||||||||
Total fixed maturity-available-for-sale | 2,162 | 5.2 | % | 1,966 | 4.4 | % | |||||||||||||||||
Fixed
maturity securities - trading (2) | 27 | — | % | 59 | — | % | |||||||||||||||||
Other investments (3) | 475 | — | % | 568 | — | % | |||||||||||||||||
Total | $ | 2,664 | 5.2 | % | $ | 2,593 | 4.4 | % |
Page | |||||
Risks Related to AFG Common Shares | |||||
Risk Related to the Company's Business | |||||
Risks Related to Capital, Liquidity and Markets |
Ambac Financial Group, Inc | 13 | 2023 Form 10-K |
Ambac Financial Group, Inc | 14 | 2023 Form 10-K |
Ambac Financial Group, Inc | 15 | 2023 Form 10-K |
Ambac Financial Group, Inc | 16 | 2023 Form 10-K |
Ambac Financial Group, Inc | 17 | 2023
Form 10-K |
Ambac Financial Group, Inc | 18 | 2023 Form 10-K |
Ambac Financial Group, Inc | 19 | 2023 Form 10-K |
Ambac Financial Group, Inc | 20 | 2023 Form 10-K |
Ambac Financial Group, Inc | 21 | 2023 Form 10-K |
Ambac Financial Group, Inc | 22 | 2023
Form 10-K |
Ambac Financial Group, Inc | 23 | 2023 Form 10-K |
Ambac Financial Group, Inc | 24 | 2023
Form 10-K |
Ambac Financial Group, Inc | 25 | 2023 Form 10-K |
Ambac Financial Group, Inc | 26 | 2023 Form 10-K |
PART II |
October 2023 | November 2023 | December 2023 | Fourth Quarter 2023 | ||||||||||||||||||||
Total Shares Purchased (1) | — | — | 469 | 469 | |||||||||||||||||||
Average Price Paid Per Share | $ | — | $ | — | $ | 14.75 | $ | 14.75 | |||||||||||||||
Total Number of Shares Purchased as Part of Publicly Announced Plan | — | — | — | — | |||||||||||||||||||
Maximum Dollar Value That may Yet be Purchased Under the Plan | $ | 16 | $ | 16 | $ | 16 | $ | 16 |
($ in millions, except per share) Year ended December 31, | 2022 | 2023 | Total | |||||||||||||||||
Shares repurchased | 1,605,316 | 325,068 | 1,930,384 | |||||||||||||||||
Total cost | $ | 14.2 | $ | 4.5 | $ | 18.7 | ||||||||||||||
Average purchase price per share | $ | 8.86 | $ | 13.88 | $ | 9.70 | ||||||||||||||
Unused authorization amount | $ | 16.3 |
Ambac Financial Group, Inc | 27 | 2023
Form 10-K |
December 31, | ||||||||||||||||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||||||||||||||||||||||
Ambac Financial Group, Inc. | $100 | $125 | $89 | $93 | $101 | $96 | ||||||||||||||||||||||||||||||||
Russell 2000 Index | $100 | $124 | $147 | $167 | $131 | $151 | ||||||||||||||||||||||||||||||||
S&P Completion Index | $100 | $126 | $165 | $184 | $133 | $164 |
Page | |||||
Ambac Financial Group, Inc | 28 | 2023 Form 10-K |
2023 | 2022 | |||||||||||||
Cash and short-term investments | $ | 156 | $ | 178 | ||||||||||
Other
investments (1) | 32 | 28 | ||||||||||||
Other net assets | 23 | 17 | ||||||||||||
Total | $ | 211 | $ | 223 |
Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | Legacy Financial Guarantee Insurance | Specialty Property & Casualty Insurance | Insurance Distribution | Corporate & Other | Consoli-dated | Legacy Financial Guarantee Insurance | Specialty Property & Casualty Insurance | Insurance Distribution | Corporate & Other | Consoli-dated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premiums placed | $ | 231 | $ | 231 | $ | 135 | $ | 135 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 15 | $ | 273 | 288 | $ | (20) | $ | 146 | 127 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net premiums written | (35) | 80 | 44 | (6) | 29 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 144 | 64 | 52 | $ | 9 | 269 | 451 | 18 | 31 | $ | 4 | 505 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 127 | 64 | 44 | 22 | 257 | (89) | 25 | 27 | 17 | (20) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pretax income (loss) | 17 | — | 7 | (13) | 12 | 540 | (6) | 5 | (14) | 525 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | 107 | — | 11 | (12) | 107 | 754 | (6) | 7 | (14) | 742 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ambac
Stockholders’ Equity (1) | 923 | 122 | 105 | 211 | 1,362 | 826 | 110 | 93 | 223 | 1,252 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-redeemable noncontrolling interest | 51 | 2 | 53 | 51 | 2 | 53 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total stockholders’ equity | 974 | 124 | 105 | 211 | 1,415 | 877 | 112 | 93 | 223 | 1,305 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest | 17 | 17 | 20 | 20 |
Ambac Financial Group, Inc | 29 | 2023 Form 10-K |
($ in millions) December 31, | 2023 | 2022 | ||||||||||||
Net income (1) | $ | (3) | $ | 11 | ||||||||||
Gain (losses) on foreign currency translation (net of tax) | 40 | (85) | ||||||||||||
Unrealized gains (losses) on non-functional currency available-for-sale securities (net of tax) | (6) | 11 | ||||||||||||
Impact on total comprehensive income (loss) | $ | 31 | $ | (63) |
Ambac Financial Group, Inc | 30 | 2023 Form 10-K |
Gross Par Outstanding (1) (2) | Gross Loss and Loss Adjustment Expense Reserves (1)
(3) (4) | |||||||||||||
December 31, 2023 | ||||||||||||||
Structured Finance | $ | 1,860 | $ | 497 | ||||||||||
Domestic Public Finance | 834 | 66 | ||||||||||||
Other | 1,144 | (8) | ||||||||||||
Loss expenses | — | 4 | ||||||||||||
Totals | $ | 3,838 | 559 | |||||||||||
December 31, 2022 | ||||||||||||||
Structured Finance | $ | 2,050 | 358 | |||||||||||
Domestic Public Finance | 1,215 | 75 | ||||||||||||
Other | 782 | 3 | ||||||||||||
Loss expenses | — | 8 | ||||||||||||
Totals | $ | 4,047 | 444 |
Ambac Financial Group, Inc | 31 | 2023
Form 10-K |
Ambac Financial Group, Inc | 32 | 2023 Form 10-K |
($
in billions) December 31, | 2023 | 2022 | Variance | ||||||||||||||||||||
Total | $ | 19,541 | $ | 22,613 | $ | (3,072) | (11) | % | |||||||||||||||
ACC | $ | 3,504 | $ | 4,735 | $ | (1,231) | (26) | % | |||||||||||||||
Watch List | $ | 2,181 | $ | 3,044 | $ | (863) | (28) | % |
2023 | 2022 | ||||||||||
Public Finance (1) | $ | 7,562 | $ | 10,547 | |||||||
Structured Finance | 3,315 | 3,612 | |||||||||
International Finance | 8,664 | 8,454 | |||||||||
Total net par outstanding | $ | 19,541 | $ | 22,613 |
Ambac Financial Group, Inc | 33 | 2023 Form 10-K |
Ambac Financial Group, Inc | 34 | 2023 Form 10-K |
Sector | Co. | Bond Kind | Country-Bond Type | Ambac Ratings (1) | Ultimate Maturity Year | Net Par Outstanding | % of Total Net Par Outstanding | |||||||||||||||||||||||||||||||
IF | AUK | Investor Owned Utility Gas - unsecured | UK-Utility | BBB+ | 2037 | $ | 896 | 4.6 | % | |||||||||||||||||||||||||||||
IF | AUK | PFI - Hospitals | UK-Infrastructure | BBB+ | 2046 | 741 | 3.8 | % | ||||||||||||||||||||||||||||||
IF | AUK | PFI - Accommodation | UK-Infrastructure | A- | 2040 | 739 | 3.8 | % | ||||||||||||||||||||||||||||||
IF | AUK | Other Asset Securitizations | UK-Asset Securitizations | BBB+ | 2033 | 696 | 3.6 | % | ||||||||||||||||||||||||||||||
IF | AUK | Investor Owned Utility Other - unsecured | UK-Utility | A- | 2035 | 683 | 3.5 | % | ||||||||||||||||||||||||||||||
IF | AUK | Investor Owned Utility Electric - unsecured | UK-Utility | BBB+ | 2036 | 618 | 3.2 | % | ||||||||||||||||||||||||||||||
IF | AUK | Sub-Sovereign | Italy-Sub-Sovereign | BIG | 2035 | 576 | 2.9 | % | ||||||||||||||||||||||||||||||
IF | AUK | PFI - Accommodation | UK-Infrastructure | A- | 2038 | 478 | 2.4 | % | ||||||||||||||||||||||||||||||
PF | AAC | US State Lease/Appropriation | US-Lease and Tax-backed Revenue | BBB | 2036 | 357 | 1.8 | % | ||||||||||||||||||||||||||||||
IF | AUK | PFI - Hospitals | UK-Infrastructure | BBB- | 2040 | 307 | 1.6 | % | ||||||||||||||||||||||||||||||
Total | $ | 6,091 | 31.2 | % | ||||||||||||||||||||||||||||||||||
PF
= Public Finance, SF = Structured Finance, IF = International Finance AAC = Ambac Assurance, AUK = Ambac UK |
($
in millions) Net Par Outstanding Amortization (1) | Estimated Net Amortization | |||||||
2024 | $ | 1,355 | ||||||
2025 | 1,181 | |||||||
2026 | 1,152 | |||||||
2027 | 964 | |||||||
2028 | 1,161 | |||||||
2024 - 2028 | $ | 5,813 | ||||||
2029 - 2033 | 4,345 | |||||||
2034 - 2038 | 6,424 | |||||||
2039 - 2043 | 1,340 | |||||||
After 2043 | 1,619 | |||||||
Total | $ | 19,541 |
Currency (in
millions) | Net Par Amount Outstanding in Base Currency | Net Par Amount Outstanding in U.S. Dollars | Percentage of Net Par Amount Outstanding | ||||||||||||||
U.S. Dollars | $ | 11,039 | $ | 11,039 | 56 | % | |||||||||||
British Pounds | £ | 5,769 | 7,353 | 38 | % | ||||||||||||
Euros | € | 800 | 883 | 5 | % | ||||||||||||
Australian Dollars | A$ | 391 | 266 | 1 | % | ||||||||||||
Total | $ | 19,541 | 100 | % |
Ambac Financial Group, Inc | 35 | 2023 Form 10-K |
Bond
Type December 31, | Net Par Outstanding | |||||||||||||
2023 | 2022 | |||||||||||||
Public Finance: | ||||||||||||||
Military Housing | $ | 361 | $ | 366 | ||||||||||
General Obligations | 85 | 151 | ||||||||||||
Lease and tax-backed revenue | 80 | 252 | ||||||||||||
Other | 37 | 54 | ||||||||||||
Total Public Finance | 563 | 823 | ||||||||||||
Structured Finance: | ||||||||||||||
RMBS | 1,642 | 1,841 | ||||||||||||
Student Loans | 264 | 275 | ||||||||||||
Total Structured Finance | 1,906 | 2,117 | ||||||||||||
International Finance: | ||||||||||||||
Sovereign/sub-sovereign | 693 | 701 | ||||||||||||
Transportation | 307 | 310 | ||||||||||||
Other | 1 | 2 | ||||||||||||
Total International Finance | 1,001 | 1,013 | ||||||||||||
Total | $ | 3,470 | $ | 3,953 |
Ambac Financial Group, Inc | 36 | 2023 Form 10-K |
Bond Type December 31, | Ceded Par Amount Outstanding | ||||||||||
2023 | 2022 | ||||||||||
Public Finance: | |||||||||||
Housing revenue | $ | 2,829 | $ | 910 | |||||||
Lease and tax-backed revenue | 1,125 | 1,169 | |||||||||
General obligation | 1,112 | 1,265 | |||||||||
Transportation revenue | 599 | 699 | |||||||||
Other | 494 | 555 | |||||||||
Total Public Finance | 6,159 | 4,598 | |||||||||
Structured Finance: | |||||||||||
Investor-owned utilities | 174 | 174 | |||||||||
Other | 100 | 136 | |||||||||
Total Structured Finance | 274 | 310 | |||||||||
Total Domestic | 6,433 | 4,908 | |||||||||
International Finance: | |||||||||||
Total International Finance | 31 | 30 | |||||||||
Total | $ | 6,464 | $ | 4,938 | |||||||
Percentage of Gross Par Ceded | 25 | % | 18 | % |
Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Revenues: | |||||||||||||||||
Net premiums earned | $ | 78 | $ | 56 | $ | 47 | |||||||||||
Commission income | 51 | 31 | 26 | ||||||||||||||
Program fees | 8 | 3 | — | ||||||||||||||
Net investment income | 140 | 17 | 139 | ||||||||||||||
Net investment gains (losses), including impairments | (22) | 31 | 7 | ||||||||||||||
Net gains (losses) on derivative contracts | (1) | 129 | 22 | ||||||||||||||
Net realized gains on extinguishment of debt | — | 81 | 33 | ||||||||||||||
Income (loss) on variable interest entities | 3 | 21 | 7 | ||||||||||||||
Other
income | 11 | 10 | 1 | ||||||||||||||
Litigation recoveries | — | 126 | — | ||||||||||||||
Expenses: | |||||||||||||||||
Losses and loss adjustment expenses | (33) | (396) | (88) | ||||||||||||||
Amortization of deferred acquisition costs, net | 11 | 3 | 1 | ||||||||||||||
Commission expense | 29 | 18 | 15 | ||||||||||||||
General and administrative expenses | 156 | 141 | 111 | ||||||||||||||
Intangible amortization | 29 | 47 | 55 | ||||||||||||||
Interest expense | 64 | 168 | 187 | ||||||||||||||
Provision (benefit) for income taxes | 7 | 2 | 18 | ||||||||||||||
Net income (loss) | 5 | 522 | (16) | ||||||||||||||
Less: net (gain) loss attributable to noncontrolling interest | (1) | (1) | (1) | ||||||||||||||
Net income (loss) attributable to common stockholders | $ | 4 | $ | 522 | $ | (17) |
Ambac Financial Group, Inc | 37 | 2023 Form 10-K |
Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Legacy Financial Guaranty Insurance | $ | 15 | $ | (20) | $ | (11) | |||||||||||
Specialty Property & Casualty Insurance | 273 | 146 | 13 | ||||||||||||||
Total | $ | 288 | $ | 127 | $ | 2 |
Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Legacy Financial Guaranty Insurance | $ | (35) | $ | (6) | $ | (35) | |||||||||||
Specialty Property & Casualty Insurance | 80 | 29 | 3 | ||||||||||||||
Total | $ | 44 | $ | 23 | $ | (33) |
Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Legacy Financial Guaranty Insurance | $ | 26 | $ | 42 | $ | 46 | |||||||||||
Specialty Property and Casualty Insurance | 52 | 14 | 1 | ||||||||||||||
Total | 78 | $ | 56 | $ | 47 |
Ambac Financial Group, Inc | 38 | 2023 Form 10-K |
Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Securities
available-for-sale: Ambac-insured (including secured notes) | $ | 24 | $ | 24 | $ | 45 | |||||||||||
Securities available-for-sale and short-term other than Ambac-insured | 69 | 42 | 29 | ||||||||||||||
Other investments (includes trading securities) | 47 | (49) | 66 | ||||||||||||||
Net investment income | $ | 140 | $ | 17 | $ | 139 |
Year
Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Net realized gains on securities sold or called | $ | (4) | $ | 18 | $ | 11 | |||||||||||
Net foreign exchange gains (losses) | (4) | 14 | (5) | ||||||||||||||
Credit impairment | (3) | — | — | ||||||||||||||
Intent / requirement to sell impairments | (12) | — | — | ||||||||||||||
Total net investment gains, including impairments | $ | (22) | $ | 31 | $ | 7 |
Ambac Financial Group, Inc | 39 | 2023 Form 10-K |
Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Legacy financial guarantee | $ | (69) | $ | (406) | $ | (89) | |||||||||||
Specialty property and casualty insurance | 37 | 9 | $ | — | |||||||||||||
Total | $ | (33) | $ | (396) | $ | (88) |
Year Ended December
31, | 2023 | 2022 | 2021 | ||||||||||||||
Compensation | $ | 73 | $ | 66 | $ | 62 | |||||||||||
Non-compensation | 84 | 75 | 49 | ||||||||||||||
Total | $ | 156 | $ | 141 | $ | 111 | |||||||||||
Ambac Financial Group, Inc | 40 | 2023
Form 10-K |
Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Surplus
Notes (1) | $ | 62 | $ | 78 | $ | 77 | |||||||||||
LSNI Ambac Note | — | — | 50 | ||||||||||||||
Sitka AAC Note | — | 63 | 32 | ||||||||||||||
Tier
2 Notes | — | 26 | 27 | ||||||||||||||
Other | 1 | 1 | 1 | ||||||||||||||
Total interest expense | $ | 64 | $ | 168 | $ | 187 |
Legacy Financial Guarantee Insurance | ||||||||||||||
Year Ended December 31, | 2023 | 2022 | ||||||||||||
Revenues: | ||||||||||||||
Net premiums earned | $ | 26 | $ | 42 | ||||||||||
Net investment income | 127 | 12 | ||||||||||||
Net investment gains (losses), including impairments | (23) | 32 | ||||||||||||
Net gains (losses) on derivative contracts | (1) | 128 | ||||||||||||
Net realized gains on extinguishment of debt | — | 81 | ||||||||||||
Other income | 15 | 30 | ||||||||||||
Litigation recoveries | — | 126 | ||||||||||||
Total | 144 | 451 | ||||||||||||
Expenses: | ||||||||||||||
Losses and loss adjustment expenses | (69) | (406) | ||||||||||||
General and administrative expenses | 106 | 102 | ||||||||||||
Total | 37 | (303) | ||||||||||||
EBITDA | 107 | 754 | ||||||||||||
Interest expense | 64 | 168 | ||||||||||||
Depreciation | 1 | 2 | ||||||||||||
Intangible amortization | 25 | 44 | ||||||||||||
Pretax income (loss) | $ | 17 | $ | 540 | ||||||||||
Ambac's
stockholders equity (1) | $ | 923 | $ | 826 |
Ambac Financial Group, Inc | 41 | 2023 Form 10-K |
Year Ended December 31, | 2023 | 2022 | ||||||||||||
Structured Finance | $ | (63) | $ | (207) | ||||||||||
Domestic Public Finance | (5) | (192) | ||||||||||||
Other | (2) | (6) | ||||||||||||
Totals (1) | $ | (69) | $ | (406) |
Specialty Property and Casualty Insurance | ||||||||||||||
Year Ended December 31, | 2023 | 2022 | ||||||||||||
Gross premiums written | $ | 273 | $ | 146 | ||||||||||
Net premiums written | 80 | 29 | ||||||||||||
Revenues: | ||||||||||||||
Net premiums earned | $ | 52 | $ | 14 | ||||||||||
Net investment income | 4 | 2 | ||||||||||||
Net investment gains (losses), including impairments | — | — | ||||||||||||
Program fees | 8 | 3 | ||||||||||||
Total | 64 | 18 | ||||||||||||
Expenses: | ||||||||||||||
Losses and loss adjustment expenses | 37 | 9 | ||||||||||||
Amortization of deferred acquisition costs, net | 11 | 3 | ||||||||||||
General and administrative expenses | 16 | 13 | ||||||||||||
Net (gain) loss attributable to noncontrolling interest | — | — | ||||||||||||
EBITDA | — | $ | (6) | |||||||||||
Pretax income (loss) | $ | — | $ | (6) | ||||||||||
Loss and LAE Ratio | 70.7 | % | 65.4 | % | ||||||||||
Combined Ratio | 106.5 | % | 156.5 | % | ||||||||||
Ambac's
stockholders equity (1) | $ | 122 | $ | 110 |
Ambac Financial Group, Inc | 42 | 2023 Form 10-K |
Insurance Distribution | ||||||||||||||
Year Ended December 31, | 2023 | 2022 | ||||||||||||
Premiums placed | $ | 231 | $ | 135 | ||||||||||
