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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2021
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number:
1-10777
AMBAC FINANCIAL GROUP, INC.
(Exact name of Registrant as specified in its charter)
Delaware13-3621676
(State of incorporation)(I.R.S. employer identification no.)
One World Trade CenterNew YorkNY10007
(Address of principal executive offices)(Zip code)
(212)
658-7470
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock par value $0.01 per shareAMBCNew York Stock Exchange
WarrantsAMBC WSNew York Stock Exchange
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes     No  
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act): (Check one):
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No  
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    Yes      No  
As of May 6, 2021, 46,197,103 shares of common stock, par value $0.01 per share, of the Registrant were outstanding.




AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
Item NumberPageItem NumberPage
PART I. FINANCIAL INFORMATIONPART I (CONTINUED)
1Unaudited Consolidated Financial Statements of Ambac Financial Group, Inc. and Subsidiaries
3
4
2
PART II. OTHER INFORMATION
1
1A
2
3
5Other Information
6Exhibits



PART I.    FINANCIAL INFORMATION
Item 1.     Unaudited Financial Statements of Ambac Financial Group, Inc. and Subsidiaries
AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
March 31,December 31,
(Dollars in millions, except share data) (March 31, 2021 (Unaudited))20212020
Assets:
Investments:
Fixed maturity securities, at fair value (amortized cost of $2,221 and $2,175)
$2,341 $2,317 
Fixed maturity securities pledged as collateral, at fair value (amortized cost of $15 and $15)
15 15 
Short-term investments, at fair value (amortized cost of $398 and $492)
397 492 
Short-term investments pledged as collateral, at fair value (amortized cost of $105 and $125)
105 125 
Other investments (includes $600 and $544 at fair value)
600 595 
Total investments (net of allowance for credit losses of $0 and $0)
3,458 3,544 
Cash and cash equivalents23 20 
Restricted cash16 13 
Premium receivables (net of allowance for credit losses of $13 and $17)
356 370 
Reinsurance recoverable on paid and unpaid losses (net of allowance for credit losses of $0 and $0)
33 33 
Deferred ceded premium74 70 
Subrogation recoverable2,076 2,156 
Derivative assets74 93 
Intangible assets391 409 
Other assets115 114 
Variable interest entity assets:
Fixed maturity securities, at fair value3,236 3,354 
Restricted cash2 2 
Loans, at fair value 2,948 2,998 
Derivative assets38 41 
Other assets1 2 
Total assets$12,840 $13,220 
Liabilities and Stockholders’ Equity:
Liabilities:
Unearned premiums$438 $456 
Loss and loss expense reserves1,662 1,759 
Ceded premiums payable24 27 
Deferred taxes20 24 
Current taxes2 6 
Long-term debt2,661 2,739 
Accrued interest payable516 517 
Derivative liabilities86 114 
Other liabilities123 106 
Variable interest entity liabilities:
Long-term debt (includes $4,264 and $4,324 at fair value)
4,427 4,493 
Derivative liabilities1,739 1,835 
Total liabilities11,697 12,074 
Commitments and contingencies (See Note 12)
Redeemable noncontrolling interest20 7 
Stockholders’ equity:
Preferred stock, par value $0.01 per share;20,000,000 shares authorized shares; issued and outstanding shares—none
  
Common stock, par value $0.01 per share; 130,000,000 shares authorized; issued shares: 46,477,067 and 45,865,081
  
Additional paid-in capital246 242 
Accumulated other comprehensive income (loss)61 79 
Retained earnings761 759 
Treasury stock, shares at cost: 279,965 and 55,942
(5)(1)
Total Ambac Financial Group, Inc. stockholders’ equity 1,063 1,080 
Nonredeemable noncontrolling interest60 60 
Total stockholders’ equity 1,123 1,140 
Total liabilities, redeemable noncontrolling interest and stockholders’ equity$12,840 $13,220 
See accompanying Notes to Unaudited Consolidated Financial Statements
| Ambac Financial Group, Inc. 1 2021 First Quarter FORM 10-Q |



AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Total Comprehensive Income (Loss) (Unaudited)
Three Months Ended March 31,
(Dollars in millions, except share data)20212020
Revenues:
Net premiums earned$14 $10 
Net investment income (loss)49 (21)
Net realized investment gains (losses)2 8 
Net gains (losses) on derivative contracts25 (70)
Net realized gains (losses) on extinguishment of debt33 — 
Other income (expense) 5  
Income (loss) on variable interest entities 3 
Total revenues129 (70)
Expenses:
Losses and loss expenses (benefit)8 117 
Intangible amortization19 13 
Operating expenses33 24 
Interest expense50 63 
Total expenses110 217 
Pre-tax income (loss)19 (287)
Provision (benefit) for income taxes2 (7)
Net income (loss)17 (280)
Less: net gain (loss) attributable to noncontrolling interest — 
Net income (loss) attributable to common stockholders$17 $(280)
Other comprehensive income (loss), after tax:
Net income (loss)$17 $(280)
Unrealized gains (losses) on securities, net of income tax provision (benefit) of $(2) and $
(24)(146)
Gains (losses) on foreign currency translation, net of income tax provision (benefit) of $ and $
6 (46)
Credit risk changes of fair value option liabilities, net of income tax provision (benefit) of $ and $1
(1)3 
Changes to postretirement benefit, net of income tax provision (benefit) of $ and $
 (2)
Total other comprehensive income (loss), net of income tax(18)(191)
Total comprehensive income (loss)(1)(470)
Less: comprehensive (gain) loss attributable to the noncontrolling interest — 
Total comprehensive income (loss) attributable to common stockholders$(2)$(470)
Net income (loss) per share attributable to common stockholders:
Basic
$0.08 $(6.07)
Diluted
$0.08 $(6.07)
Weighted average number of common shares outstanding:
Basic46,314,049 46,060,324 
Diluted46,858,064 46,060,324 
See accompanying Notes to Unaudited Consolidated Financial Statements
| Ambac Financial Group, Inc. 2 2021 First Quarter FORM 10-Q |



AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Stockholders’ Equity (Unaudited)
Ambac Financial Group, Inc.
(Dollars in millions)TotalRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Preferred
Stock
Common
Stock
Additional Paid-in
Capital
Common
Stock Held
in Treasury,
at Cost
Nonredeemable
Noncontrolling
Interest
Balance at December 31, 2020$1,140 $759 $79 $ $ $242 $(1)$60 
Total comprehensive income (loss)(2)17 (18)     
Stock-based compensation4     4   
Cost of shares (acquired) issued under equity plan(6)(2)    (4) 
Changes to Redeemable NCI(13)(13)      
Balance at March 31, 2021$1,123 $761 $61 $ $ $246 $(5)$60 
Balance at December 31, 2019$1,536 $1,203 $42 $ $ $232 $ $60 
Total comprehensive income (loss)(470)(280)(191)     
Adjustment to initially apply ASU 2016-13(4)(4)— — — — — — 
Stock-based compensation3     3   
Cost of shares (acquired) issued under equity plan(3)(1)    (1) 
Balance at March 31, 2020$1,062 $917 $(149)$ $ $235 $(2)$60 
See accompanying Notes to Unaudited Consolidated Financial Statements
| Ambac Financial Group, Inc. 3 2021 First Quarter FORM 10-Q |



AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended March 31,
(Dollars in millions)20212020
Cash flows from operating activities:
Net income (loss) attributable to common stockholders$17 $(280)
Noncontrolling interest in subsidiaries’ earnings  
Net income (loss)$17 $(280)
Adjustments to reconcile net income to net cash used in operating activities:
Amortization of bond premium and discount(3)(4)
Share-based compensation4 3 
Deferred income taxes(3)(6)
Current income taxes(3)(5)
Unearned premiums, net(22)(7)
Losses and loss expenses, net(17)77 
Ceded premiums payable(2)(1)
Premium receivables14 13 
Accrued interest payable23 23 
Amortization of intangible assets19 13 
Net realized investment gains(2)(8)
(Gain) loss on extinguishment of debt(33)— 
Variable interest entity activities (3)
Derivative assets and liabilities(22)32 
Other, net(10)64 
Net cash used in operating activities(40)(87)
Cash flows from investing activities:
Proceeds from sales of bonds44 221 
Proceeds from matured bonds39 49 
Purchases of bonds(128)(150)
Proceeds from sales of other invested assets48 243 
Purchases of other invested assets(41)(195)
Change in short-term investments94 67 
Change in cash collateral receivable11 (56)
Proceeds from paydowns of consolidated VIE assets50 66 
Other, net(1)(1)
Net cash provided by investing activities116 244 
Cash flows from financing activities:
Paydowns of Ambac note(16)(77)
Tax payments related to shares withheld for share-based compensation plans(6)(3)
Payments of consolidated VIE liabilities(48)(66)
Net cash used in financing activities(69)(146)
Effect of foreign exchange on cash, cash equivalents and restricted cash  
Net cash flow6 10 
Cash, cash equivalents, and restricted cash at beginning of period35 81 
Cash, cash equivalents, and restricted cash at end of period$42 $91 
See accompanying Notes to Unaudited Consolidated Financial Statements
| Ambac Financial Group, Inc. 4 2021 First Quarter FORM 10-Q |


Table of Contents
AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
(Dollar Amounts in Millions, Except Share Amounts)