Commission income | $ | 51 | $ | 31 | ||||||||||
Commission expense | 29 | 18 | ||||||||||||
Net commissions | 22 | 13 | ||||||||||||
Expenses: | ||||||||||||||
General and administrative expenses | 11 | 6 | ||||||||||||
EBITDA | 11 | 7 | ||||||||||||
Depreciation
(1) | — | — | ||||||||||||
Intangible amortization | 4 | 3 | ||||||||||||
Pretax income (loss) | $ | 7 | $ | 5 | ||||||||||
Ambac's
stockholders equity (2) | $ | 105 | $ | 93 |
Ambac Financial Group, Inc | 43 | 2023 Form 10-K |
Ambac Financial Group, Inc | 44 | 2023
Form 10-K |
Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Cash provided by (used in): | |||||||||||||||||
Operating activities | $ | 200 | $ | 1,335 | $ | (131) | |||||||||||
Investing activities | 435 | 866 | 776 | ||||||||||||||
Financing activities (1) | (423) | (2,163) | (657) | ||||||||||||||
Effect of foreign exchange on cash and cash equivalents | 1 | (1) | — | ||||||||||||||
Net cash flow | $ | 213 | $ | 38 | $ | (12) |
Year
Ended December 31, | 2023 | 2022 | |||||||||||||||
Net losses paid | $ | 30 | $ | 298 | |||||||||||||
Net subrogation received (1) | (232) | (1,951) | |||||||||||||||
Net loss expenses paid | 8 | 48 | |||||||||||||||
Net cash flow | $ | (194) | $ | (1,605) |
Ambac Financial Group, Inc | 45 | 2023 Form 10-K
|
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Financial Guarantee Insurance | Specialty Property & Casualty Insurance | Insurance Distribution | Corporate & Other | Consolidated | Legacy Financial Guarantee Insurance | Specialty Property
& Casualty Insurance | Insurance Distribution | Corporate & Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 1,575 | $ | 121 | $ | — | $ | 14 | $ | 1,710 | $ | 1,281 | $ | 102 | $ | — | $ | 12 | $ | 1,395 | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities - trading | $ | 27 | $ | — | $ | — | $ | — | $ | 27 | 59 | — | — | — | 59 | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term | $ | 225 | $ | 41 | $ | 4 | $ | 156 | $ | 426 | 303 | 29 | — | 175 | 507 | |||||||||||||||||||||||||||||||||||||||||||||||
Other investments | $ | 457 | $ | — | $ | — | $ | 18 | $ | 475 | 552 | — | — | 16 | 568 | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities pledged as collateral | $ | 27 | $ | — | $ | — | $ | — | $ | 27 | 64 | — | — | — | 64 | |||||||||||||||||||||||||||||||||||||||||||||||
Total
investments (1) | $ | 2,310 | $ | 162 | $ | 4 | $ | 188 | $ | 2,664 | $ | 2,259 | $ | 131 | $ | — | $ | 203 | $ | 2,593 |
Ambac Financial Group, Inc | 46 | 2023 Form 10-K |
Currency (Amounts in millions) | Premium Receivable in Payment Currency | Premium Receivable in U.S. dollars | ||||||||||||
U.S. Dollars | $ | 204 | $ | 204 | ||||||||||
British Pounds | £ | 57 | 72 | |||||||||||
Euros | € | 12 | 13 | |||||||||||
Total | $ | 290 |
Ambac Financial Group, Inc | 47 | 2023 Form 10-K |
December 31, 2023: | December 31, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specialty Property and Casualty | Legacy Financial Guarantee | Specialty Property and Casualty | Legacy Financial Guarantee | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Present Value of Expected Net Cash Flows | Unearned Premium Revenue | Gross
Loss and Loss Expense Reserves (2) | Present Value of Expected Net Cash Flows | Unearned Premium Revenue | Gross Loss and Loss Expense Reserves (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Line Item | Gross Loss and Loss Expense Reserves | Claims
and Loss Expenses | Recoveries | Gross Loss and Loss Expense Reserves | Claims and Loss Expenses | Recoveries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss and loss adjustment expense reserves | $ | 197 | $ | 779 | $ | (55) | $ | (28) | $ | 893 | $ | 90 | $ | 787 | $ | (44) | $ | (28) | $ | 805 | ||||||||||||||||||||||||||||||||||||||||||
Subrogation recoverable | — | 1 | (139) | — | (137) | — | 5 | (276) | — | (271) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 197 | $ | 780 | $ | (194) | $ | (28) | $ | 756 | $ | 90 | $ | 791 | $ | (319) | $ | (28) | $ | 534 |
December 31, 2023: | December 31, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Present Value of Expected Net Cash Flows | Unearned Premium Revenue | Gross Loss and Loss Expense Reserves (1)(2) | Present Value of Expected Net Cash Flows | Unearned Premium Revenue | Gross
Loss and Loss Expense Reserves (1)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | Gross Par Outstanding (1) | Claims and Loss Expenses | Recoveries | Gross Par Outstanding (1) | Claims and Loss Expenses | Recoveries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Structured Finance | $ | 1,860 | $ | 679 | $ | (172) | $ | (10) | $ | 497 | $ | 2,050 | $ | 664 | $ | (296) | $ | (10) | $ | 358 | ||||||||||||||||||||||||||||||||||||||||||
Domestic Public Finance | 834 | 82 | (8) | (8) | 66 | 1,215 | 96 | (11) | (10) | 75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 1,144 | 15 | (13) | (10) | (8) | 782 | 23 | (12) | (8) | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss expenses | — | 4 | — | — | 4 | — | 8 | — | — | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 3,838 | $ | 780 | $ | (194) | $ | (28) | $ | 559 | $ | 4,047 | $ | 791 | $ | (319) | $ | (28) | $ | 444 |
Payments Due by Period | |||||||||||||||||||||||||||||
($ in millions) | Total | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | More Than 5 Years | ||||||||||||||||||||||||
Claim payments | $ | 1,202 | $ | 93 | $ | 51 | $ | 42 | $ | 1,016 | |||||||||||||||||||
Ambac Financial Group, Inc | 48 | 2023 Form 10-K |
Ambac Financial Group, Inc | 49 | 2023 Form 10-K |
December 31, | 2023 | 2022 | ||||||||||||
Surplus Notes | $ | 491 | $ | 477 | ||||||||||
Tier 2 Notes | — | 146 | ||||||||||||
Ambac UK Debt | 17 | 16 | ||||||||||||
Total Long-term Debt | 508 | 639 | ||||||||||||
Accrued
Interest Payable | 475 | 427 | ||||||||||||
Total | $ | 983 | $ | 1,065 |
Ambac Financial Group, Inc | 50 | 2023 Form 10-K |
Ambac Financial Group, Inc | 51 | 2023 Form 10-K |
Ambac Financial Group, Inc | 52 | 2023 Form 10-K |
Ambac Financial Group, Inc | 53 | 2023 Form 10-K
|
Legacy Financial Guarantee Insurance | Specialty Property and Casualty Insurance | Insurance Distribution | Corporate & Other | Consolidated | ||||||||||||||||||||||||||||||||||
Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 9 | $ | — | $ | 7 | $ | (11) | $ | 5 | ||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||
Interest expense | 64 | — | — | — | 64 | |||||||||||||||||||||||||||||||||
Income taxes | 8 | — | — | (1) | 7 | |||||||||||||||||||||||||||||||||
Depreciation | 1 | — | — | — | 2 | |||||||||||||||||||||||||||||||||
Amortization of intangible assets | 25 | — | 4 | — | 29 | |||||||||||||||||||||||||||||||||
EBITDA (1) | $ | 107 | $ | — | $ | 11 | $ | (12) | $ | 107 | ||||||||||||||||||||||||||||
Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 537 | $ | (6) | $ | 5 | $ | (13) | $ | 522 | ||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||
Interest expense | 168 | — | — | — | 168 | |||||||||||||||||||||||||||||||||
Income taxes | 3 | — | — | — | 2 | |||||||||||||||||||||||||||||||||
Depreciation | 2 | — | — | — | 2 | |||||||||||||||||||||||||||||||||
Amortization of intangible assets | 44 | — | 3 | — | 47 | |||||||||||||||||||||||||||||||||
EBITDA (1) | $ | 754 | $ | (6) | $ | 7 | $ | (14) | $ | 742 | ||||||||||||||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 4 | $ | (8) | $ | 4 | $ | (17) | $ | (16) | ||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||
Interest expense | 187 | — | — | — | 187 | |||||||||||||||||||||||||||||||||
Income taxes | 16 | — | — | 2 | 18 | |||||||||||||||||||||||||||||||||
Depreciation | 2 | — | — | — | 2 | |||||||||||||||||||||||||||||||||
Amortization of intangible assets | 52 | — | 3 | — | 55 | |||||||||||||||||||||||||||||||||
EBITDA (1) | $ | 262 | $ | (8) | $ | 6 | $ | (15) | $ | 246 |
Ambac Financial Group, Inc | 54 | 2023 Form 10-K |
2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
($
in millions, except per share data) Year Ended December 31, | $ Amount | Per Diluted Share (1) | $ Amount | Per Diluted Share (1) | $ Amount | Per Diluted Share (1) | |||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 4 | $ | 0.18 | $ | 522 | $ | 11.31 | $ | (17) | $ | (0.61) | |||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Net investment (gains) losses, including impairments | 22 | 0.49 | (31) | (0.68) | (7) | (0.14) | |||||||||||||||||||||||||||||
Intangible amortization | 29 | 0.62 | 47 | 1.01 | 55 | 1.19 | |||||||||||||||||||||||||||||
Litigation costs | 41 | 0.87 | 33 | 0.71 | 7 | 0.15 | |||||||||||||||||||||||||||||
Foreign exchange (gains) losses | (1) | (0.02) | 3 | 0.06 | 3 | 0.06 | |||||||||||||||||||||||||||||
Workforce change costs | 1 | 0.02 | 1 | 0.03 | 1 | 0.01 | |||||||||||||||||||||||||||||
Net (gain) loss on extinguishment of debt | — | — | (81) | (1.75) | (33) | (0.70) | |||||||||||||||||||||||||||||
Pretax adjusted net income (loss) | 96 | 2.16 | 494 | 10.69 | 9 | (0.04) | |||||||||||||||||||||||||||||
Income tax effects | (2) | (0.03) | 2 | 0.04 | (1) | (0.02) | |||||||||||||||||||||||||||||
Net (gains) attributable to noncontrolling interests | (1) | (0.02) | (1) | (0.01) | (1) | (0.01) | |||||||||||||||||||||||||||||
Adjusted Net Income (Loss) | $ | 93 | $ | 2.11 | $ | 495 | $ | 10.72 | $ | 7 | $ | (0.07) |
2023 | 2022 | ||||||||||||||||||||||
($ in millions, except per share data) December 31, | $ Amount | Per Share | $ Amount | Per Share | |||||||||||||||||||
Total Ambac Financial Group, Inc. stockholders’ equity | $ | 1,362 | $ | 30.13 | $ | 1,252 | $ | 27.85 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Insurance intangible asset | (245) | (5.43) | (266) | (5.91) | |||||||||||||||||||
Net unearned premiums and fees in excess of expected losses | 162 | 3.59 | 214 | 4.76 | |||||||||||||||||||
Net unrealized investment (gains) losses in Accumulated Other Comprehensive Income (Loss) | 20 | 0.45 | 71 | 1.59 | |||||||||||||||||||
Adjusted Book Value | $ | 1,299 | $ | 28.74 | $ | 1,272 | $ | 28.29 |
Ambac Financial Group, Inc | 55 | 2023 Form 10-K |
Ambac Financial Group, Inc | 56 | 2023
Form 10-K |
December 31, | 2023 | 2022 | ||||||||||||
Fair value of fixed maturity investment (1) | $ | 1,820 | $ | 1,740 | ||||||||||
Pre-tax impact of 100 basis point increase in interest rates | ||||||||||||||
Decrease in dollars | $ | (50) | $ | (53) | ||||||||||
As a percent of fair value | 3 | % | 3 | % |
December 31, | 2023 | 2022 | ||||||||||||
Fair value of long-term debt including accrued interest (1) | $ | (697) | $ | (878) | ||||||||||
Pre-tax impact of 100 basis point decrease in interest rates | ||||||||||||||
Increase in dollars | $ | (24) | $ | (18) | ||||||||||
As a percent of fair value | 3 | % | 2 | % | ||||||||||
Fair
value of interest rate derivative net assets (liabilities) (1) | $ | (10) | $ | (12) | ||||||||||
Pre-tax impact of 100 basis point decrease in interest rates | ||||||||||||||
Pre-tax loss from change in fair value in dollars | $ | (4) | $ | (20) |
December 31, | 2023 | 2022 | ||||||||||||
Fair value of investments denominated in currencies other than the U.S. dollar (1) | $ | 463 | $ | 398 | ||||||||||
Pre-tax impact of 20% strengthening of the U.S. dollar | $ | (93) | $ | (80) |
December 31, | 2023 | 2022 | ||||||||||||
Fair value of investments in pooled funds | $ | 463 | $ | 556 | ||||||||||
Pre-tax impact of 10% decline in NAV of the funds | $ | (46) | $ | (56) |
Ambac Financial Group, Inc | 57 | 2023 Form 10-K |
Consolidated
Financial Statements | ||||||||||||||
Consolidated Statements of Stockholders’ Equity | ||||||||||||||
Notes to Consolidated Financial Statements | ||||||||||||||
Note 1. Background and Business Description | Note 11. Variable Interest Entities | |||||||||||||
Note 2. Basis of Presentation and Significant Accounting Policies | Note 12. Long-term Debt | |||||||||||||
Note 3. Segment Information | Note 13. Revenues From Contracts with Customers | |||||||||||||
Note 4. Investments | Note 14. Comprehensive Income | |||||||||||||
Note 5. Fair Value Measurements | Note 15. Net Income Per Share | |||||||||||||
Note 6. Financial Guarantees in Force | Note 16. Income Taxes | |||||||||||||
Note 7. Insurance Contracts | Note 17. Employment Benefit Plans | |||||||||||||
Note 8. Insurance Regulatory Restrictions | Note 18. Leases | |||||||||||||
Note 9. Derivative Instruments | Note 19. Commitments and Contingencies | |||||||||||||
Note 10. Goodwill and Intangible Assets | ||||||||||||||
Ambac Financial Group, Inc | 58 | 2023 Form 10-K |
Ambac Financial Group, Inc | 59 | 2023 Form 10-K |
Ambac Financial Group, Inc | 60 | 2023 Form 10-K |
Ambac Financial Group, Inc | 61 | 2023 Form 10-K |
(Dollars in millions, except share data) December 31, | 2023 | 2022 | |||||||||
Assets: | |||||||||||
Investments: | |||||||||||
Fixed maturity securities, at fair value (amortized cost of $ i 1,744
and $ i 1,469) | $ | i 1,710 | $ | i 1,395 | |||||||
Fixed maturity securities - trading, at fair value | i 27 | i 59 | |||||||||
Short-term
investments, at fair value (amortized cost of $ i 426 and $ i 507) | i 426 | i 507 | |||||||||
Short-term
investments pledged as collateral, at fair value (amortized cost of $ i 27 and $ i 64) | i 27 | i 64 | |||||||||
Other
investments (includes $ i 463 and $ i 556 at fair value) | i 475 | i 568 | |||||||||
Total
investments (net of allowance for credit losses of $ i 3 and $ i 0) | i 2,664 | i 2,593 | |||||||||
Cash
and cash equivalents (including $ i 12 and $ i 14 of restricted cash) | i 28 | i 44 | |||||||||
Premium
receivables (net of allowance for credit losses of $ i 4 and $ i 5) | i 290 | i 269 | |||||||||
Reinsurance
recoverable on paid and unpaid losses (net of allowance for credit losses of $ i 0 and $ i 0) | i 195 | i 115 | |||||||||
Deferred ceded premium | i 204 | i 124 | |||||||||
Deferred acquisition costs | i 11 | i 3 | |||||||||
Subrogation recoverable | i 137 | i 271 | |||||||||
Intangible assets, less accumulated amortization | i 307 | i 326 | |||||||||
Goodwill | i 70 | i 61 | |||||||||
Other assets | i 129 | i 112 | |||||||||
Variable interest entity assets: | |||||||||||
Fixed maturity securities, at fair value | i 2,167 | i 1,967 | |||||||||
Restricted cash | i 246 | i 17 | |||||||||
Loans, at fair value | i 1,663 | i 1,829 | |||||||||
Derivative and other assets | i 318 | i 241 | |||||||||
Total assets | $ | i 8,428 | $ | i 7,973 | |||||||
Liabilities and Stockholders’ Equity: | |||||||||||
Liabilities: | |||||||||||
Unearned premiums | $ | i 422 | $ | i 372 | |||||||
Loss and loss adjustment expense reserves | i 893 | i 805 | |||||||||
Ceded premiums payable | i 90 | i 39 | |||||||||
Deferred program fees and reinsurance commissions | i 6 | i 5 | |||||||||
Long-term debt | i 508 | i 639 | |||||||||
Accrued interest payable | i 475 | i 427 | |||||||||
Other liabilities | i 199 | i 201 | |||||||||
Variable interest entity liabilities: | |||||||||||
Long-term debt (includes $ i 2,710 and $ i 2,788
at fair value) | i 2,967 | i 3,107 | |||||||||
Derivative liabilities | i 1,197 | i 1,048 | |||||||||
Other liabilities | i 240 | i 5 | |||||||||
Total liabilities | i 6,997 | i 6,647 | |||||||||
Commitments and contingencies (See Note 19) | |||||||||||
Redeemable noncontrolling interest | i 17 | i 20 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, par value $ i i 0.01 /
per share; i i 20,000,000 / shares authorized shares; issued and outstanding shares— i i none / | i — | i — | |||||||||
Common
stock, par value $ i i 0.01 / per share; i i 130,000,000 /
shares authorized; issued shares: i 46,659,144 and i 46,658,990 | i — | i — | |||||||||
Additional paid-in capital | i 292 | i 274 | |||||||||
Accumulated other comprehensive income (loss) | ( i 160) | ( i 253) | |||||||||
Retained earnings | i 1,246 | i 1,245 | |||||||||
Treasury
stock, shares at cost: i 1,463,774 and i 1,685,233 | ( i 17) | ( i 15) | |||||||||
Total Ambac Financial Group, Inc. stockholders’ equity | i 1,362 | i 1,252 | |||||||||
Nonredeemable noncontrolling interest | i 53 | i 53 | |||||||||
Total stockholders’ equity | i 1,415 | i 1,305 | |||||||||
Total liabilities, redeemable noncontrolling interest and stockholders’ equity | $ | i 8,428 | $ | i 7,973 |
Ambac Financial Group, Inc | 62 | 2023 Form 10-K |
(Dollars in millions, except share data) Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Revenues: | |||||||||||||||||
Net premiums earned | $ | i 78 | $ | i 56 | $ | i 47 | |||||||||||
Commission income | i 51 | i 31 | i 26 | ||||||||||||||
Program fees | i 8 | i 3 | i — | ||||||||||||||