1. BACKGROUND AND BUSINESS DESCRIPTION
The following description provides an update of Note 1. Background and Business Description in the Notes to Consolidated Financial Statements included Part II, Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and should be read in conjunction with the complete descriptions provided in the Form 10-K. Capitalized terms used, but not defined herein, and in the other footnotes to the Consolidated Financial Statements included in this Quarterly Report on Form 10-Q shall have the meanings ascribed thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Ambac Financial Group, Inc. (“AFG”), headquartered in New York City, is a financial services holding company incorporated in the state of Delaware on April 29, 1991. References to “Ambac,” the “Company,” “we,” “our,” and “us” are to AFG and its subsidiaries, as the context requires. Ambac's business operations include:
Financial Guarantee Insurance — Ambac Assurance Corporation ("AAC") and its wholly owned subsidiary, Ambac Assurance UK Limited (“Ambac UK”), legacy financial guarantee businesses, both of which have been in runoff since 2008. Insurance policies issued by AAC and Ambac UK generally guarantee payment when due of the principal and interest on the obligations guaranteed.
Specialty Property & Casualty Program Insurance ("SPCP") — Currently includes admitted insurer Everspan Insurance Company and excess and surplus lines insurer Everspan Indemnity Insurance Company (collectively, "Everspan" or the "Everspan Group"). This platform, which received an A- Financial Strength Rating from A.M. Best in February 2021, is expected to launch new underwriting programs in 2021.
Managing General Agency / Underwriting ("MGA/U") — Currently includes Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC (collectively, “Xchange”) a property and casualty Managing General Underwriter 80% of which AFG acquired on December 31, 2020. Refer to Note 3. Business Combination in the Notes to Consolidated Financial Statements included Part II, Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, for further information relating to this acquisition.
While SPCP and MGA/U are distinct businesses, they are currently not significant to Ambac's operations to warrant segment presentation. Management evaluates its reportable segments at least annually and as facts and circumstances change.
Strategies to Enhance Shareholder Value
The Company's primary goal is to maximize shareholder value through executing the following key strategies:
Active runoff of AAC and its subsidiaries through transaction terminations, commutations, restructurings, and reinsurance with a focus on our watch list credits and known
and potential future adversely classified credits, that we believe will improve our risk profile, and maximizing the risk-adjusted return on invested assets;
Ongoing rationalization of Ambac's capital and liability structures;
Loss recovery through active litigation management and exercise of contractual and legal rights;
Ongoing review of the effectiveness and efficiency of Ambac's operating platform; and
Focused growth in the specialty property and casualty program insurance, managing general agency/underwriting and potentially other insurance and insurance related businesses to advance our goal of generating long-term stockholder value with attractive risk adjusted returns.
The execution of Ambac’s strategy to increase the value of its investment in AAC is subject to the restrictions set forth in the Settlement Agreement, dated as of June 7, 2010 (the "Settlement Agreement"), by and among AAC, Ambac Credit Products LLC ("ACP"), AFG and certain counterparties to credit default swaps with ACP that were guaranteed by AAC, as well as the Stipulation and Order among the Office of the Commissioner of Insurance for the State of Wisconsin (“OCI”), AFG and AAC that became effective on February 12, 2018, as amended (the “Stipulation and Order”), and the indenture for the Tier 2 Notes (as defined below), each of which requires OCI and, under certain circumstances, holders of the debt instruments benefiting from such restrictions, to approve certain actions taken by or in respect of AAC. In exercising its approval rights, OCI will act for the benefit of policyholders, and will not take into account the interests of AFG.
2021 Surplus Note Exchanges
On January 19, 2021, AAC entered into a purchase agreement (the “Purchase Agreement”) with AFG and certain funds or accounts (the “Note Holders”), pursuant to which (i) the Note Holders agreed to sell to AAC all of the individual beneficial interests (the “Interests”) in the 5.1% senior notes due August 28, 2039 (the “Corolla Notes”), issued by the Corolla Trust, a Delaware statutory trust formed by AFG in 2014, (ii) AFG agreed to sell to AAC the owner trust certificate for the Corolla Trust (the “Corolla Certificate”), which constituted all of the equity interests in the Corolla Trust, and (iii) AAC agreed to exchange the Interests and the Corolla Certificate for AAC’s senior surplus notes (collectively, the “Corolla Note Exchange”). The Note Holders held 100% of the outstanding Corolla Notes. Pursuant to the Purchase Agreement, each $1.00 principal amount of the Corolla Notes (and the associated amount of accrued and unpaid interest thereon) was exchanged for $0.9125 principal amount of senior surplus notes (and the associated amount of accrued and unpaid interest thereon) on the date of the consummation of the Corolla Note Exchange (the “Closing”). In addition, every $1.00 principal amount of the Corolla Certificate (and the associated amount of accrued and unpaid interest thereon) was exchanged for $0.6400 principal amount of senior surplus notes (and the associated amount of accrued and unpaid interest thereon) on the date of Closing. The Closing occurred on January 22, 2021. At the Closing AAC issued $267 aggregate principal amount of senior surplus notes to consummate the
| Ambac Financial Group, Inc. 5 2021 First Quarter FORM 10-Q |