Net investment income | i 140 | i 17 | i 139 | ||||||||||||||
Net investment gains (losses), including impairments | ( i 22) | i 31 | i 7 | ||||||||||||||
Net gains (losses) on derivative contracts | ( i 1) | i 129 | i 22 | ||||||||||||||
Net realized gains on extinguishment of debt | i — | i 81 | i 33 | ||||||||||||||
Income (loss) on variable interest entities | i 3 | i 21 | i 7 | ||||||||||||||
Other income | i 11 | i 10 | i 1 | ||||||||||||||
Litigation recoveries | — | i 126 | — | ||||||||||||||
Total revenues and other income | i 269 | i 505 | i 282 | ||||||||||||||
Expenses: | |||||||||||||||||
Losses and loss adjustment expenses | ( i 33) | ( i 396) | ( i 88) | ||||||||||||||
Amortization of deferred acquisition costs, net | i 11 | i 3 | i 1 | ||||||||||||||
Commission expense | i 29 | i 18 | i 15 | ||||||||||||||
General and administrative expenses | i 156 | i 141 | i 111 | ||||||||||||||
Intangible amortization | i 29 | i 47 | i 55 | ||||||||||||||
Interest expense | i 64 | i 168 | i 187 | ||||||||||||||
Total expenses | i 257 | ( i 20) | i 281 | ||||||||||||||
Pretax income (loss) | i 12 | i 525 | i 2 | ||||||||||||||
Provision (benefit) for income taxes | i 7 | i 2 | i 18 | ||||||||||||||
Net income (loss) | i 5 | i 522 | ( i 16) | ||||||||||||||
Less: net (gain) loss attributable to noncontrolling interest | ( i 1) | ( i 1) | ( i 1) | ||||||||||||||
Plus: gain on purchase of auction market preferred shares | — | i 1 | — | ||||||||||||||
Net income (loss) attributable to common stockholders | $ | i 4 | $ | i 522 | $ | ( i 17) | |||||||||||
Other comprehensive income (loss), after tax | |||||||||||||||||
Net income (loss) | $ | i 5 | $ | i 522 | $ | ( i 16) | |||||||||||
Unrealized
gains (losses) on securities, net of income tax provision (benefit) of $ i 2, $( i 6)
and $( i 2) | i 51 | ( i 225) | ( i 12) | ||||||||||||||
Gains
(losses) on foreign currency translation, net of income tax provision (benefit) of $ i 0, $ i 0
and $ i 0 | i 40 | ( i 85) | ( i 8) | ||||||||||||||
Credit
risk changes of fair value option liabilities, net of income tax provision (benefit) of $ i 0, $ i 0
and $ i 0 | i — | i — | ( i 1) | ||||||||||||||
Changes
to postretirement benefit, net of income tax provision (benefit) of $ i 0, $ i 0
and $ i 0 | i 2 | ( i 1) | ( i 1) | ||||||||||||||
Total other comprehensive income (loss), net of income tax | i 93 | ( i 310) | ( i 21) | ||||||||||||||
Total comprehensive income, net of income tax | i 98 | i 212 | ( i 38) | ||||||||||||||
Less: net (gain) loss attributable to noncontrolling interest | ( i 1) | ( i 1) | ( i 1) | ||||||||||||||
Plus: gain on purchase of auction market preferred shares | — | i 1 | — | ||||||||||||||
Total comprehensive income attributable to common stockholders | $ | i 96 | $ | i 212 | $ | ( i 38) | |||||||||||
Net income (loss) per shared attributable to common stockholders | |||||||||||||||||
Basic | $ | i 0.18 | $ | i 11.48 | $ | ( i 0.61) | |||||||||||
Diluted | $ | i 0.18 | $ | i 11.31 | $ | ( i 0.61) | |||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | i 45,636,649 | i 45,719,906 | i 46,535,001 | ||||||||||||||
Diluted | i 46,540,706 | i 46,414,830 | i 46,535,001 |
Ambac Financial Group, Inc | 63 | 2023 Form 10-K |
Ambac Financial Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||
($ in Millions) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Common Stock Held in Treasury, at Cost | Nonredeemable Noncontrolling Interest | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | i 1,140 | $ | i — | $ | i — | $ | i 242 | $ | i 79 | $ | i 759 | $ | ( i 1) | $ | i 60 | |||||||||||||||||||||||||||||||
Total comprehensive income (loss) | ( i 38) | — | — | — | ( i 21) | ( i 17) | — | — | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | i 14 | — | — | i 14 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cost of shares (acquired) issued under equity plan | ( i 6) | — | — | — | — | ( i 4) | ( i 2) | — | |||||||||||||||||||||||||||||||||||||||
Changes to noncontrolling interest | ( i 12) | — | — | — | — | ( i 12) | — | — | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | i 1,098 | $ | i — | $ | i — | $ | i 257 | $ | i 58 | $ | i 726 | $ | ( i 3) | $ | i 60 | |||||||||||||||||||||||||||||||
Total comprehensive income (loss) | i 211 | — | — | — | ( i 310) | i 521 | — | — | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | i 17 | — | — | i 17 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cost of shares (acquired) issued under equity plan | ( i 4) | — | — | i — | — | ( i 5) | i 2 | — | |||||||||||||||||||||||||||||||||||||||
Cost of shares repurchased | ( i 14) | — | — | — | — | — | ( i 14) | — | |||||||||||||||||||||||||||||||||||||||
Changes to noncontrolling interest | i 3 | — | — | — | — | i 3 | — | — | |||||||||||||||||||||||||||||||||||||||
Sale of noncontrolling interest in subsidiary | i 2 | — | — | — | — | — | — | i 2 | |||||||||||||||||||||||||||||||||||||||
Purchase of Ambac Assurance auction market preferred shares | ( i 8) | — | — | — | — | i 1 | — | ( i 9) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | i 1,305 | $ | i — | $ | i — | $ | i 274 | $ | ( i 253) | $ | i 1,245 | $ | ( i 15) | $ | i 53 | |||||||||||||||||||||||||||||||
Total comprehensive income (loss) | i 96 | — | — | — | i 93 | i 4 | — | — | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | i 17 | — | — | i 17 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Cost of shares (acquired) issued under equity plan | ( i 5) | — | — | — | — | ( i 8) | i 3 | — | |||||||||||||||||||||||||||||||||||||||
Cost of shares repurchased | ( i 5) | — | — | — | — | — | ( i 5) | — | |||||||||||||||||||||||||||||||||||||||
Changes to noncontrolling interest | i 5 | i — | i — | i — | i — | i 5 | i — | i — | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | i 1,415 | $ | i — | $ | i — | $ | i 292 | $ | ( i 160) | $ | i 1,246 | $ | ( i 17) | $ | i 53 |
Ambac Financial Group, Inc | 64 | 2023 Form 10-K |
($ in millions) Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income attributable to common stockholders | $ | i 4 | $ | i 522 | $ | ( i 17) | |||||||||||
Redeemable noncontrolling interest | ( i 1) | ( i 1) | ( i 1) | ||||||||||||||
Repurchase of auction market preferred shares | — | i 1 | — | ||||||||||||||
Net income | i 5 | i 522 | ( i 16) | ||||||||||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||||||||
Depreciation | i 2 | i 2 | i 2 | ||||||||||||||
Amortization of bond premium and discount | ( i 15) | ( i 11) | ( i 13) | ||||||||||||||
Share-based compensation | i 17 | i 17 | i 14 | ||||||||||||||
Unearned premiums, net | ( i 30) | ( i 58) | ( i 82) | ||||||||||||||
Losses and loss expenses, net | i 130 | i 1,220 | ( i 147) | ||||||||||||||
Ceded premiums payable | i 52 | i 6 | i 6 | ||||||||||||||
Premium receivables | ( i 21) | i 54 | i 48 | ||||||||||||||
Accrued interest payable | ( i 1) | ( i 134) | i 103 | ||||||||||||||
Amortization of intangible assets | i 29 | i 47 | i 55 | ||||||||||||||
Net investment gains (losses), including impairments | i 22 | ( i 31) | ( i 7) | ||||||||||||||
(Gain) loss on extinguishment of debt | i — | ( i 81) | ( i 33) | ||||||||||||||
Variable interest entity activities | ( i 3) | ( i 21) | ( i 7) | ||||||||||||||
Other, net | i 13 | ( i 196) | ( i 56) | ||||||||||||||
Net cash provided by operating activities | i 200 | i 1,335 | ( i 131) | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Proceeds from sales of bonds | i 140 | i 523 | i 236 | ||||||||||||||
Proceeds from matured bonds | i 74 | i 206 | i 698 | ||||||||||||||
Purchases of bonds | ( i 415) | ( i 403) | ( i 343) | ||||||||||||||
Proceeds from sales of other invested assets | i 209 | i 166 | i 39 | ||||||||||||||
Purchases of other invested assets | ( i 80) | ( i 112) | ( i 127) | ||||||||||||||
Change in short-term investments | i 118 | ( i 52) | i 98 | ||||||||||||||
Change in cash collateral | ( i 42) | i 44 | i 9 | ||||||||||||||
Change in consolidated VIE cash collateral | i 235 | i — | i — | ||||||||||||||
Proceeds from paydowns of consolidated VIE assets | i 199 | i 504 | i 171 | ||||||||||||||
Acquisitions, net of cash acquired | ( i 7) | ( i 18) | i — | ||||||||||||||
Other, net | i 6 | i 9 | ( i 5) | ||||||||||||||
Net cash provided by investing activities | i 435 | i 866 | i 776 | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from issuance of Sitka AAC Note | — | — | i 1,163 | ||||||||||||||
Proceeds from issuance of Surplus Notes | — | — | i 11 | ||||||||||||||
Paydowns of LSNI Ambac Note | — | — | ( i 1,641) | ||||||||||||||
Payments for debt issuance costs | — | — | ( i 12) | ||||||||||||||
Payments for purchases of common stock | ( i 5) | ( i 14) | — | ||||||||||||||
Payments for purchase of surplus notes | i — | ( i 191) | — | ||||||||||||||
Payments for redemption of Sitka AAC Note | — | ( i 1,210) | — | ||||||||||||||
Payments for redemption of Tier 2 Notes | ( i 97) | ( i 143) | — | ||||||||||||||
Payments for auction market preferred shares | — | ( i 8) | — | ||||||||||||||
Tax payments related to shares withheld for share-based compensation plans | ( i 5) | ( i 4) | ( i 6) | ||||||||||||||
Distributions to noncontrolling interest holders | ( i 2) | ( i 1) | ( i 1) | ||||||||||||||
Payments of consolidated VIE liabilities, net | ( i 315) | ( i 591) | ( i 170) | ||||||||||||||
Net cash used in financing activities | ( i 423) | ( i 2,163) | ( i 657) | ||||||||||||||
Effect of foreign exchange on cash and cash equivalents | i 1 | ( i 1) | i — | ||||||||||||||
Net cash flow | i 213 | i 38 | ( i 12) | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | i 61 | i 23 | i 35 | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | i 274 | $ | i 61 | $ | i 23 |
Ambac Financial Group, Inc | 65 | 2023 Form 10-K |
Ambac Financial Group, Inc | 66 | 2023 Form 10-K |
Ambac Financial Group, Inc | 67 | 2023 Form 10-K |
Year Ended December 31, | 2022 | |||||||||||||||||||||||||
Losses and loss benefit (1) | $ | i 362 | ||||||||||||||||||||||||
Litigation recoveries | i 126 | |||||||||||||||||||||||||
Net realized gains (losses) on extinguishment of debt | ( i 53) | |||||||||||||||||||||||||
Net investment gains (losses), including impairments | i 5 | |||||||||||||||||||||||||
Impact to net income attributable to common stockholders | $ | i 440 |
Ambac Financial Group, Inc | 68 | 2023 Form 10-K |
Ambac Financial Group, Inc | 69 | 2023 Form 10-K |
Ambac Financial Group, Inc | 70 | 2023 Form 10-K |
Ambac Financial Group, Inc | 71 | 2023 Form 10-K |
Ambac Financial Group, Inc | 72 | 2023 Form 10-K |
Ambac Financial Group, Inc | 73 | 2023 Form 10-K |
Ambac Financial Group, Inc | 74 | 2023
Form 10-K |
Ambac Financial Group, Inc | 75 | 2023 Form 10-K |
Ambac Financial Group, Inc | 76 | 2023 Form 10-K |
Ambac Financial Group, Inc | 77 | 2023 Form 10-K |
Years ended December 31, | 2023 | 2022 | |||||||||
Beginning balance | $ | i 20 | $ | i 18 | |||||||
Fair value of redeemable noncontrolling interest at acquisition date | i 2 | i 5 | |||||||||
Net income attributable to redeemable noncontrolling interest (ASC 810) | i 1 | i 1 | |||||||||
Distributions | ( i 2) | ( i 1) | |||||||||
Adjustment to redemption value (ASC 480 ) | ( i 5) | ( i 3) | |||||||||
Ending Balance | $ | i 17 | $ | i 20 |
Ambac Financial Group, Inc | 78 | 2023 Form 10-K |
Ambac Financial Group, Inc | 79 | 2023 Form 10-K |
Ambac Financial Group, Inc | 80 | 2023 Form 10-K |
Year Ended December 31, | 2023 | 2022 | 2021 | |||||||||||||||||
Cash paid during the period for: | ||||||||||||||||||||
Income taxes | $ | i 11 | $ | i 6 | $ | i 15 | ||||||||||||||
Interest on long-term debt | i 50 | i 283 | i 80 | |||||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||||||
Exchange of investments in Puerto Rico bonds for new securities issued in the restructuring transactions | i — | i 185 | i — | |||||||||||||||||
Decrease in long-term debt as a result of surplus notes exchanges | i — | i — | i 71 | |||||||||||||||||
Securities acquired (transferred) in transactions related to Puerto Rico restructurings | ( i 1) | i 508 | i — | |||||||||||||||||
Loans acquired through financial guarantee subrogation | i — | i 20 | i — | |||||||||||||||||
VIE long-term debt issued related to Puerto Rico restructurings | i — | i 583 | i — | |||||||||||||||||
Decrease in VIE loans as a result of de-consolidations | i 133 | i — | i — | |||||||||||||||||
Decrease in VIE long-term debt as a result of de-consolidations | i 133 | i — | i — | |||||||||||||||||
Increase in VIE long-term debt as a result of consolidations | i 89 | i — | i — | |||||||||||||||||
December 31, | 2023 | 2022 | 2021 | |||||||||||||||||
Reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets to the Consolidated Statements of Cash Flow: | ||||||||||||||||||||
Cash and cash equivalents | $ | i 16 | $ | i 31 | $ | i 17 | ||||||||||||||
Restricted cash | i 12 | i 14 | i 5 | |||||||||||||||||
Variable Interest Entity Restricted cash | i 246 | i 17 | i 2 | |||||||||||||||||
Total cash, cash equivalents, and restricted cash shown on the Consolidated Statements of Cash Flows | i 274 | i 61 | i 23 |
Ambac Financial Group, Inc | 81 | 2023 Form 10-K |
Year Ended December 31, 2023 | Legacy Financial Guarantee Insurance | Specialty Property & Casualty Insurance | Insurance Distribution | Corporate & Other | Consolidated | |||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Net premiums earned | $ | i 26 | $ | i 52 | $ | i 78 | ||||||||||||||||||||||||||||||||
Commission income | $ | i 51 | i 51 | |||||||||||||||||||||||||||||||||||
Program fees | i 8 | i 8 | ||||||||||||||||||||||||||||||||||||
Net investment income | i 127 | i 4 | i — | $ | i 9 | i 140 | ||||||||||||||||||||||||||||||||
Net investment gains (losses), including impairments | ( i 23) | i — | i | i — | ( i 22) | |||||||||||||||||||||||||||||||||
Net gains (losses) on derivative contracts | ( i 1) | i — | ( i 1) | |||||||||||||||||||||||||||||||||||
Other income (expense), including VIEs | i 15 | i — | i — | i — | i 15 | |||||||||||||||||||||||||||||||||
Total
revenues (1) | i 144 | i 64 | i 52 | i 9 | i 269 | |||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses (benefit) | ( i 69) | i 37 | ( i 33) | |||||||||||||||||||||||||||||||||||
Amortization of deferred acquisition costs, net | i — | i 11 | i 11 | |||||||||||||||||||||||||||||||||||
Commission expenses | i 29 | i 29 | ||||||||||||||||||||||||||||||||||||
General
and administrative expenses (2) | i 106 | i 16 | i 11 | i 21 | i 155 | |||||||||||||||||||||||||||||||||
Depreciation
expense (2) | i 1 | i — | i — | i — | i 2 | |||||||||||||||||||||||||||||||||
Intangible amortization | i 25 | i 4 | i 29 | |||||||||||||||||||||||||||||||||||
Interest expense | i 64 | i 64 | ||||||||||||||||||||||||||||||||||||
Total expenses | i 127 | i 64 | i 44 | i 22 | i 257 | |||||||||||||||||||||||||||||||||
Pretax income (loss) | i 17 | i — | i 7 | ( i 13) | i 12 | |||||||||||||||||||||||||||||||||
Income tax expense (benefit) | i 8 | i — | i — | ( i 1) | i 7 | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | i 9 | $ | i — | $ | i 7 | $ | ( i 11) | $ | i 5 | ||||||||||||||||||||||||||||
Total Assets | $ | i 7,537 | $ | i 523 | $ | i 155 | $ | i 213 | $ | i 8,428 |
Ambac Financial Group, Inc | 82 | 2023 Form 10-K |
Year Ended December 31, 2022 | Legacy Financial Guarantee Insurance | Specialty Property & Casualty Insurance | Insurance Distribution | Corporate & Other | Consolidated | |||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Net premiums earned | $ | i 42 | $ | i 14 | $ | i 56 | ||||||||||||||||||||||||||||||||
Commission income | $ | i 31 | i 31 | |||||||||||||||||||||||||||||||||||
Program fees | i 3 | i 3 | ||||||||||||||||||||||||||||||||||||
Net investment income | i 12 | i 2 | $ | i 3 | i 17 | |||||||||||||||||||||||||||||||||
Net investment gains (losses), including impairments | i 32 | i — | i — | i 31 | ||||||||||||||||||||||||||||||||||
Net gains (losses) on derivative contracts | i 128 | i 1 | i 129 | |||||||||||||||||||||||||||||||||||
Net realized gains (losses) on extinguishment of debt | i 81 | i 81 | ||||||||||||||||||||||||||||||||||||
Other income (expense), including VIEs | i 30 | i — | i 1 | i — | i 31 | |||||||||||||||||||||||||||||||||
Litigation recoveries | i 126 | i 126 | ||||||||||||||||||||||||||||||||||||
Total
revenues and other income (1) | i 451 | i 18 | i 31 | i 4 | i 505 | |||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses (benefit) | ( i 406) | i 9 | ( i 396) | |||||||||||||||||||||||||||||||||||
Amortization of deferred acquisition costs, net | i — | i 3 | i 3 | |||||||||||||||||||||||||||||||||||
Commission expenses | i 18 | i 18 | ||||||||||||||||||||||||||||||||||||
General
and administrative expenses (2) | i 102 | i 13 | i 6 | i 17 | i 139 | |||||||||||||||||||||||||||||||||
Depreciation
expense (2) | i 2 | i — | i — | i — | i 2 | |||||||||||||||||||||||||||||||||
Intangible amortization | i 44 | i 3 | i 47 | |||||||||||||||||||||||||||||||||||
Interest expense | i 168 | i 168 | ||||||||||||||||||||||||||||||||||||
Total expenses | ( i 89) | i 25 | i 27 | i 17 | ( i 20) | |||||||||||||||||||||||||||||||||
Pretax income (loss) | $ | i 540 | $ | ( i 6) | $ | i 5 | $ | ( i 14) | $ | i 525 | ||||||||||||||||||||||||||||
Income tax expense (benefit) | i 3 | i — | i — | i — | i 2 | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | i 537 | $ | ( i 6) | $ | i 5 | $ | ( i 13) | $ | i 522 | ||||||||||||||||||||||||||||
Total Assets | $ | i 7,292 | $ | i 316 | $ | i 138 | $ | i 226 | $ | i 7,973 |
Year Ended December 31, 2021 | Legacy Financial Guarantee Insurance | Specialty Property & Casualty Insurance | Insurance Distribution | Corporate & Other | Consolidated (1) | |||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Net premiums earned | $ | i 46 | $ | i 1 | $ | i 47 | ||||||||||||||||||||||||||||||||
Commission income | $ | i 26 | i 26 | |||||||||||||||||||||||||||||||||||
Program fees | i — | i — | ||||||||||||||||||||||||||||||||||||
Net investment income | i 138 | i 1 | $ | i 1 | i 139 | |||||||||||||||||||||||||||||||||
Net investment gains (losses), including impairments | i 3 | i — | i 4 | i 7 | ||||||||||||||||||||||||||||||||||
Net gains (losses) on derivative contracts | i 22 | i 22 | ||||||||||||||||||||||||||||||||||||
Net realized gains (losses) on extinguishment of debt | i 33 | i 33 | ||||||||||||||||||||||||||||||||||||
Other income (expense), including VIEs | i 8 | i — | i — | i — | i 8 | |||||||||||||||||||||||||||||||||
Litigation recoveries | i — | i — | ||||||||||||||||||||||||||||||||||||
Total
revenue (1) | i 250 | i 2 | i 26 | i 5 | i 282 | |||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses (benefit) | ( i 89) | i — | ( i 88) | |||||||||||||||||||||||||||||||||||
Amortization of deferred acquisition costs, net | i — | i — | i 1 | |||||||||||||||||||||||||||||||||||
Commission expenses | i 15 | i 15 | ||||||||||||||||||||||||||||||||||||
General
and administrative expenses (2) | i 77 | i 9 | i 5 | i 19 | i 110 | |||||||||||||||||||||||||||||||||
Depreciation
expense (2) | i 2 | i — | i — | i — | i 2 | |||||||||||||||||||||||||||||||||
Intangible amortization | i 52 | i 3 | i 55 | |||||||||||||||||||||||||||||||||||
Interest expense | i 187 | i 187 | ||||||||||||||||||||||||||||||||||||
Total expenses | i 230 | i 9 | i 22 | i 19 | i 281 | |||||||||||||||||||||||||||||||||
Pretax income (loss) | $ | i 20 | $ | ( i 8) | $ | i 4 | $ | ( i 15) | $ | i 2 | ||||||||||||||||||||||||||||
Income tax expense (benefit) | i 16 | i — | i — | i 2 | i 18 | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | i 4 | $ | ( i 8) | $ | i 4 | $ | ( i 17) | $ | ( i 16) | ||||||||||||||||||||||||||||
Total
Assets (1) | $ | i 11,871 | $ | i 156 | $ | i 93 | $ | i 182 | $ | i 12,303 |
Ambac Financial Group, Inc | 83 | 2023 Form 10-K |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal obligations | $ | i 72 | $ | i — | $ | i 1 | $ | i 1 | $ | i 72 | $ | i 44 | i — | i — | i 2 | i 43 | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate
obligations | i 785 | i — | i 4 | i 44 | i 745 | i 659 | i — | i 1 | i 63 | i 598 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign obligations | i 105 | i — | i 1 | i 6 | i 100 | i 85 | i — | i — | i 9 | i 76 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government obligations | i 85 | i — | i 1 | i 4 | i 82 | i 68 | i — | i — | i 4 | i 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | i 239 | i 3 | i 28 | i 14 | i 250 | i 230 | i — | i 28 | i 19 | i 238 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | i 19 | i — | i — | i — | i 19 | i 15 | i — | i — | i — | i 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized debt obligations | i 139 | i — | i 1 | i 1 | i 139 | i 141 | i — | i — | i 4 | i 137 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other
asset-backed securities (1) | i 301 | i — | i 3 | i 1 | i 303 | i 227 | i — | i 2 | i 5 | i 224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
i 1,744 | i 3 | i 40 | i 71 | i 1,710 | i 1,469 | i — | i 31 | i 106 | i 1,395 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term | i 426 | i — | i — | i — | i 426 | i 507 | i — | i — | i — | i 507 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
i 2,170 | i 3 | i 40 | i 71 | i 2,135 | i 1,977 | i — | i 31 | i 106 | i 1,902 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities pledged as collateral: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term | i 27 | i — | i — | i — | i 27 | i 64 | i — | i — | i — | i 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
i 27 | i — | i — | i — | i 27 | i 64 | i — | i — | i — | i 64 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available-for-sale investments | $ | i 2,197 | $ | i 3 | $ | i 40 | $ | i 71 | $ | i 2,162 | i 2,041 | $ | i — | $ | i 31 | $ | i 106 | $ | i 1,966 |
Amortized Cost | Estimated Fair Value | |||||||||||||
Due in one year or less | $ | i 544 | $ | i 544 | ||||||||||
Due after one year through five years | i 581 | i 560 | ||||||||||||
Due after five years through ten years | i 293 | i 271 | ||||||||||||
Due after ten years | i 80 | i 76 | ||||||||||||
i 1,500 | i 1,451 | |||||||||||||
Residential mortgage-backed securities | i 239 | i 250 | ||||||||||||
Commercial mortgage-backed securities | i 19 | i 19 | ||||||||||||
Collateralized debt obligations | i 139 | i 139 | ||||||||||||
Other asset-backed securities | i 301 | i 303 | ||||||||||||
Total | $ | i 2,197 | $ | i 2,162 |
Ambac Financial Group, Inc | 84 | 2023 Form 10-K |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | Fair Value | Gross Unrealized Loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal obligations | $ | i 7 | $ | i — | $ | i 16 | $ | i 1 | $ | i 23 | $ | i 1 | $ | i 21 | $ | i 1 | $ | i 7 | $ | i 1 | $ | i 28 | $ | i 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | i 75 | i 2 | i 509 | i 43 | i 584 | i 44 | i 280 | i 21 | i 279 | i 42 | i 559 | i 63 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign obligations | i 8 | i — | i 56 | i 6 | i 64 | i 6 | i 27 | i 2 | i 47 | i 7 | i 73 | i 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government obligations | i 27 | i 1 | i 37 | i 2 | i 63 | i 4 | i 40 | i 3 | i 19 | i 1 | i 58 | i 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | i 6 | i — | i 98 | i 14 | i 104 | i 14 | i 132 | i 19 | i — | i — | i 132 | i 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | i 3 | i — | i — | i — | i 3 | i — | i 3 | i — | i — | i — | i 3 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized debt obligations | i 1 | i — | i 93 | i 1 | i 95 | i 1 | i 90 | i 3 | i 36 | i 1 | i 126 | i 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | i 57 | i 1 | i 35 | i 1 | i 92 | i 1 | i 198 | i 4 | i 5 | i 1 | i 203 | i 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
i 184 | i 4 | i 844 | i 68 | i 1,028 | i 71 | i 791 | i 53 | i 392 | i 53 | i 1,183 | i 106 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term | i 4 | i — | i — | i — | i 4 | i — | i 78 | i — | i 8 | i — | i 86 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | i 187 | $ | i 4 | $ | i 844 | $ | i 68 | $ | i 1,032 | $ | i 71 | $ | i 869 | $ | i 53 | $ | i 400 | $ | i 53 | $ | i 1,269 | $ | i 106 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2023 | 2022 | 2021 | |||||||||||||||||
Fixed maturity securities | $ | i 76 | $ | i 61 | $ | i 78 | ||||||||||||||
Short-term investments | i 22 | i 11 | i — | |||||||||||||||||
Loans | i — | i 1 | i — | |||||||||||||||||
Investment expense | ( i 6) | ( i 6) | ( i 6) | |||||||||||||||||
Securities available-for-sale and short-term | i 93 | i 66 | i 74 | |||||||||||||||||
Fixed maturity securities - trading | i 7 | ( i 23) | i — | |||||||||||||||||
Other investments | i 40 | ( i 26) | i 66 | |||||||||||||||||
Total net investment income (loss) | $ | i 140 | $ | i 17 | $ | i 139 |
Ambac Financial Group, Inc | 85 | 2023 Form 10-K |
Year Ended December 31, | 2023 | 2022 | 2021 | |||||||||||||||||
Gross realized gains on securities | $ | i 1 | $ | i 36 | $ | i 14 | ||||||||||||||
Gross realized losses on securities | ( i 4) | ( i 18) | ( i 2) | |||||||||||||||||
Foreign exchange (losses) gains | ( i 4) | i 14 | ( i 5) | |||||||||||||||||
Credit impairments | ( i 3) | i — | i — | |||||||||||||||||
Intent to sell impairments | ( i 12) | i — | i — | |||||||||||||||||
Net investment gains (losses), including impairments | $ | ( i 22) | $ | i 31 | $ | i 7 |
December 31, | Municipal Obligations | Mortgage-backed Securities | Asset-backed Securities | Total | Weighted Average Underlying Rating (1) | |||||||||||||||||||||||||||||||||||||||
2023: | $ | i 9 | $ | i 240 | $ | i 232 | $ | i 482 | B- | |||||||||||||||||||||||||||||||||||
2022: | $ | i 10 | $ | i 236 | $ | i 157 | $ | i 403 | B |
Class
of Funds December 31, | 2023 | 2022 | Redemption Frequency | Redemption Notice Period | ||||||||||||||||||||||
Hedge funds (1) | $ | i 112 | $ | i 186 | quarterly or semi-annually | 90 days | ||||||||||||||||||||
High yield and leveraged loans (2) (10) | i 85 | i 80 | daily | 0 - 30 days | ||||||||||||||||||||||
Private credit (3) | i 84 | i 84 | quarterly if permitted | 180 days if permitted | ||||||||||||||||||||||
Private equity (4) | i 70 | i 47 | quarterly if permitted | 90 days if permitted | ||||||||||||||||||||||
Investment grade floating rate income (5) | i 52 | i 63 | weekly | 0 days | ||||||||||||||||||||||
Equity market investments (6) (10) | i 38 | i 64 | daily or quarterly | 0 - 90 days | ||||||||||||||||||||||
Real estate properties (7) | i 21 | i 22 | see footnote (7) | see footnote (7) | ||||||||||||||||||||||
Insurance-linked investments (8) | i 1 | i 1 | see footnote (9) | see footnote (9) | ||||||||||||||||||||||
Convertible bonds (9)(10) | i — | i 8 | daily | 0 days | ||||||||||||||||||||||
Total equity investments in pooled funds | $ | i 463 | $ | i 556 |
Ambac Financial Group, Inc | 86 | 2023 Form 10-K |
Year Ended December 31, | 2023 | 2022 | 2021 | |||||||||||||||||
Net gains (losses) recognized during the period on trading and equity securities | $ | i 25 | $ | ( i 48) | $ | i 23 | ||||||||||||||
Less: net gains (losses) recognized during the reporting period on trading and equity securities sold during the period | i 18 | ( i 26) | i 1 | |||||||||||||||||
Unrealized gains (losses) recognized during the reporting period on trading and equity securities still held at the reporting date | $ | i 7 | $ | ( i 22) | $ | i 22 |
l | Level 1 | Quoted prices for identical instruments in active markets. Assets and liabilities classified as Level 1 include US Treasury and other foreign government obligations traded in highly liquid and transparent markets, certain highly liquid pooled fund investments, exchange traded futures contracts and money market funds. | |||||||||
l | Level 2 | Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Assets and liabilities classified as Level 2 generally include investments in fixed maturity securities representing municipal, asset-backed and corporate obligations, certain interest rate swap contracts and most long-term debt of variable interest entities consolidated under the Consolidation Topic of the ASC. | |||||||||
l | Level 3 | Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. This hierarchy requires the use of observable market data when available. Assets and liabilities classified as Level 3 include certain uncollateralized interest rate swap contracts and certain investments in fixed maturity securities. Additionally, Level 3 assets and liabilities generally include loan receivables, and certain long-term debt of variable interest entities consolidated under the Consolidation Topic of the ASC. |
Ambac Financial Group, Inc | 87 | 2023 Form 10-K |
December 31, 2023: | December 31, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Total Fair Value | Fair Value Measurements Categorized as: | Carrying Amount | Total Fair Value | Fair Value Measurements Categorized as: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal obligations | $ | i 99 | $ | i 99 | $ | i — | $ | i 99 | $ | i — | $ | i 102 | $ | i 102 | $ | i — | $ | i 102 | $ | i — | ||||||||||||||||||||||||||||||||||||||||||
Corporate obligations | i 745 | i 745 | i — | i 726 | i 19 | i 598 | i 598 | i — | i 585 | i 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign obligations | i 100 | i 100 | i 100 | i — | i — | i 76 | i 76 | i 76 | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government obligations | i 82 | i 82 | i 82 | i — | i — | i 65 | i 65 | i 65 | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | i 250 | i 250 | i — | i 250 | i — | i 238 | i 238 | i — | i 238 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | i 19 | i 19 | i — | i 19 | i — | i 15 | i 15 | i — | i 15 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized debt obligations | i 139 | i 139 | i — | i 139 | i — | i 137 | i 137 | i — | i 137 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | i 303 | i 303 | i — | i 235 | i 68 | i 224 | i 224 | i — | i 157 | i 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities, pledged as collateral: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term | i 27 | i 27 | i 27 | i — | i — | i 64 | i 64 | i 64 | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term investments | i 426 | i 426 | i 421 | i 5 | i — | i 507 | i 507 | i 506 | i 1 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other
investments (1) | i 475 | i 463 | i 77 | i — | i — | i 568 | i 556 | i 61 | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash | i 28 | i 28 | i 27 | i 2 | i — | i 44 | i 44 | i 43 | i 1 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets - Derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps—asset position | i 25 | i 25 | i — | i — | i 25 | i 27 | i 27 | i — | i 1 | i 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants | i 1 | i 1 | — | — | i 1 | i 1 | i 1 | — | — | i 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets-loans | i 2 | i 2 | i — | i — | i 2 | i 10 | i 10 | i — | i — | i 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable interest entity assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: Corporate obligations, fair value option | i 2,072 | i 2,072 | i — | i — | i 2,072 | i 1,828 | i 1,828 | i — | i — | i 1,828 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: Municipal obligation, trading | i — | i — | i — | i — | i — | i 43 | i 43 | i — | i 43 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: Municipal obligations, available-for-sale | i 95 | i 95 | i — | i 95 | i — | i 96 | i 96 | i — | i 96 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash | i 246 | i 246 | i 246 | i | i — | i 17 | i 17 | i 17 | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | i 1,663 | i 1,663 | i — | i — | i 1,663 | i 1,829 | i 1,829 | i — | i — | i 1,829 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets: Interest rate swaps—asset position | i 190 | i 190 | i — | i 190 | i — | i 190 | i 190 | i — | i 190 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets: Currency swaps—asset position | i 36 | i 36 | i — | i 36 | i — | i 49 | i 49 | i — | i 49 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total financial assets | $ | i 7,022 | $ | i 7,010 | $ | i 979 | $ | i 1,795 | $ | i 3,850 | $ | i 6,726 | $ | i 6,715 | $ | i 833 | $ | i 1,615 | $ | i 3,772 | ||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long term debt, including accrued interest | $ | i 983 | $ | i 697 | $ | i — | $ | i 679 | $ | i 18 | $ | i 1,065 | $ | i 878 | $ | i — | $ | i 864 | $ | i 14 | ||||||||||||||||||||||||||||||||||||||||||
Other liabilities - Derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps—liability position | i 35 | i 35 | i — | i 35 | i — | i 38 | i 38 | i — | i 38 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities
for net financial guarantees written (2) | i 292 | i 788 | i — | i — | i 788 | i 159 | i 476 | i — | i — | i 476 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable interest entity liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt (includes $ i 2,710