Table of Contents
AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
(Dollar Amounts in Millions, Except Share Amounts)
Corolla Note Exchange and acquire all of the interests in the Corolla Trust. Subsequent to the closing the Corolla Trust was dissolved and the junior surplus note that had been deposited in the Corolla Trust by AFG in 2014 was canceled.
In February 2021, AAC entered into a purchase agreement pursuant to which the holder of $15 principal amount of 5.1% junior surplus notes issued by AAC agreed to sell such notes to AAC in exchange for senior surplus notes (the "JSN Exchange"). Pursuant to the purchase agreement, each $1.00 principal amount of the junior surplus notes (and the associated amount of accrued and unpaid interest thereon) was exchanged for $0.8581 principal amount of senior surplus notes (and the associated amount of accrued and unpaid interest thereon). The closing of the JSN Exchange occurred on February 11, 2021, when AAC issued approximately $13 aggregate principal amount of senior surplus notes. Subsequent to the closing of the JSN Exchange the junior surplus notes were canceled. As a result of the Corolla Note Exchange and the JSN Exchange, AAC no longer has any junior surplus notes outstanding.
The surplus notes exchanged pursuant to the Corolla Note Exchange and the JSN Exchange are part of the same series as, and rank equally with, the existing surplus notes previously issued by AAC. After giving effect to the Corolla Note Exchange and the JSN Exchange, AAC has $853 principal amount of surplus notes outstanding and total principal and accrued and unpaid interest of surplus notes outstanding is $1,414 as of February 11, 2021. Outstanding surplus notes principal amount includes $83 owned by AFG, which amount is eliminated in consolidation for purposes of US generally accepted accounting principles. The Company recorded a gain of $33 for the three months ended March 31, 2021 arising from AAC's purchases of junior surplus notes below their carrying values which is reported within Net realized gains (losses) on extinguishment of debt in the Consolidated Statements of Total Comprehensive Income (Loss). In addition, the Company has recorded gain of $4 for the three months ended March 31, 2021 from the exchange of the Corolla Certificate held by AFG above its carrying value, which is reported within Net realized investment gains (losses) in the Consolidated Statements of Total Comprehensive Income (Loss).
2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
The Company has disclosed its significant accounting policies in Note 2. Basis of Presentation and Significant Accounting Policies in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The following significant accounting policies provide an update to those included in the Company’s Annual Report on Form 10-K.
Consolidation:
The consolidated financial statements include the accounts of AFG and all other entities in which AFG (directly or through its subsidiaries) has a controlling financial interest, including variable interest entities (“VIEs”) for which AFG or an AFG subsidiary is deemed the primary beneficiary in accordance with the Consolidation Topic of the Accounting Standards Codification ("ASC"). All significant intercompany balances have been eliminated. See Note 3. Variable Interest Entities, for a
detailed discussion of Ambac’s involvement in VIEs, Ambac’s methodology for determining whether Ambac is required to consolidate a VIE and the effects of VIEs being consolidated and deconsolidated.
Basis of Presentation:
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for annual periods. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2020. The accompanying consolidated financial statements have not been audited by an independent registered public accounting firm in accordance with the standards of the Public Company Accounting Oversight Board (U.S.), but in the opinion of management such financial statements include all adjustments necessary for the fair presentation of the Company’s consolidated financial position and results of operations. The results of operations for the three months ended March 31, 2021, may not be indicative of the results that may be expected for the year ending December 31, 2021. The December 31, 2020, consolidated balance sheet was derived from audited financial statements.
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As additional information becomes available or actual amounts become determinable, the recorded estimates are revised and reflected in operating results.
Foreign Currency:
The impact of non-functional currency transactions and the remeasurement of non-functional currency assets and liabilities into the respective subsidiaries' functional currency (collectively "foreign currency transactions gains/(losses)") are $(5) and $1 for the three months ended March 31, 2021 and 2020, respectively. Foreign currency transactions gains/(losses) are primarily the result of remeasuring Ambac UK's assets and liabilities denominated in currencies other than its functional currency, primarily the U.S. dollar and the Euro.
Revenue Recognition:
Revenues for the MGA/U business operations are recognized in accordance with the Revenue from Contracts with Customers Topic of the ASC. The following steps are applied to recognize revenue: identify the contract(s) with the customer, identify the performance obligations in the contract(s), determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. A performance obligation is satisfied either at a point in time or over time depending on the nature of the product or service provided, and the specific terms of the contract with customers.
| Ambac Financial Group, Inc. 6 2021 First Quarter FORM 10-Q |


Table of Contents
AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
(Dollar Amounts in Millions, Except Share Amounts)