and $ i 2,788 at fair value) | i 2,967 | i 2,980 | i — | i 2,760 | i 220 | i 3,107 | i 3,145 | i — | i 2,992 | i 154 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: Interest rate swaps—liability position | i 1,197 | i 1,197 | i — | i 1,197 | i — | i 1,048 | i 1,048 | i — | i 1,048 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total financial liabilities | $ | i 5,474 | $ | i 5,697 | $ | i — | $ | i 4,671 | $ | i 1,026 | $ | i 5,418 | $ | i 5,586 | i — | i 4,942 | i 644 |
Ambac Financial Group, Inc | 88 | 2023 Form 10-K |
December 31, | 2023 | 2022 | |||||||||
a. Coupon rate | i 5.97% | i 5.98% | |||||||||
b. Average Life | i 12.80 years | i 13.46 years | |||||||||
c. Yield | i 12.00% | i 12.60% |
Ambac Financial Group, Inc | 89 | 2023 Form 10-K |
Ambac Financial Group, Inc | 90 | 2023 Form 10-K |
Level-3
Financial Assets and Liabilities Accounted for at Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
VIE Assets and Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2023 | Investments | Derivatives | Investments | Loans | Total | |||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | i 79 | $ | i 26 | $ | i 1,828 | $ | i 1,829 | $ | i 3,762 | ||||||||||||||||||||||||||||||||||
Total gains/(losses) realized and unrealized: | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | i 1 | i — | i 200 | i 142 | i 343 | |||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | i 3 | i — | i 68 | i 100 | i 170 | |||||||||||||||||||||||||||||||||||||||
Purchases | i 6 | i — | i — | i — | i 6 | |||||||||||||||||||||||||||||||||||||||
Issuances | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||
Sales | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||
Settlements | ( i 2) | i — | ( i 24) | ( i 274) | ( i 300) | |||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | i 87 | $ | i 26 | $ | i 2,072 | $ | i 1,663 | $ | i 3,848 | ||||||||||||||||||||||||||||||||||
The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date | $ | i 1 | $ | i — | $ | i 200 | $ | i 142 | $ | i 343 | ||||||||||||||||||||||||||||||||||
The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date | $ | i 3 | $ | i — | $ | i 68 | $ | i 100 | $ | i 170 |
Level-3 Financial Assets and Liabilities Accounted for at Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
VIE Assets and Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | Investments | Derivatives | Investments | Loans | Total | |||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | i 91 | $ | i 70 | $ | i 3,320 | $ | i 2,718 | $ | i 6,199 | ||||||||||||||||||||||||||||||||||
Total gains/(losses) realized and unrealized: | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | i 1 | ( i 38) | ( i 789) | ( i 333) | ( i 1,160) | |||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | ( i 12) | i — | ( i 353) | ( i 279) | ( i 644) | |||||||||||||||||||||||||||||||||||||||
Purchases | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||
Issuances | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||
Sales | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||
Settlements | ( i 1) | ( i 6) | ( i 349) | ( i 278) | ( i 633) | |||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | i 79 | $ | i 26 | $ | i 1,828 | $ | i 1,829 | $ | i 3,762 | ||||||||||||||||||||||||||||||||||
The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date | $ | i 1 | $ | ( i 38) | $ | ( i 789) | $ | ( i 333) | $ | ( i 1,160) | ||||||||||||||||||||||||||||||||||
The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date | $ | ( i 12) | $ | i — | $ | ( i 353) | $ | ( i 279) | $ | ( i 644) |
Ambac Financial Group, Inc | 91 | 2023 Form 10-K |
Level-3 Financial Assets and Liabilities Accounted for at Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
Other Assets | VIE Assets and Liabilities | |||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | Investments | Derivatives | Investments | Loans | Total | |||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | i 78 | $ | i 1 | $ | i 84 | $ | i 3,215 | $ | i 2,998 | $ | i 6,376 | ||||||||||||||||||||||||||||||||
Total gains/(losses) realized and unrealized: | ||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | i 1 | i — | ( i 6) | i 176 | i 59 | i 230 | ||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | i 1 | i — | i — | ( i 32) | ( i 26) | ( i 58) | ||||||||||||||||||||||||||||||||||||||
Purchases | i 13 | i — | i — | i — | i — | i 13 | ||||||||||||||||||||||||||||||||||||||
Issuances | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||
Sales | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||
Settlements | ( i 2) | ( i 1) | ( i 8) | ( i 38) | ( i 313) | ( i 362) | ||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | i 91 | $ | i — | $ | i 70 | $ | i 3,320 | $ | i 2,718 | $ | i 6,199 | ||||||||||||||||||||||||||||||||
The amount of total gains/(losses) included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date | $ | ( i 1) | $ | i — | $ | ( i 6) | $ | i 176 | $ | i 59 | $ | i 227 | ||||||||||||||||||||||||||||||||
The amount of total gains/(losses) included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets and liabilities still held at the reporting date | $ | ( i 1) | $ | i — | $ | i — | $ | ( i 32) | $ | ( i 26) | $ | ( i 59) |
Net Investment Income | Net
Gains (Losses) on Derivative Contracts | Income (Loss) on Variable Interest Entities | Other Income (Expense) | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) included in earnings for the period | $ | i 1 | $ | i — | $ | i 341 | $ | i — | ||||||||||||||||||||||||||||||||||||
Changes in unrealized gains (losses) relating to financial instruments still held at the reporting date | i — | i — | i 341 | i — | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) included in earnings for the period | $ | i 1 | $ | ( i 38) | $ | ( i 1,123) | $ | i — | ||||||||||||||||||||||||||||||||||||
Changes in unrealized gains (losses) relating to financial instruments still held at the reporting date | i 1 | ( i 39) | ( i 1,123) | i — | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) included in earnings for the period | $ | i 1 | $ | ( i 6) | $ | i 235 | $ | i — | ||||||||||||||||||||||||||||||||||||
Changes in unrealized gains (losses) relating to financial instruments still held at the reporting date | i 1 | ( i 6) | i 235 | i — |
Ambac Financial Group, Inc | 92 | 2023 Form 10-K |
Net Par Outstanding December 31, (1) | 2023 | 2022 | |||||||||
Public Finance: | |||||||||||
Housing
revenue (2) | $ | i 3,443 | $ | i 5,491 | |||||||
Lease and tax-backed revenue | i 1,542 | i 1,979 | |||||||||
General obligation | i 1,051 | i 1,301 | |||||||||
Other | i 1,526 | i 1,776 | |||||||||
Total Public Finance | i 7,562 | i 10,547 | |||||||||
Structured Finance: | |||||||||||
Mortgage-backed and home equity | i 1,712 | i 1,930 | |||||||||
Investor-owned utilities | i 1,077 | i 1,103 | |||||||||
Other | i 526 | i 579 | |||||||||
Total Structured Finance | i 3,315 | i 3,612 | |||||||||
International Finance: | |||||||||||
Sovereign/sub-sovereign | i 4,221 | i 4,077 | |||||||||
Investor-owned and public utilities | i 2,855 | i 2,583 | |||||||||
Asset-backed and other | i 862 | i 1,083 | |||||||||
Transportation | i 726 | i 711 | |||||||||
Total International Finance | i 8,664 | i 8,454 | |||||||||
Total | $ | i 19,541 | $ | i 22,613 |
Net Par Outstanding December 31, | 2023 | 2022 | |||||||||
United States | $ | i 10,877 | $ | i 14,159 | |||||||
United Kingdom | i 7,502 | i 7,223 | |||||||||
Italy | i 576 | i 644 | |||||||||
Austria | i 307 | i 310 | |||||||||
Australia | i 266 | i 259 | |||||||||
France | i 12 | i 14 | |||||||||
Other
international | i 1 | i 4 | |||||||||
Total | $ | i 19,541 | $ | i 22,613 |
Year Ended December 31, | Direct | Assumed | Ceded | Net Premiums | |||||||||||||||||||
2023: | |||||||||||||||||||||||
Written | $ | i 249 | $ | i 40 | $ | i 244 | $ | i 44 | |||||||||||||||
Earned | i 224 | i 18 | i 164 | i 78 | |||||||||||||||||||
2022: | |||||||||||||||||||||||
Written | $ | i 127 | $ | i — | $ | i 104 | $ | i 23 | |||||||||||||||
Earned | i 126 | i — | i 69 | i 56 | |||||||||||||||||||
2021: | |||||||||||||||||||||||
Written | $ | i 2 | $ | i — | $ | i 35 | $ | ( i 33) | |||||||||||||||
Earned | i 62 | i — | i 15 | i 47 |
Year Ended December 31, | 2023 | 2022 | 2021 | |||||||||||||||||
United States | i 65 | $ | i 41 | $ | i 27 | |||||||||||||||
United Kingdom | i 11 | i 13 | i 14 | |||||||||||||||||
Other international | i 2 | i 3 | i 6 | |||||||||||||||||
Total | i 78 | $ | i 56 | $ | i 47 |
Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Beginning premium receivable | $ | i 269 | $ | i 323 | $ | i 370 | |||||||||||
Premiums
written on new business, net of commissions | i 210 | i 117 | i 10 | ||||||||||||||
Premium receipts | ( i 208) | ( i 139) | ( i 43) | ||||||||||||||
Adjustments
for changes in expected and contractual cash flows for contracts (1) | i 6 | ( i 31) | ( i 27) | ||||||||||||||
Accretion of premium receivable discount for contracts | i 8 | i 8 | i 8 | ||||||||||||||
Consolidation
of VIEs | ( i 1) | — | — | ||||||||||||||
Changes to allowance for credit losses | i 1 | i 4 | i 8 | ||||||||||||||
Other
adjustments (including foreign exchange) (2) | i 4 | ( i 12) | ( i 4) | ||||||||||||||
Ending
premium receivable (3) | $ | i 290 | $ | i 269 | $ | i 323 |
Ambac Financial Group, Inc | 93 | 2023 Form 10-K |
Surveillance Categories as of December 31, 2023 | Surveillance Categories as of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Type of Guaranteed Bond | I | IA | II | III | IV | Total | I | IA | II | III | IV | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Finance: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Housing revenue | $ | i 131 | $ | i 3 | $ | i 5 | $ | i — | $ | i — | $ | i 139 | $ | i 140 | $ | i 3 | $ | i 5 | $ | i — | $ | i — | $ | i 148 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | i 1 | i — | i — | i — | i — | i 1 | i 2 | i — | i — | i — | i — | i 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Public Finance | i 133 | i 3 | i 5 | i — | i — | i 140 | i 142 | i 3 | i 5 | i — | i — | i 150 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Structured Finance: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed and home equity | i — | i — | i — | i — | i 11 | i 12 | i — | i — | i — | i — | i 11 | i 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Student loan | i — | i — | i — | i 7 | i — | i 7 | i 1 | i 1 | i — | i 7 | i — | i 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | i 4 | i — | i — | i — | i — | i 4 | i 4 | i — | i — | i — | i — | i 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Structured Finance | i 4 | i — | i — | i 7 | i 11 | i 22 | i 5 | i 1 | i — | i 7 | i 11 | i 24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sovereign/sub-sovereign | i 51 | i 13 | i — | i — | i — | i 64 | i 49 | i 7 | i — | i 9 | i — | i 64 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor-owned and public utilities | i 18 | i — | i — | i — | i — | i 18 | i 18 | i — | i — | i — | i — | i 18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | i 3 | i — | i — | i — | i — | i 3 | i 2 | i — | i — | i — | i — | i 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total International | i 72 | i 13 | i — | i — | i — | i 85 | i 70 | i 7 | i — | i 9 | i — | i 85 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
(1) (2) | $ | i 210 | $ | i 16 | $ | i 5 | $ | i 7 | $ | i 11 | $ | i 248 | $ | i 217 | $ | i 10 | $ | i 5 | $ | i 16 | $ | i 11 | $ | i 259 |
Year Ended December 31, | 2023 | 2022 | 2021 | |||||||||||||||||
Beginning balance | $ | i 5 | $ | i 9 | $ | i 17 | ||||||||||||||
Current period provision (benefit) | ( i 1) | ( i 4) | ( i 6) | |||||||||||||||||
Write-offs of the allowance | i — | i — | ( i 2) | |||||||||||||||||
Recoveries of previously written-off amounts | i — | i — | i — | |||||||||||||||||
Ending balance | $ | i 4 | $ | i 5 | $ | i 9 |
Ambac Financial Group, Inc | 94 | 2023 Form 10-K |
Future Premiums to be Collected (1) | Future Premiums to be Earned Net of Reinsurance (2) | ||||||||||
Three months ended: | |||||||||||
March 31, 2024 | $ | i 8 | $ | i 5 | |||||||
June 30, 2024 | i 6 | i 4 | |||||||||
September 30, 2024 | i 7 | i 4 | |||||||||
December 31, 2024 | i 5 | i 4 | |||||||||
Twelve months ended: | |||||||||||
December 31, 2025 | i 26 | i 16 | |||||||||
December 31, 2026 | i 25 | i 16 | |||||||||
December 31, 2027 | i 24 | i 15 | |||||||||
December 31, 2028 | i 23 | i 14 | |||||||||
Five years ended: | |||||||||||
December 31, 2033 | i 93 | i 55 | |||||||||
December 31, 2038 | i 54 | i 28 | |||||||||
December 31, 2043 | i 25 | i 9 | |||||||||
December 31, 2048 | i 12 | i 4 | |||||||||
December 31, 2053 | i 2 | i 1 | |||||||||
Total | $ | i 310 | $ | i 173 |
December 31, 2023: | December 31, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LFG | LFG | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SPC | Present Value of Expected Net Cash Flow | SPC | Present
Value of Expected Net Cash Flow | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Line Item | Gross Loss and Loss Expense Reserves | Claims and Loss Expenses | Recoveries | Unearned Premium Revenue | Gross Loss and Loss Expense Reserves | Gross Loss and Loss Expense Reserves | Claims
and Loss Expenses | Recoveries | Unearned Premium Revenue | Gross Loss and Loss Expense Reserves | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss and loss adjustment expense reserves | $ | i 197 | $ | i 779 | $ | ( i 55) | $ | ( i 28) | $ | i 893 | $ | i 90 | $ | i 787 | $ | ( i 44) | $ | ( i 28) | $ | i 805 | ||||||||||||||||||||||||||||||||||||||||||
Subrogation recoverable | — | i 1 | ( i 139) | i — | ( i 137) | — | i 5 | ( i 276) | i — | ( i 271) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | i 197 | $ | i 780 | $ | ( i 194) | $ | ( i 28) | $ | i 756 | $ | i 90 | $ | i 791 | $ | ( i 319) | $ | ( i 28) | $ | i 534 | ||||||||||||||||||||||||||||||||||||||||||
SPC = Specialty Property and Casualty, LFG = Legacy Financial Guarantee |
Ambac Financial Group, Inc | 95 | 2023 Form 10-K |
Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Beginning gross loss and loss adjustment expense reserves | $ | i 534 | $ | ( i 522) | $ | ( i 397) | |||||||||||
Reinsurance recoverable | i 115 | i 56 | i 33 | ||||||||||||||
Beginning balance of net loss and loss adjustment expense reserves | i 419 | ( i 578) | ( i 430) | ||||||||||||||
Losses and loss expenses (benefit) incurred: | |||||||||||||||||
Current year | i 37 | i 4 | i — | ||||||||||||||
Prior years | ( i 69) | ( i 401) | ( i 89) | ||||||||||||||
Total
(1)(2) | ( i 32) | ( i 397) | ( i 88) | ||||||||||||||
Loss and loss adjustment expenses (recovered) paid: | |||||||||||||||||
Current year | i 4 | i 7 | i — | ||||||||||||||
Prior years | ( i 194) | ( i 1,867) | i 59 | ||||||||||||||
Total | ( i 190) | ( i 1,860) | i 59 | ||||||||||||||
Foreign exchange effect | i — | ( i 2) | i — | ||||||||||||||
Ending net loss and loss adjustment expense reserves | i 577 | i 883 | ( i 578) | ||||||||||||||
Impact
of VIE consolidation (3) | ( i 7) | ( i 464) | — | ||||||||||||||
Reinsurance
recoverable (4) | i 186 | i 115 | i 56 | ||||||||||||||
Ending gross loss and loss adjustment expense reserves | i 756 | i 534 | ( i 522) |
Ambac Financial Group, Inc | 96 | 2023 Form 10-K |
Surveillance Categories as of December 31, 2023 | Surveillance Categories as of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I | IA | II | III | IV | V | Total | I | IA | II | III | IV | V | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of policies | i 18 | i 8 | i 9 | i 13 | i 88 | i 5 | i 141 | i 37 | i 6 | i 9 | i 12 | i 93 | i 5 | i 162 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining
weighted-average contract period (in years) (1) | i 9 | i 9 | i 13 | i 13 | i 12 | i 7 | i 12 | i 7 | i 19 | i 14 | i 14 | i 12 | i 7 | i 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross insured contractual payments outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal | $ | i 429 | $ | i 1,084 | $ | i 430 | $ | i 394 | $ | i 1,473 | $ | i 27 | $ | i 3,838 | $ | i 709 | $ | i 200 | $ | i 459 | $ | i 1,000 | $ | i 1,646 | $ | i 34 | $ | i 4,047 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest | i 75 | i 328 | i 262 | i 139 | i 600 | i 17 | i 1,421 | i 526 | i 198 | i 286 | i 156 | i 565 | i 19 | i 1,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 505 | $ | i 1,412 | $ | i 692 | $ | i 534 | $ | i 2,073 | $ | i 44 | $ | i 5,259 | $ | i 1,235 | $ | i 399 | $ | i 745 | $ | i 1,156 | $ | i 2,210 | $ | i 53 | $ | i 5,797 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross undiscounted claim liability | $ | i 1 | $ | i 19 | $ | i 41 | $ | i 324 | $ | i 772 | $ | i 44 | $ | i 1,202 | $ | i 4 | $ | i 4 | $ | i 43 | $ | i 446 | $ | i 729 | $ | i 53 | $ | i 1,279 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount, gross claim liability | i — | ( i 2) | ( i 7) | ( i 86) | ( i 323) | ( i 8) | ( i 426) | ( i 1) | ( i 1) | ( i 7) | ( i 162) | ( i 316) | ( i 9) | ( i 496) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross claim liability before all subrogation and before reinsurance | $ | i 1 | $ | i 17 | $ | i 34 | $ | i 239 | $ | i 450 | $ | i 36 | $ | i 777 | $ | i 3 | $ | i 3 | $ | i 36 | $ | i 284 | $ | i 413 | $ | i 43 | $ | i 783 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross
RMBS subrogation (2) | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | ( i 140) | $ | i — | $ | ( i 140) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount, RMBS subrogation | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discounted RMBS subrogation, before reinsurance | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | ( i 140) | i — | ( i 140) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross
other subrogation (3) | ( i 13) | ( i 2) | i — | ( i 27) | ( i 208) | ( i 11) | ( i 263) | ( i 14) | ( i 4) | i — | ( i 31) | ( i 172) | ( i 12) | ( i 233) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount, other subrogation | i 2 | i — | i — | i 4 | i 60 | i 3 | i 69 | i 2 | i — | i — | i 5 | i 42 | i 4 | i 54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discounted other subrogation, before reinsurance | ( i 11) | ( i 2) | i — | ( i 23) | ( i 149) | ( i 8) | ( i 194) | ( i 12) | ( i 3) | i — | ( i 26) | ( i 130) | ( i 8) | ( i 179) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross claim liability, net of all subrogation and discounts, before reinsurance | $ | ( i 10) | $ | i 15 | $ | i 34 | $ | i 215 | $ | i 301 | $ | i 28 | $ | i 583 | $ | ( i 9) | $ | i — | $ | i 36 | $ | i 258 | $ | i 143 | $ | i 35 | $ | i 464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Unearned premium revenue | $ | i — | $ | ( i 12) | $ | ( i 4) | $ | i — | $ | ( i 10) | $ | ( i 1) | $ | ( i 28) | $ | ( i 2) | $ | ( i 2) | $ | ( i 5) | $ | ( i 8) | $ | ( i 10) | $ | ( i 1) | $ | ( i 28) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plus: Loss expense reserves | i — | i 3 | i — | i — | i 1 | i — | i 4 | i 1 | i 1 | i — | i 2 | i 4 | i — | i 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross
loss and loss adjustment expense reserves | $ | ( i 10) | $ | i 6 | $ | i 30 | $ | i 215 | $ | i 292 | $ | i 27 | $ | i 559 | $ | ( i 10) | $ | ( i 2) | $ | i 32 | $ | i 252 | $ | i 137 | $ | i 34 | $ | i 444 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance
recoverable reported on Balance Sheet (4) | $ | i 1 | $ | i — | $ | i 8 | $ | i 18 | $ | i 3 | $ | i — | $ | i 30 | $ | i 1 | $ | i — | $ | i 8 | $ | i 21 | $ | i 3 | $ | i — | $ | i 33 |
Ambac Financial Group, Inc | 97 | 2023 Form 10-K |
Net Loss and Loss Adjustment Expense Reserves | Reinsurance Recoverables on Unpaid Losses | Loss and Loss Adjustment Reserves | |||||||||||||||
Commercial auto | $ | i 22 | $ | i 85 | $ | i 107 | |||||||||||
Unallocated loss adjustment expense reserves | i 5 | i 2 | i 6 | ||||||||||||||
Other
(1) | i 14 | i 69 | i 84 | ||||||||||||||
Total | i 41 | i 156 | i 197 |
Incurred Claims and Allocated LAE, Net of Reinsurance | |||||||||||||||||||||||||||||
Accident Year | Year ended December 31, | IBNR Reserves at December 31, 2023 | Cumulative Number of Reported Claims | ||||||||||||||||||||||||||
2021 | 2022 | 2023 | |||||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||||||
2021 | $ | i — | $ | i — | $ | i 1 | $ | i — | i 75 | ||||||||||||||||||||
2022 | i 8 | i 8 | i 3 | i 1,112 | |||||||||||||||||||||||||
2023 | i 19 | i 10 | i 2,531 | ||||||||||||||||||||||||||
Total | $ | i 28 | |||||||||||||||||||||||||||
Cumulative
Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||
Accident Year | Year ended December 31, | Liability for Loss and Loss Adjustment Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||
2021 | $ | i — | $ | i — | $ | i — | ||||||||||||||||||||||||||
2022 | i 1 | i 2 | 2021 - | Before | ||||||||||||||||||||||||||||
2023 | i 4 | 2023 | 2021 | |||||||||||||||||||||||||||||
Total | i 6 | i 22 | i — | |||||||||||||||||||||||||||||
Total net liability | i 22 | |||||||||||||||||||||||||||||||
Average
Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance | |||||||||||||||||
Unaudited | |||||||||||||||||
Years | 1 | 2 | 3 | ||||||||||||||
i 9.3 | % | i 2.9 | % | i 10.7 | % | ||||||||||||
Incurred Claims and Allocated LAE, Net of Reinsurance | |||||||||||||||||||||||||||||
Accident Year | Year Ended December 31, | IBNR Reserves at December 31, 2023 | Cumulative Number of Reported Claims | ||||||||||||||||||||||||||
2021 | 2022 | 2023 | |||||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||||||
2021 | $ | i — | $ | i — | $ | i — | $ | i — | i 0 | ||||||||||||||||||||
2022 | i — | i — | i — | i 646 | |||||||||||||||||||||||||
2023 | i 16 | i 8 | i 11,595 | ||||||||||||||||||||||||||
Total | $ | i 16 | |||||||||||||||||||||||||||
Cumulative
Paid Claims and Allocated LAE, Net of Reinsurance | ||||||||||||||||||||||||||||||||
Accident Year | Year Ended December 31, | Liability for Loss and Loss Adjustment Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||
2021 | $ | i — | $ | i — | $ | i — | ||||||||||||||||||||||||||
2022 | i — | i — | 2021 - | Before | ||||||||||||||||||||||||||||
2023 | i 2 | 2023 | 2021 | |||||||||||||||||||||||||||||
Total | i 2 | i 14 | i — | |||||||||||||||||||||||||||||
Total net liability | i 14 | |||||||||||||||||||||||||||||||
Average
Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance | |||||||||||||||||
Unaudited | |||||||||||||||||
Years | 1 | 2 | 3 | ||||||||||||||
i 3.1 | % | i 0.9 | % | i — | % | ||||||||||||
Ambac Financial Group, Inc | 98 | 2023 Form 10-K |
Reinsurers | Type
of Insurance | Rating (1) | Reinsurance Recoverable (2) | Unsecured Recoverable (3) | |||||||||||||||||||
General Reinsurance Company | Specialty P&C | A++ | $ | i 81 | $ | i 69 | |||||||||||||||||
QBE Insurance Corporation | Specialty P&C | A | i 38 | i 38 | |||||||||||||||||||
Assured Guaranty Re Ltd. | Financial Guarantee | AA | i 25 | i — | |||||||||||||||||||
All
other reinsurers | i 50 | i 21 | |||||||||||||||||||||
Total
recoverables | $ | i 195 | $ | i 128 |
Ambac Financial Group, Inc | 99 | 2023 Form 10-K |
Ambac Financial Group, Inc | 100 | 2023 Form 10-K |
Ambac Financial Group, Inc | 101 | 2023 Form 10-K |
Ambac Financial Group, Inc | 102 | 2023 Form 10-K |
December 31, 2023: | December 31, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets / Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet | Gross Amount of Collateral Received / Pledged not Offset in the Consolidated Balance Sheet | Net Amount | Gross Amounts of Recognized Assets / Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet | Gross Amount of Collateral Received / Pledged not Offset in the Consolidated Balance Sheet | Net Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | i 25 | $ | i — | $ | i 25 | $ | — | $ | i 25 | $ | i 27 | $ | i — | $ | i 27 | $ | i — | $ | i 27 | |||||||||||||||||||||||||||||||||||||||
Warrants | i 1 | — | i 1 | — | i 1 | i 1 | — | i 1 | — | i 1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total non-VIE derivative assets | $ | i 26 | $ | i — | $ | i 26 | $ | i — | $ | i 26 | $ | i 28 | $ | i — | $ | i 27 | $ | i — | $ | i 27 | |||||||||||||||||||||||||||||||||||||||
Other liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | i 35 | $ | i — | $ | i 35 | $ | i 35 | $ | i — | $ | i 38 | $ | i — | $ | i 38 | $ | i 38 | $ | i — | |||||||||||||||||||||||||||||||||||||||
Total non-VIE derivative liabilities | $ | i 35 | $ | i — | $ | i 35 | $ | i 35 | $ | i — | $ | i 38 | $ | i — | $ | i 38 | $ | i 38 | $ | i — | |||||||||||||||||||||||||||||||||||||||
Variable interest entities assets: Derivative and other assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | i 190 | $ | i — | $ | i 190 | $ | i 190 | $ | i — | $ | i 190 | $ | i — | $ | i 190 | $ | — | $ | i 190 | |||||||||||||||||||||||||||||||||||||||
Currency swaps | i 36 | i — | i 36 | i 36 | i — | $ | i 49 | $ | — | $ | i 49 | $ | i — | $ | i 49 | ||||||||||||||||||||||||||||||||||||||||||||
Total VIE derivative assets | $ | i 226 | $ | i — | $ | i 226 | $ | i 226 | $ | i — | $ | i 239 | $ | i — | $ | i 239 | $ | i — | $ | i 239 | |||||||||||||||||||||||||||||||||||||||
Variable interest entities liabilities: Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | i 1,197 | $ | — | $ | i 1,197 | $ | — | $ | i 1,197 | $ | i 1,048 | $ | — | $ | i 1,048 | $ | — | $ | i 1,048 | |||||||||||||||||||||||||||||||||||||||
Total VIE derivative liabilities | $ | i 1,197 | $ | i — | $ | i 1,197 | $ | i — | $ | i 1,197 | $ | i 1,048 | $ | i — | $ | i 1,048 | $ | i — | $ | i 1,048 |
Location of Gain (Loss) Recognized in Consolidated Statements of Total Comprehensive Income (Loss) | Amount of Gain (Loss) Recognized in Consolidated
Statement of Total Comprehensive Income (Loss) – Year Ended December 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||||||||
Non-VIE derivatives: | |||||||||||||||||||||||||||||
Interest rate swaps | Net gains (losses) on derivative contracts | ( i 1) | i 65 | i 13 | |||||||||||||||||||||||||
Warrants | Net gains (losses) on derivative contracts | i — | i 1 | i — | |||||||||||||||||||||||||
Futures contracts | Net gains (losses) on derivative contracts | i — | i 62 | i 9 | |||||||||||||||||||||||||
Total Non-VIE derivatives | ( i 1) | i 129 | i 22 | ||||||||||||||||||||||||||
Variable Interest Entities: | |||||||||||||||||||||||||||||
Currency swaps | Income (loss) on variable interest entities | ( i 1) | i 24 | i 2 | |||||||||||||||||||||||||
Interest rate swaps | Income (loss) on variable interest entities | ( i 62) | i 541 | ( i 152) | |||||||||||||||||||||||||
Total Variable Interest Entities | ( i 63) | i 565 | ( i 150) | ||||||||||||||||||||||||||
Total derivative contracts | $ | ( i 64) | $ | i 694 | $ | ( i 128) |
Notional - December 31, | |||||||||||
Type of Derivative | 2023 | 2022 | |||||||||
Interest rate swaps—pay-fixed/receive-variable | $ | i 141 | $ | i 989 | |||||||
Interest rate swaps—receive-fixed/pay-variable | i 167 | i 337 | |||||||||
Ambac Financial Group, Inc | 103 | 2023 Form 10-K |
Notional - December 31, | |||||||||||
Type of VIE Derivative | 2023 | 2022 | |||||||||
Interest rate swaps—receive-fixed/pay-variable | $ | i 1,662 | $ | i 1,573 | |||||||
Interest rate swaps—pay-fixed/receive-variable | i 864 | i 887 | |||||||||
Currency swaps | i 149 | i 176 | |||||||||
December 31, | 2023 | 2022 | ||||||||||||
Beginning balance | $ | i 61 | $ | i 46 | ||||||||||
Business acquisitions | i 9 | i 15 | ||||||||||||
Impairments | i — | i — | ||||||||||||
Ending balance | $ | i 70 | $ | i 61 |
December 31, | 2023 | 2022 | ||||||||||||
Finite-lived Intangible Assets: | ||||||||||||||
Insurance intangible: | ||||||||||||||
Gross carrying value | $ | i 1,258 | $ | i 1,247 | ||||||||||
Accumulated amortization | i 1,013 | i 981 | ||||||||||||
Net insurance intangible asset | i 245 | i 266 | ||||||||||||
Other intangibles: | ||||||||||||||
Gross Carrying value | i 57 | i 52 | ||||||||||||
Accumulated amortization | i 10 | i 6 | ||||||||||||
Net other intangible assets | i 47 | i 47 | ||||||||||||
Total finite-lived intangible assets | $ | i 292 | $ | i 312 | ||||||||||
Indefinite-lived Intangible Assets: | ||||||||||||||
Insurance licenses | $ | i 14 | $ | i 14 | ||||||||||
Total intangible assets | $ | i 307 | $ | i 326 |
Year ended December 31, | 2023 | 2022 | 2021 | |||||||||||||||||
Insurance intangible | $ | i 25 | i 44 | $ | i 52 | |||||||||||||||
Other intangibles | i 4 | i 3 | i 3 | |||||||||||||||||
Total | $ | i 29 | $ | i 47 | $ | i 55 |
Amortization Expense | Insurance Intangible Asset (1) | Other Intangible Assets (1) | Total | |||||||||||||||||
2024 | $ | i 26 | $ | i 5 | $ | i 30 | ||||||||||||||
2025 | i 24 | i 4 | i 28 | |||||||||||||||||
2026 | i 22 | i 4 | i 26 | |||||||||||||||||
2027 | i 20 | i 4 | i 24 | |||||||||||||||||
2028 | i 18 | i 4 | i 22 | |||||||||||||||||
Thereafter | i 136 | i 26 | i 162 |
Ambac Financial Group, Inc | 104 | 2023 Form 10-K |
Ambac Financial Group, Inc | 105 | 2023
Form 10-K |
December 31, | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Ambac UK | Ambac Assurance | Total VIEs | Ambac UK | Ambac Assurance | Total VIEs | |||||||||||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||||||||||||
Fixed maturity securities, at fair value: | ||||||||||||||||||||||||||||||||||||||
Corporate obligations, fair value option | $ | i 2,072 | $ | i — | $ | i 2,072 | $ | i 1,828 | $ | i — | $ | i 1,828 | ||||||||||||||||||||||||||
Municipal obligations, trading | i — | i — | i — | i — | i 43 | i 43 | ||||||||||||||||||||||||||||||||
Municipal
obligations, available-for-sale (1) | i — | i 95 | i 95 | i — | i 96 | i 96 | ||||||||||||||||||||||||||||||||
Total LFG VIE fixed maturity securities, at fair value | i 2,072 | i 95 | i 2,167 | i 1,828 | i 139 | i 1,967 | ||||||||||||||||||||||||||||||||
Restricted cash | i 245 | i 1 | i 246 | i 1 | i 16 | i 17 | ||||||||||||||||||||||||||||||||
Loans,
at fair value (2) | i 1,663 | i — | i 1,663 | i 1,829 | i — | i 1,829 | ||||||||||||||||||||||||||||||||
Derivative assets | i 226 | i — | i 226 | i 239 | i — | i 239 | ||||||||||||||||||||||||||||||||
Other assets, including contract assets | i 90 | i 2 | i 92 | i — | i 2 | i 2 | ||||||||||||||||||||||||||||||||
Total LFG VIE assets | $ | i 4,296 | $ | i 98 | $ | i 4,394 | $ | i 3,896 | $ | i 157 | $ | i 4,054 | ||||||||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||||||||||||
Long-term debt: | ||||||||||||||||||||||||||||||||||||||
Long-term debt, at fair value (3) | $ | i 2,710 | $ | i — | $ | i 2,710 | $ | i 2,788 | $ | i — | $ | i 2,788 | ||||||||||||||||||||||||||
Long-term debt, at par less unamortized discount | i 99 | i 159 | i 258 | i — | i 319 | i 319 | ||||||||||||||||||||||||||||||||
Total long-term debt | i 2,808 | i 159 | i 2,967 | i 2,788 | i 319 | i 3,107 | ||||||||||||||||||||||||||||||||
Derivative liabilities | i 1,197 | i — | i 1,197 | i 1,048 | i — | i 1,048 | ||||||||||||||||||||||||||||||||
Cash collateral payable | i 235 | i — | i 235 | i — | i — | i — | ||||||||||||||||||||||||||||||||
Other liabilities | i 4 | i 1 | i 5 | i — | i 5 | i 5 | ||||||||||||||||||||||||||||||||
Total LFG VIE liabilities | $ | i 4,244 | $ | i 160 | $ | i 4,404 | $ | i 3,836 | $ | i 324 | $ | i 4,160 | ||||||||||||||||||||||||||
Number of LFG VIEs consolidated | i 4 | i 2 | i 6 | i 5 | i 4 | i 9 |
Year ended December 31, | 2023 | 2022 | 2021 | |||||||||||||||||
Net change in fair value of VIE assets and liabilities reported under the fair value option | $ | i 4 | $ | i — | $ | i 4 | ||||||||||||||
Less: Credit risk changes of fair value option long-term debt reported through other comprehensive income (loss) | i — | ( i 1) | i 1 | |||||||||||||||||
Net change in fair value of VIE assets and liabilities reported in earnings under the fair value option | i 5 | ( i 1) | i 5 | |||||||||||||||||
Investment income (loss) | i 7 | ( i 4) | i 6 | |||||||||||||||||
Net realized investment gains (losses) on available-for-sale securities | i 1 | i 2 | i 2 | |||||||||||||||||
Interest expense on long-term debt carried at par less unamortized cost | ( i 12) | ( i 12) | ( i 6) | |||||||||||||||||
Other expenses | ( i 1) | ( i 1) | ( i 1) | |||||||||||||||||
Gain (loss) from consolidating VIEs | i 4 | i 37 | i — | |||||||||||||||||
Income (loss) on variable interest entities | $ | i 3 | $ | i 21 | $ | i 7 |
Ambac Financial Group, Inc | 106 | 2023 Form 10-K |
December 31, 2023: | December 31, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value of Assets and Liabilities | Carrying Value of Assets and Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
Maximum Exposure To Loss (1) | Insurance Assets (2) | Insurance Liabilities (3) | Net
Derivative Assets (Liabilities) (4) | Maximum Exposure To Loss (1) | Insurance Assets (2) | Insurance Liabilities (3) | Net Derivative Assets (Liabilities) (4) | ||||||||||||||||||||||||||||||||||||||||
Global structured finance: | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed—residential | $ | i 2,391 | $ | i 135 | $ | i 432 | $ | i — | $ | i 2,559 | $ | i 266 | $ | i 400 | $ | i — | |||||||||||||||||||||||||||||||
Other consumer asset-backed | i 540 | i 5 | i 200 | i — | i 652 | i 6 | i 225 | i — | |||||||||||||||||||||||||||||||||||||||
Other | i 433 | i 2 | i 2 | i — | i 430 | i 2 | i 2 | i 1 | |||||||||||||||||||||||||||||||||||||||
Total global structured finance | i 3,364 | i 141 | i 634 | i — | i 3,642 | i 274 | i 628 | i 1 | |||||||||||||||||||||||||||||||||||||||
Global public finance | i 17,498 | i 209 | i 202 | i — | i 17,997 | i 216 | i 212 | i — | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 20,861 | $ | i 351 | $ | i 836 | $ | i — | $ | i 21,639 | $ | i 490 | $ | i 840 | $ | i 1 |
December 31, | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Par Value | Unamortized Discount | Carrying Value | Par Value | Unamortized Discount | Carrying Value | |||||||||||||||||||||||||||||||||||||||
Ambac Assurance: | ||||||||||||||||||||||||||||||||||||||||||||
i i 5.1 / %
Surplus Notes | $ | i 519 | $ | ( i 28) | $ | i 491 | $ | i 519 | $ | ( i 42) | $ | i 477 | ||||||||||||||||||||||||||||||||
Tier 2 Notes | i — | i — | i — | i 146 | i — | i 146 | ||||||||||||||||||||||||||||||||||||||
Ambac UK Debt | i 41 | ( i 24) | i 17 | i 41 | ( i 25) | i 16 | ||||||||||||||||||||||||||||||||||||||
Long-term debt | $ | i 560 | $ | ( i 52) | $ | i 508 | $ | i 706 | $ | ( i 67) | $ | i 639 |
2024 | $ | i 519 | (1) | ||||||||
2025 | i — | ||||||||||
2026 | i — | ||||||||||
2027 | i — | ||||||||||
2028 | i — | ||||||||||
Thereafter | i 41 | ||||||||||
Total | $ | i 560 |
Ambac Financial Group, Inc | 107 | 2023 Form 10-K |
Ambac Financial Group, Inc | 108 | 2023
Form 10-K |
Year ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Employer stop loss | $ | i 11 | $ | i 9 | $ | i 8 | |||||||||||
Affinity products | i 22 | i 19 | i 18 | ||||||||||||||
Commercial auto | i 12 | i 2 | — | ||||||||||||||
Marine | i 3 | i — | — | ||||||||||||||
Professional liability | i 3 | — | — | ||||||||||||||
Other | i 1 | i — | i — | ||||||||||||||
Total | i 51 | $ | i 31 | $ | i 26 |
December 31, | 2023 | 2022 | |||||||||
Receivables | $ | i 10 | $ | i 7 | |||||||
Contract assets | i 95 | i 5 | |||||||||
Contract liabilities | i 1 | i 1 |
Ambac Financial Group, Inc | 109 | 2023 Form 10-K |
Year Ended December 31, 2023: | Year ended December 31, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gains (Losses) on Available- for Sale Securities (1) | Amortization of Postretirement Benefit (1) | Gain (Loss) on Foreign Currency Translation (1) | Credit
Risk Changes of Fair Value Option Liabilities (1) (2) | Total | Unrealized Gains (Losses) on Available- for Sale Securities (1) | Amortization of Postretirement Benefit (1) | Gain (Loss) on Foreign Currency Translation (1) | Credit
Risk Changes of Fair Value Option Liabilities (1) (2) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | ( i 71) | $ | i 3 | $ | ( i 184) | $ | ( i 1) | $ | ( i 253) | $ | i 154 | $ | i 4 | $ | ( i 100) | $ | ( i 1) | $ | i 58 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | i 31 | i 3 | i 40 | i — | i 74 | ( i 211) | i — | ( i 85) | i — | ( i 296) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | i 21 | ( i 1) | i — | i — | i 19 | ( i 14) | ( i 1) | i — | i — | ( i 15) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | i 51 | i 2 | i 40 | i — | i 93 | ( i 225) | ( i 1) | ( i 85) | i — | ( i 310) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | ( i 20) | $ | i 5 | $ | ( i 144) | $ | ( i 1) | $ | ( i 160) | $ | ( i 71) | $ | i 3 | $ | ( i 184) | $ | ( i 1) | $ | ( i 253) |
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Consolidated Statement of Total Comprehensive Income | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities (1) | ||||||||||||||||||||
$ | i 22 | $ | ( i 17) | Net realized investment gains (losses) | ||||||||||||||||
( i 2) | i 3 | Provision for income taxes | ||||||||||||||||||
$ | i 21 | $ | ( i 14) | Net of tax and noncontrolling interest | ||||||||||||||||
Amortization of Postretirement Benefit | ||||||||||||||||||||
Prior service cost | $ | ( i 1) | $ | ( i 1) | Other income | |||||||||||||||
Actuarial gains (losses) | ( i 1) | i — | Other income | |||||||||||||||||
( i 1) | ( i 1) | Total before tax | ||||||||||||||||||
i — | i — | Provision for income taxes | ||||||||||||||||||
$ | ( i 1) | $ | ( i 1) | Net of tax and noncontrolling interest | ||||||||||||||||
Credit Risk Changes of Fair Value Option Liabilities | ||||||||||||||||||||
$ | i — | $ | i — | Credit risk changes of fair value option liabilities | ||||||||||||||||
i — | i — | Provision for income taxes | ||||||||||||||||||
i — | i — | Net of tax and noncontrolling interest | ||||||||||||||||||
Total reclassifications for the period | $ | i 19 | $ | ( i 15) | Net of tax and noncontrolling interest |
Ambac Financial Group, Inc | 110 | 2023 Form 10-K |
Year ended December 31, | 2023 | 2022 | 2021 | |||||||||||||||||
Net income (loss) attributable to common stockholders | $ | i 4 | $ | i 522 | $ | ( i 17) | ||||||||||||||
Adjustment to redemption value (ASC 480) | i 5 | i 3 | ( i 12) | |||||||||||||||||
Numerator of basic and diluted EPS | $ | i 8 | $ | i 525 | $ | ( i 28) | ||||||||||||||
Per Share: | ||||||||||||||||||||
Basic | $ | i 0.18 | $ | i 11.48 | $ | ( i 0.61) | ||||||||||||||
Diluted | $ | i 0.18 | $ | i 11.31 | $ | ( i 0.61) |
Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Basic weighted average shares outstanding | i 45,636,649 | i 45,719,906 | i 46,535,001 | ||||||||||||||
Effect
of potential dilutive shares (1): | |||||||||||||||||
Warrants | — | — | — | ||||||||||||||
Restricted stock units | i 164,752 | i 144,194 | i — | ||||||||||||||
Performance
stock units (2) | i 739,305 | i 550,730 | i — | ||||||||||||||
Diluted weighted average shares outstanding | i 46,540,706 | i 46,414,830 | i 46,535,001 | ||||||||||||||
Anti-dilutive shares excluded from the above reconciliation | |||||||||||||||||
Warrants | i — | i 4,877,617 | i 4,877,653 | ||||||||||||||
Restricted stock units | i 135,058 | i 177,119 | i 475,333 | ||||||||||||||
Performance
stock units (2) | i — | i — | i 700,915 |
Jurisdiction | Tax Year | ||||
United States | 2010 | ||||
New York State | 2013 | ||||
New York City | 2018 | ||||
United Kingdom | 2020 | ||||
Italy | 2019 |
Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
U.S. | $ | ( i 29) | $ | i 511 | $ | ( i 32) | |||||||||||
Foreign | i 41 | i 13 | i 34 | ||||||||||||||
Total | $ | i 12 | $ | i 525 | $ | i 2 |
Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Current taxes | |||||||||||||||||
U.S. state and local | $ | i 1 | $ | i — | $ | i 2 | |||||||||||
Foreign | i 8 | i 7 | i 10 | ||||||||||||||
Total current taxes | i 8 | i 6 | i 12 | ||||||||||||||
Deferred taxes | |||||||||||||||||
Domestic | ( i 2) | — | — | ||||||||||||||
Foreign | i 1 | ( i 4) | i 6 | ||||||||||||||
Total deferred taxes | $ | ( i 1) | $ | ( i 4) | $ | i 6 | |||||||||||
Provision for income taxes | $ | i 7 | $ | i 2 | $ | i 18 |
Ambac Financial Group, Inc | 111 | 2023 Form 10-K |
Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Total income taxes charged to net income | $ | i 7 | $ | i 2 | $ | i 18 | |||||||||||
Income taxes charged (credited) to stockholders’ equity: | |||||||||||||||||
Unrealized gains (losses) on investment securities, including foreign exchange | i 12 | ( i 47) | ( i 3) | ||||||||||||||
Change in retirement benefits | ( i 1) | i — | i — | ||||||||||||||
Credit Risk Changes to Fair Value Options | i — | i — | i — | ||||||||||||||
Valuation allowance to equity | ( i 9) | i 41 | i 1 | ||||||||||||||
Total charged to stockholders’ equity: | i 2 | ( i 6) | ( i 2) | ||||||||||||||
Total effect of income taxes | $ | i 9 | $ | ( i 4) | $ | i 16 |
Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Tax on income (loss) at statutory rate | $ | i 3 | i 21 | % | $ | i 110 | i 21 | % | $ | i — | i 21 | % | |||||||||||||||||||||||
Changes in expected tax resulting from: | |||||||||||||||||||||||||||||||||||
Tax-exempt interest | i — | i — | % | ( i 1) | i — | % | ( i 2) | ( i 114) | % | ||||||||||||||||||||||||||
Foreign taxes | i 9 | i 70 | % | i 4 | i 1 | % | i 8 | i 448 | % | ||||||||||||||||||||||||||
State Income Taxes | i — | ( i 1) | % | ( i 1) | i — | % | i 14 | i 794 | % | ||||||||||||||||||||||||||
Return to Provision | i 15 | i 118 | % | i — | i — | % | i — | i — | % | ||||||||||||||||||||||||||
Variable Interest Entities | ( i 24) | ( i 197) | % | i 25 | i 5 | % | — | — | % | ||||||||||||||||||||||||||
Valuation allowance | i 2 | i 13 | % | ( i 131) | ( i 25) | % | ( i 4) | ( i 230) | % | ||||||||||||||||||||||||||
Other, net | i 4 | i 35 | % | ( i 4) | ( i 1) | % | i 1 | i 72 | % | ||||||||||||||||||||||||||
Tax expense on income (loss) | $ | i 7 | i 60 | % | $ | i 2 | i 1 | % | $ | i 18 | i 991 | % |
December 31, | 2023 | 2022 | |||||||||
Deferred tax liabilities: | |||||||||||
Insurance intangible | $ | i 51 | $ | i 56 | |||||||
Unearned premiums and credit fees | i 23 | i 24 | |||||||||
Variable interest entities | i — | i 4 | |||||||||
Other | i 3 | i 1 | |||||||||
Total deferred tax liabilities | i 77 | i 85 | |||||||||
Deferred tax assets: | |||||||||||
Net operating loss carryforward | i 714 | i 725 | |||||||||
Interest expense carryforward | i 58 | i 66 | |||||||||
Loss reserves | i 42 | i 38 | |||||||||
Debentures | i 22 | i 15 | |||||||||
State capital loss carryforward | i 8 | i 8 | |||||||||
Compensation | i 5 | i 6 | |||||||||
Investments | i — | i 6 | |||||||||
Other | i 4 | i 4 | |||||||||
Subtotal deferred tax assets | i 853 | i 867 | |||||||||
Valuation allowance | i 795 | i 796 | |||||||||
Total deferred tax assets | i 58 | i 70 | |||||||||
Net deferred tax liability | $ | i 19 | $ | i 15 |
Ambac Financial Group, Inc | 112 | 2023 Form 10-K |
Year
Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Restricted stock units | $ | i 5 | $ | i 5 | $ | i 5 | |||||||||||
Performance awards | i 12 | i 12 | i 10 | ||||||||||||||
Total stock-based compensation | $ | i 17 | $ | i 17 | $ | i 14 | |||||||||||
Total stock-based compensation (after-tax) | $ | i 17 | $ | i 17 | $ | i 11 |
Shares | Weighted Average Grant Date Fair Value Per Share | ||||||||||
Outstanding at beginning of period | i 923,250 | $ | i 15.94 | ||||||||
Granted | i 415,416 | i 15.72 | |||||||||
Delivered
or returned to plan (1) | ( i 300,164) | i 16.28 | |||||||||
Forfeited | ( i 2,163) | i 16.97 | |||||||||
Outstanding at end of period | i 1,036,339 | $ | i 15.75 |
Ambac Financial Group, Inc | 113 | 2023
Form 10-K |
Shares | Weighted Average Grant Date Fair Value Per Share | ||||||||||
Outstanding at beginning of period | i 918,951 | $ | i 15.67 | ||||||||
Granted
(1) | i 479,079 | i 17.72 | |||||||||
Delivered
(2) | ( i 525,212) | i 18.90 | |||||||||
Forfeited | ( i 1,289) | i 17.72 | |||||||||
Performance
adjustment (3) | i 147,542 | i 19.50 | |||||||||
Outstanding at end of period | i 1,019,071 | $ | i 15.52 |
2024 | $ | i — | ||||||
2025 | i — | |||||||
2026 | i 1 | |||||||
2027 | i 1 | |||||||
2028 | i 1 | |||||||
Thereafter | i 3 | |||||||
Total | $ | i 6 |
Ambac Financial Group, Inc | 114 | 2023 Form 10-K |
Year Ended December 31, | 2023 | 2022 | ||||||||||||||||||
Operating lease cost | $ | i 4 | $ | i 4 | ||||||||||||||||
Short-term lease cost | i — | i — | ||||||||||||||||||
Variable lease cost | i 1 | i — | ||||||||||||||||||
Sublease income | ( i 1) | ( i 1) | ||||||||||||||||||
Total lease cost | $ | i 4 | $ | i 4 |
Year Ended December 31, | 2023 | 2022 | ||||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | i 5 | $ | i 5 | ||||||||||
Right-of-use assets obtained in exchange for operating lease liabilities (non-cash) | i 1 | i — |
December 31, | 2023 | 2022 | ||||||||||||
Operating leases: | ||||||||||||||
Operating lease right of use assets | $ | i 19 | $ | i 21 | ||||||||||
Operating lease liabilities | i 22 | i 25 | ||||||||||||
Weighted average remaining lease term: | ||||||||||||||
Operating leases | i 6.1 years | i 6.8 years | ||||||||||||
Weighted average discount rate: | ||||||||||||||
Operating leases | i 7.9 | % | i 7.8 | % |
As of December 31, 2023 | Operating
Leases | |||||||
2024 | $ | i 4 | ||||||
2025 | i 5 | |||||||
2026 | i 5 | |||||||
2027 | i 5 | |||||||
2028 | i 5 | |||||||
Thereafter | i 5 | |||||||
Total lease payments | i 28 | |||||||
Less: imputed interest | ( i 6) | |||||||
Total | $ | i 22 |
As of December 31, 2023 | Operating Leases | |||||||
2024 | $ | i 1 | ||||||
2025 | i 1 | |||||||
2026 | i 1 | |||||||
2027 | i 1 | |||||||
2028 | i 1 | |||||||
Thereafter | i 1 | |||||||
Total lease receipts | $ | i 8 |
Ambac Financial Group, Inc | 115 | 2023 Form 10-K |
Ambac Financial Group, Inc | 116 | 2023 Form 10-K |
Ambac Financial Group, Inc | 117 | 2023 Form 10-K |
Ambac Financial Group, Inc | 118 | 2023
Form 10-K |
Ambac Financial Group, Inc | 119 | 2023 Form 10-K |
Ambac Financial Group, Inc | 120 | 2023 Form 10-K |
Ambac Financial Group, Inc | 121 | 2023
Form 10-K |
Ambac Financial Group, Inc | 122 | 2023 Form 10-K |
PART III |
PART IV |
Ambac Financial Group, Inc | 123 | 2023 Form 10-K |
Page | ||||||||
Incorporated by Reference | |||||||||||||||||||||||||||||||||||
Exhibit Description | Form | Filing Date | Exhibit Number | Filed Herewith | |||||||||||||||||||||||||||||||
3.1 | 8-A | 05/01/13 | 3.2 | ||||||||||||||||||||||||||||||||
3.2 | 8-K | 01/27/23 | 2.1 | ||||||||||||||||||||||||||||||||
4.1 | 8-A | 05/01/13 | |||||||||||||||||||||||||||||||||
4.2 | 8-A | 05/01/13 | 4.1 | ||||||||||||||||||||||||||||||||
4.3 | 10-K | 03/03/14 | 4.10 | ||||||||||||||||||||||||||||||||
4.4 | |||||||||||||||||||||||||||||||||||
4.5 | 8-K | 06/08/10 | 10.3 | ||||||||||||||||||||||||||||||||
4.6 | 10-Q | 11/09/15 | 4.1 | ||||||||||||||||||||||||||||||||
10.1 | 10-Q | 08/11/14 | 10.1 | ||||||||||||||||||||||||||||||||
10.2 | 10-K | 03/03/14 | 10.4 | ||||||||||||||||||||||||||||||||
10.3 | 10-K | 03/03/14 | 10.5 | ||||||||||||||||||||||||||||||||
10.4 | 8-K | 05/03/13 | 10.2 | ||||||||||||||||||||||||||||||||
10.5 | 10-K | 03/01/23 | 10.5 | ||||||||||||||||||||||||||||||||
10.6 | 10-K | 03/16/11 | 10.34 | ||||||||||||||||||||||||||||||||
10.7 | 10-K | 03/16/11 | 10.33 | ||||||||||||||||||||||||||||||||
10.8 | 10-Q | 11/15/10 | 10.1 | ||||||||||||||||||||||||||||||||
10.9 | 10-K | 02/24/22 | 10.10 | ||||||||||||||||||||||||||||||||
10.10 | 10-K | 02/29/16 | 10.27 |
Ambac Financial Group, Inc | 124 | 2023 Form 10-K |
Incorporated by Reference | |||||||||||||||||||||||||||||||||||
Exhibit Description | Form | Filing Date | Exhibit Number | Filed Herewith | |||||||||||||||||||||||||||||||
10.11 | 10-Q | 11/03/16 | 10.2 | ||||||||||||||||||||||||||||||||
10.12 | 8-K | 12/13/16 | 10.1 | ||||||||||||||||||||||||||||||||
10.13 | 8-K | 01/06/17 | 10.1 | ||||||||||||||||||||||||||||||||
10.14 | 10-K | 02/28/18 | 10.38 | ||||||||||||||||||||||||||||||||
10.15 | 10-K | 02/28/18 | 10.39 | ||||||||||||||||||||||||||||||||
10.16 | 8-K | 06/25/18 | 10.1 | ||||||||||||||||||||||||||||||||
10.17 | 10-K | 03/02/20 | 10.45 | ||||||||||||||||||||||||||||||||
10.18 | 10-K | 03/02/20 | 10.46 | ||||||||||||||||||||||||||||||||
10.19 | Def 14A | 04/15/20 | Ex. B | ||||||||||||||||||||||||||||||||
10.20 | 8-K | 01/25/21 | 1.01 | ||||||||||||||||||||||||||||||||
10.21 | 10-Q | 05/10/21 | 10.1 | ||||||||||||||||||||||||||||||||
10.22 | 10-Q | 05/10/21 | 10.2 | ||||||||||||||||||||||||||||||||
10.23 | 10-Q | 05/10/21 | 10.3 | ||||||||||||||||||||||||||||||||
10.24 | 10-Q | 05/10/21 | 10.4 | ||||||||||||||||||||||||||||||||
10.25 | 8-K | 06/30/21 | 10.1 | ||||||||||||||||||||||||||||||||
10.26 | 10-K | 03/01/23 | 10.34 | ||||||||||||||||||||||||||||||||
10.27 | 10-K | 03/01/23 | 10.35 | ||||||||||||||||||||||||||||||||
10.28 | 10-Q | 05/10/22 | 10.1 |
Ambac Financial Group, Inc | 125 | 2023 Form 10-K |
Incorporated by Reference | |||||||||||||||||||||||||||||||||||
Exhibit Description | Form | Filing Date | Exhibit Number | Filed Herewith | |||||||||||||||||||||||||||||||
10.29 | 10-Q | 05/10/22 | 10.2 | ||||||||||||||||||||||||||||||||
10.30 | 10-Q | 05/10/22 | 10.3 | ||||||||||||||||||||||||||||||||
10.31 | 10-Q | 05/10/22 | 10.4 | ||||||||||||||||||||||||||||||||
10.32 | 8-K | 10/06/23 | 10.1 | ||||||||||||||||||||||||||||||||
10.33 | 10-Q | 11/07/23 | 10.2 | ||||||||||||||||||||||||||||||||
10.34 | 10-Q | 05/09/23 | 10.1 | ||||||||||||||||||||||||||||||||
10.35 | 10-Q | 05/09/23 | 10.2 | ||||||||||||||||||||||||||||||||
10.36 | 10-Q | 05/09/23 | 10.3 | ||||||||||||||||||||||||||||||||
10.37 | 10-Q | 05/09/23 | 10.4 | ||||||||||||||||||||||||||||||||
10.38 | X | ||||||||||||||||||||||||||||||||||
(97) Recoupment Policy | |||||||||||||||||||||||||||||||||||
97.1 | X | ||||||||||||||||||||||||||||||||||
(99) Additional exhibits | |||||||||||||||||||||||||||||||||||
99.1 | 10-K | 03/03/14 | 99.3 | ||||||||||||||||||||||||||||||||
Other exhibits, filed or furnished, as indicated: | |||||||||||||||||||||||||||||||||||
21.1 | X | ||||||||||||||||||||||||||||||||||
23.1 | X | ||||||||||||||||||||||||||||||||||
24.1 | X | ||||||||||||||||||||||||||||||||||
31.1 | X | ||||||||||||||||||||||||||||||||||
31.2 | X | ||||||||||||||||||||||||||||||||||
32.1++ | X | ||||||||||||||||||||||||||||||||||
101.INS | XBRL
Instance Document. | ||||||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | ||||||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | ||||||||||||||||||||||||||||||||||
101.LAB | XBRL
Taxonomy Extension Label Linkbase Document. | ||||||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | ||||||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
Ambac Financial Group, Inc | 126 | 2023 Form 10-K |
Incorporated by Reference | |||||||||||||||||||||||||||||||||||
Exhibit Description | Form | Filing Date | Exhibit Number | Filed Herewith | |||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||||||||||||||||||||||||||||||||
++ Furnished herewith. |
Ambac Financial Group, Inc | 127 | 2023 Form 10-K |
Type
of Investment ($ in millions) | Cost | Estimated Fair Value | Amount at Which Shown in the Balance Sheet | |||||||||||||||||
Municipal obligations | $ | i 72 | $ | i 72 | $ | i 72 | ||||||||||||||
Corporate obligations | i 785 | i 745 | i 745 | |||||||||||||||||
Foreign obligations | i 105 | i 100 | i 100 | |||||||||||||||||
U.S. government obligations | i 85 | i 82 | i 82 | |||||||||||||||||
Residential mortgage-backed securities | i 239 | i 250 | i 250 | |||||||||||||||||
Commercial mortgage-backed securities | i 19 | i 19 | i 19 | |||||||||||||||||
Collateralized debt obligations | i 139 | i 139 | i 139 | |||||||||||||||||
Other asset-backed securities | i 301 | i 303 | i 303 | |||||||||||||||||
Short-term | i 452 | i 452 | i 452 | |||||||||||||||||
Fixed income - trading | i 24 | i 27 | i 27 | |||||||||||||||||
Other(1) | i 432 | i 463 | i 475 | |||||||||||||||||
Total | $ | i 2,652 | $ | i 2,652 | $ | i 2,664 |
Ambac Financial Group, Inc | 128 | 2023 Form 10-K |
($ in millions, except share data) December 31, | 2023 | 2022 | |||||||||
Assets: | |||||||||||
Fixed
maturity securities, at fair value (amortized cost of $ i 14 and $ i 13) | $ | i 14 | $ | i 12 | |||||||
Short-term
investments, at fair value (amortized cost of $ i 156 and $ i 175) | i 156 | i 175 | |||||||||
Other investments | i 18 | i 16 | |||||||||
Total investments (net of allowance for credit losses of $ i 0
and $ i 0) | i 188 | i 203 | |||||||||
Cash | i — | i 3 | |||||||||
Investment in subsidiaries | i 1,150 | i 1,029 | |||||||||
Investment income due and accrued | i 1 | i 1 | |||||||||
Other assets | i 24 | i 19 | |||||||||
Total assets | $ | i 1,365 | $ | i 1,255 | |||||||
Liabilities and Stockholders' Equity: | |||||||||||
Liabilities: | |||||||||||
Current taxes | $ | i — | $ | i 1 | |||||||
Accounts
payable and other liabilities | i 3 | i 3 | |||||||||
Total liabilities | i 4 | i 3 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred
stock, par value $ i i 0.01 / per share; i i 20,000,000 /
shares authorized shares; issued and outstanding shares— i none | i — | i — | |||||||||
Common
stock, par value $ i i 0.01 / per share; i i 130,000,000 /
shares authorized; issued shares: i 46,659,144 and i 46,658,990 | i — | i — | |||||||||
Additional paid-in capital | i 292 | i 274 | |||||||||
Accumulated other comprehensive income (loss) | ( i 160) | ( i 253) | |||||||||
Retained earnings | i 1,246 | i 1,245 | |||||||||
Treasury
stock, shares at cost: i 1,463,774 and i 1,685,233 | ( i 17) | ( i 15) | |||||||||
Total Ambac Financial Group, Inc. stockholders’ equity | i 1,362 | i 1,252 | |||||||||
Total liabilities and stockholders’ equity | $ | i 1,365 | $ | i 1,255 |
Ambac Financial Group, Inc | 129 | 2023 Form 10-K |
($ in millions) Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Revenues: | |||||||||||||||||
Investment income | $ | i 9 | $ | i 10 | $ | i 10 | |||||||||||
Other income | i — | i — | i — | ||||||||||||||
Net gains on derivative contracts | i — | i 1 | — | ||||||||||||||
Net investment gains (losses), including impairments | i — | ( i 14) | ( i 5) | ||||||||||||||
Total revenues | i 9 | ( i 2) | i 5 | ||||||||||||||
Expenses: | |||||||||||||||||
General and administrative expenses | i 22 | i 17 | i 19 | ||||||||||||||
Total expenses | i 22 | i 17 | i 19 | ||||||||||||||
Income (loss) before income taxes and net income (loss) of subsidiaries | ( i 13) | ( i 20) | ( i 14) | ||||||||||||||
Federal income tax provision (benefit) | ( i 1) | i — | i 2 | ||||||||||||||
Income (loss) before net income (loss) of subsidiaries | ( i 11) | ( i 19) | ( i 16) | ||||||||||||||
Net income (loss) of subsidiaries | i 15 | i 542 | ( i 1) | ||||||||||||||
Net income (loss) | $ | i 4 | $ | i 522 | $ | ( i 17) | |||||||||||
Other comprehensive income (loss), after tax: | |||||||||||||||||
Net income (loss) | $ | i 4 | $ | i 522 | $ | ( i 17) | |||||||||||
Unrealized
gains (losses) on securities, net of income tax provision (benefit) of $ i 2, $( i 6)
and $( i 2) | i 51 | ( i 225) | ( i 12) | ||||||||||||||
Gains
(losses) on foreign currency translation, net of income tax provision (benefit) of $ i —, $ i —
and $ i — | i 40 | ( i 85) | ( i 8) | ||||||||||||||
Credit
risk changes of fair value option liabilities, net of income tax provision (benefit) of $ i —, $ i —
and $ i — | i — | i — | ( i 1) | ||||||||||||||
Changes
to postretirement benefit, net of income tax provision (benefit) of $ i —, $ i —
and $ i — | i 2 | ( i 1) | ( i 1) | ||||||||||||||
Total other comprehensive income (loss) | i 93 | ( i 310) | ( i 21) | ||||||||||||||
Total comprehensive income (loss) attributable to Ambac Financial Group, Inc. | $ | i 96 | $ | i 212 | $ | ( i 38) |
Ambac Financial Group, Inc | 130 | 2023 Form 10-K |
($ in millions) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Common Stock
Held in Treasury, at Cost | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | i 1,080 | $ | i — | $ | i — | $ | i 242 | $ | i 79 | $ | i 759 | $ | ( i 1) | |||||||||||||||||||||||||||
Total comprehensive income (loss) | ( i 38) | — | — | — | ( i 21) | ( i 17) | — | ||||||||||||||||||||||||||||||||||
Adjustment to initially apply ASU 2016-13 | i — | — | — | — | — | i — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation | i 14 | — | — | i 14 | — | — | — | ||||||||||||||||||||||||||||||||||
Cost of shares (acquired) issued under equity plan | ( i 6) | — | — | — | — | ( i 4) | ( i 2) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | i 1,038 | i — | i — | i 257 | i 58 | i 726 | ( i 3) | ||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | i 211 | — | — | — | ( i 310) | i 521 | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation | i 17 | — | — | i 17 | — | — | i — | ||||||||||||||||||||||||||||||||||
Cost of shares (acquired) issued under equity plan | ( i 4) | — | — | — | — | ( i 5) | i 2 | ||||||||||||||||||||||||||||||||||
Cost of shares repurchased | (14) | — | — | — | — | — | (14) | ||||||||||||||||||||||||||||||||||
Changes to redeemable noncontrolling interest | i 3 | — | — | — | — | i 3 | — | ||||||||||||||||||||||||||||||||||
Purchase of Ambac Assurance auction market preferred shares | 1 | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | i 1,252 | i — | i — | i 274 | ( i 253) | i 1,245 | ( i 15) | ||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | i 96 | — | — | — | i 93 | i 4 | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation | i 17 | — | — | i 17 | — | — | — | ||||||||||||||||||||||||||||||||||
Cost of shares (acquired) issued under equity plan | ( i 5) | — | — | — | — | ( i 8) | i 3 | ||||||||||||||||||||||||||||||||||
Cost of shares repurchased | ( i 5) | — | — | — | — | — | ( i 5) | ||||||||||||||||||||||||||||||||||
Change in redeemable noncontrolling interest | i 5 | — | — | — | — | i 5 | — | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | i 1,362 | $ | i — | $ | i — | $ | i 292 | $ | ( i 160) | $ | i 1,246 | $ | ( i 17) |
Ambac Financial Group, Inc | 131 | 2023 Form 10-K |
($ in millions) Year Ended December 31, | 2023 | 2022 | 2021 | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income (loss) | $ | i 4 | $ | i 522 | $ | ( i 17) | |||||||||||
Adjustments to reconcile net income loss to net cash used in operating activities: | |||||||||||||||||
Net (income) loss of subsidiaries | ( i 15) | ( i 542) | i 1 | ||||||||||||||
Amortization of bond premium and discount | i — | ( i 7) | ( i 9) | ||||||||||||||
Net investment gains (losses), including impairments | i — | i 14 | i 5 | ||||||||||||||
Increase (decrease) in current income taxes payable | ( i 2) | ( i 1) | i 1 | ||||||||||||||
Share-based compensation | i 9 | i 12 | i 14 | ||||||||||||||
(Increase) decrease in other assets and liabilities | ( i 5) | i 41 | ( i 5) | ||||||||||||||
Distributions received from majority owned subsidiary | i 8 | i 6 | i 6 | ||||||||||||||
Other, net | i 2 | i 1 | ( i 6) | ||||||||||||||
Net cash provided by (used in) operating activities | i 2 | i 46 | ( i 10) | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Proceeds from sales and matured bonds | i — | i 68 | i 33 | ||||||||||||||
Purchases of bonds | ( i 1) | ( i 1) | ( i 34) | ||||||||||||||
Change in short-term investments | i 20 | ( i 51) | i 105 | ||||||||||||||
Change in other investments | ( i 3) | ( i 4) | ( i 8) | ||||||||||||||
Net cash provided by (used in) investing activities | i 16 | i 12 | i 95 | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Capital contribution to subsidiaries | ( i 16) | ( i 42) | ( i 92) | ||||||||||||||
Cost of shares acquired | ( i 5) | ( i 14) | — | ||||||||||||||
Net cash (used in) financing activities | ( i 21) | ( i 57) | ( i 92) | ||||||||||||||
Net cash flow | ( i 2) | i 1 | ( i 6) | ||||||||||||||
Cash at beginning of period | i 3 | i 1 | i 7 | ||||||||||||||
Cash at end of period | $ | i — | $ | i 3 | $ | i 1 | |||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash paid during the period for: | |||||||||||||||||
Income taxes | $ | i — | $ | i — | $ | i — | |||||||||||
Ambac Financial Group, Inc | 132 | 2023 Form 10-K |
Ambac Financial Group, Inc | 133 | 2023 Form 10-K |
Segment | Deferred Acquisition Costs | Loss and Loss Adjustment Expense Reserves | Unearned Premium | Earned Premiums | Net Investment Income | Loss and Loss Adjustment Expenses (Benefit) | Amortization of Deferred Amortization Costs | Other Operating Expenses | Net Written Premiums | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Financial Guarantee Insurance | $ | i — | $ | i 696 | $ | i 267 | $ | i 26 | $ | i 127 | $ | ( i 69) | $ | i — | $ | i 108 | $ | ( i 35) | ||||||||||||||||||||||||||||||||||||||
Specialty Property and Casualty Insurance | i 11 | i 197 | i 155 | i 52 | i 4 | i 37 | i 11 | i 16 | i 80 | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Financial Guarantee Insurance | $ | i — | $ | i 715 | $ | i 287 | i 42 | $ | i 12 | $ | ( i 406) | $ | i — | $ | i 104 | $ | ( i 6) | |||||||||||||||||||||||||||||||||||||||
Specialty Property and Casualty Insurance | i 3 | i 90 | i 85 | i 14 | i 2 | i 9 | i 3 | i 13 | i 29 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Financial Guarantee Insurance | $ | i — | $ | i 1,538 | $ | i 385 | i 46 | $ | i 138 | $ | ( i 89) | $ | i — | $ | i 77 | $ | ( i 35) | |||||||||||||||||||||||||||||||||||||||
Specialty Property and Casualty Insurance | i — | i 32 | i 10 | i 1 | i 1 | i — | i — | i 9 | i 13 |
Ambac Financial Group, Inc | 134 | 2023 Form 10-K |
AMBAC FINANCIAL GROUP, INC. | |||||||||||
Dated: | February 27, 2024 | By: | /S/ DAVID TRICK | ||||||||
David Trick | |||||||||||
Executive Vice President and Chief Financial Officer |
Signature | Title | Date | ||||||||||||
/S/ JEFFREY S. STEIN* | Chairman of the Board and Director | February 27, 2024 | ||||||||||||
Jeffrey S. Stein | ||||||||||||||
/S/ CLAUDE LEBLANC | President, Chief Executive Officer and Director | February 27, 2024 | ||||||||||||
Claude LeBlanc | (Principal Executive Officer) | |||||||||||||
/S/ DAVID TRICK | Executive Vice President and Chief Financial Officer | February 27, 2024 | ||||||||||||
David Trick | (Principal Financial Officer) | |||||||||||||
/S/ ROBERT B. EISMAN | Senior Managing Director and Chief Accounting Officer | February 27, 2024 | ||||||||||||
Robert B. Eisman | (Principal Accounting Officer) | |||||||||||||
/S/ IAN D. HAFT* | Director | February 27, 2024 | ||||||||||||
Ian D. Haft | ||||||||||||||
/S/ LISA G. IGLESIAS* | Director | February 27, 2024 | ||||||||||||
Lisa G. Iglesias | ||||||||||||||
/S/ JOAN LAMM-TENNANT* | Director | February 27, 2024 | ||||||||||||
Joan Lamm-Tennant | ||||||||||||||
/S/ KRISTI A. MATUS* | Director | February 27, 2024 | ||||||||||||
Kristi A. Matus | ||||||||||||||
/S/ MICHAEL D. PRICE* | Director | February 27, 2024 | ||||||||||||
Michael D. Price | ||||||||||||||
/S/ STEPHEN M. KSENAK | Attorney-in-fact | February 27, 2024 | ||||||||||||
*By: Stephen M. Ksenak |
Ambac Financial Group, Inc | 135 | 2023 Form 10-K |
This ‘10-K’ Filing | Date | Other Filings | ||
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5/2/36 | ||||
12/31/33 | ||||
12/31/28 | ||||
12/31/27 | ||||
12/31/26 | ||||
12/31/25 | ||||
1/1/25 | ||||
12/31/24 | ||||
12/15/24 | ||||
9/30/24 | ||||
6/30/24 | ||||
6/7/24 | ||||
5/10/24 | ||||
4/19/24 | ||||
3/31/24 | ||||
3/8/24 | ||||
Filed on: | 2/27/24 | 8-K | ||
2/26/24 | ||||
2/23/24 | 4 | |||
2/22/24 | 8-K | |||
1/26/24 | ||||
For Period end: | 12/31/23 | |||
12/15/23 | ||||
8/1/23 | ||||
7/1/23 | 4 | |||
6/30/23 | 10-Q | |||
6/7/23 | ||||
5/17/23 | ||||
5/5/23 | ||||
5/2/23 | ||||
4/30/23 | ||||
1/15/23 | ||||
1/3/23 | 4, 8-K | |||
1/1/23 | ||||
12/31/22 | 10-K, ARS | |||
12/29/22 | 8-K | |||
12/28/22 | ||||
12/6/22 | ||||
11/7/22 | ||||
11/1/22 | ||||
10/29/22 | ||||
10/24/22 | ||||
10/12/22 | ||||
10/6/22 | 8-K | |||
9/30/22 | 10-Q | |||
9/23/22 | ||||
7/25/22 | ||||
7/10/22 | ||||
7/6/22 | ||||
6/7/22 | ||||
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4/29/22 | ||||
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2/21/22 | ||||
2/11/22 | ||||
1/26/22 | ||||
1/20/22 | ||||
1/18/22 | ||||
1/3/22 | ||||
12/31/21 | 10-K, DEF 14A | |||
12/23/21 | ||||
12/13/21 | 3 | |||
11/17/21 | ||||
10/27/21 | ||||
10/19/21 | ||||
9/14/21 | ||||
8/3/21 | ||||
8/2/21 | ||||
7/30/21 | ||||
7/29/21 | ||||
7/14/21 | ||||
7/6/21 | 8-K | |||
6/24/21 | 8-K | |||
6/22/21 | ||||
6/21/21 | ||||
6/17/21 | ||||
6/7/21 | ||||
6/3/21 | ||||
5/25/21 | 8-K | |||
5/24/21 | ||||
5/21/21 | ||||
5/18/21 | ||||
5/11/21 | ||||
5/5/21 | ||||
4/30/21 | ||||
4/21/21 | ||||
3/31/21 | 10-Q | |||
3/26/21 | ||||
3/3/21 | 4 | |||
2/22/21 | ||||
1/1/21 | ||||
12/31/20 | 10-K, 8-K, DEF 14A | |||
10/16/20 | ||||
10/5/20 | ||||
10/2/20 | ||||
10/1/20 | ||||
9/23/20 | ||||
9/17/20 | ||||
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9/1/20 | ||||
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8/24/20 | ||||
8/18/20 | ||||
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8/11/20 | ||||
8/5/20 | ||||
7/19/20 | ||||
7/17/20 | ||||
7/10/20 | ||||
7/2/20 | ||||
6/7/20 | ||||
6/2/20 | 8-K | |||
5/31/20 | ||||
5/26/20 | ||||
3/19/20 | ||||
3/10/20 | ||||
2/27/20 | ||||
2/13/20 | ||||
2/9/20 | ||||
2/5/20 | ||||
1/31/20 | ||||
1/21/20 | ||||
1/16/20 | ||||
12/19/19 | ||||
11/1/19 | ||||
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10/4/19 | ||||
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9/1/19 | ||||
7/24/19 | ||||
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6/14/19 | ||||
6/13/19 | ||||
6/12/19 | ||||
5/30/19 | 4, 4/A | |||
5/20/19 | ||||
5/2/19 | ||||
4/11/19 | ||||
3/12/19 | ||||
2/15/19 | ||||
2/12/19 | ||||
1/14/19 | ||||
12/31/18 | 10-K, DEF 14A | |||
12/21/18 | ||||
12/17/18 | ||||
10/19/18 | ||||
7/17/18 | ||||
2/12/18 | 8-K | |||
11/13/17 | 4 | |||
10/27/17 | ||||
9/20/17 | ||||
9/18/17 | ||||
8/28/17 | ||||
5/30/17 | ||||
5/24/17 | 3 | |||
5/21/17 | ||||
5/19/17 | ||||
5/17/17 | 3 | |||
5/3/17 | ||||
5/2/17 | ||||
10/14/16 | ||||
10/4/16 | ||||
5/10/16 | 8-K | |||
1/29/16 | ||||
1/7/16 | 4 | |||
1/1/16 | 4 | |||
6/11/14 | 8-K | |||
6/7/10 | 8-K | |||
8/1/05 | ||||
List all Filings |