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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, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number:
1-10777
ambc-20220331_g1.jpg
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, 2022, 45,039,916 shares of common stock, par value $0.01 per share, of the Registrant were outstanding.



AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
Cautionary Statement Pursuant to the Private Securities Litigation Reform Act of 1995
Item NumberPageItem NumberPage
PART I. FINANCIAL INFORMATIONPART I (CONTINUED)
1Unaudited Consolidated Financial Statements of Ambac Financial Group, Inc. and Subsidiaries
3
4
2PART II. OTHER INFORMATION
1
1A
2
3
5Other Information
6Exhibits
| Ambac Financial Group, Inc. i 2022 First Quarter FORM 10-Q |

CAUTIONARY STATEMENT PURSUANT TO THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Management has included in Parts I and II of this Quarterly Report on Form 10-Q, including this MD&A, statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “estimate,” “project,” “plan,” “believe,” “anticipate,” “intend,” “planned,” “potential” and similar expressions, or future or conditional verbs such as “will,” “should,” “would,” “could,” and “may,” or the negative of those expressions or verbs, identify forward-looking statements. We caution readers that these statements are not guarantees of future performance. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, which may by their nature be inherently uncertain and some of which may be outside our control. These statements may relate to plans and objectives with respect to the future, among other things which may change. We are alerting you to the possibility that our actual results may differ, possibly materially, from the expected objectives or anticipated results that may be suggested, expressed or implied by these forward-looking statements. Important factors that could cause our results to differ, possibly materially, from those indicated in the forward-looking statements include, among others, those discussed under “Risk Factors” in Part I, Item 1A of the 2021 Annual Report on Form 10-K and in Part II, Item 1A of this quarterly Report on Form 10-Q.
Any or all of management’s forward-looking statements here or in other publications may turn out to be incorrect and are based on management’s current belief or opinions. Ambac Financial Group’s (“AFG”) and its subsidiaries’ (collectively, “Ambac” or the “Company”) actual results may vary materially, and there are no guarantees about the performance of Ambac’s securities. Among events, risks, uncertainties or factors that could cause actual results to differ materially are: (1) the highly speculative nature of AFG’s common stock and volatility in the price of AFG’s common stock; (2) uncertainty concerning the Company’s ability to achieve value for holders of its securities, whether from Ambac Assurance Corporation (“AAC”) and its subsidiaries or from the specialty property and casualty program insurance business, the distribution business, or related businesses; (3) the inability of AAC to realize the expected recoveries, including RMBS litigation recoveries, included in its financial statements, or changes in estimated RMBS litigation recoveries over time; (4) failure to recover claims paid on Puerto Rico exposures or realization of losses in amounts higher than expected; (5) inadequacy of reserves established for losses and loss expenses and possibility that changes in loss reserves may result in further volatility of earnings or financial results; (6) potential for rehabilitation proceedings or other regulatory intervention against AAC; (7) credit risk throughout Ambac’s business, including but not limited to credit risk related to insured residential mortgage-backed securities, student loan and other asset securitizations, public finance obligations (including risks associated with Chapter 9 and other restructuring proceedings), issuers of securities in our investment portfolios, and exposures to reinsurers; (8) our inability to effectively reduce insured financial guarantee exposures or achieve recoveries or investment objectives; (9) our inability to generate the significant amount of cash needed to service our debt and financial obligations, including through litigation recoveries or disposition of assets, and our inability to refinance our indebtedness; (10) Ambac’s substantial indebtedness could adversely affect its financial condition and operating flexibility; (11) Ambac may not be able to obtain financing or raise capital on acceptable terms or at all due to its substantial indebtedness and financial condition; (12) the impact of catastrophic public health, environmental or natural events, including events like the COVID-19 pandemic, or global or regional conflicts, on significant portions of our insured portfolio; (13) credit risks related to large single risks, risk concentrations and correlated risks; (14) risks associated with adverse selection as Ambac’s financial guarantee insurance portfolio runs
off; (15) the risk that Ambac’s risk management policies and practices do not anticipate certain risks and/or the magnitude of potential for loss; (16) restrictive covenants in agreements and instruments that impair Ambac’s ability to pursue or achieve its business strategies; (17) adverse effects on operating results or the Company’s financial position resulting from measures taken to reduce financial guarantee risks in its insured portfolio; (18) disagreements or disputes with Ambac's insurance regulators; (19) loss of control rights in transactions for which we provide financial guarantee insurance; (20) adverse tax consequences or other costs resulting from the characterization of the AAC’s surplus notes or other obligations as equity; (21) risks attendant to the change in composition of securities in the Ambac’s investment portfolio; (22) adverse impacts from changes in prevailing interest rates; (23) events or circumstances that result in the impairment of our intangible assets and/or goodwill that was recorded in connection with Ambac’s acquisition of 80% of the membership interests of Xchange Benefits, LLC; (24) risks associated with the expected discontinuance of the London Inter-Bank Offered Rate; (25) factors that may negatively influence the amount of installment premiums paid to Ambac; (26) risks relating to determinations of amounts of impairments taken on investments; (27) the risk of litigation and regulatory inquiries or investigations, and the risk of adverse outcomes in connection therewith; (28) actions of stakeholders whose interests are not aligned with broader interests of Ambac's stockholders; (29) system security risks, data protection breaches and cyber attacks; (30) regulatory oversight of Ambac Assurance UK Limited (“Ambac UK”) and applicable regulatory restrictions may adversely affect our ability to realize value from Ambac UK or the amount of value we ultimately realize; (31) failures in services or products provided by third parties; (32) our inability to attract and retain qualified executives, senior managers and other employees, or the loss of such personnel; (33) fluctuations in foreign currency exchange rates; (34) failure to realize our business expansion plans or failure of such plans to create value; (35) greater competition for our specialty property & casualty program insurance business; (36) loss or lowering of the AM Best rating for our property and casualty insurance company subsidiaries; (37) disintermediation within the insurance industry or greater competition that negatively impacts our managing general agency/underwriting business; (38) changes in law or in the functioning of the healthcare market that impair the business model of our accident and health managing general underwriter; and (39) other risks and uncertainties that have not been identified at this time.
| Ambac Financial Group, Inc. 1 2022 First Quarter FORM 10-Q |

PART I.    FINANCIAL INFORMATION
Item 1.     Unaudited Financial Statements of Ambac Financial Group, Inc. and Subsidiaries
| Ambac Financial Group, Inc. 2 2022 First Quarter FORM 10-Q |

AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
March 31,December 31,
(Dollars in millions, except share data) (March 31, 2022 (Unaudited))20222021
Assets:
Investments:
Fixed maturity securities - available-for-sale, at fair value (amortized cost of $1,352 and $1,605)
$1,383 $1,730 
Fixed maturity securities pledged as collateral, at fair value (amortized cost of $15 and $15)
15 15 
Fixed maturity securities - trading (includes $119 and $0 at fair value)
119 — 
Short-term investments, at fair value (amortized cost of $540 and $415)
540 414 
Short-term investments pledged as collateral, at fair value (amortized cost of $99 and $105)
99 105 
Other investments (includes $652 and $683 at fair value)
660 690 
Total investments (net of allowance for credit losses of $1 and $0)
2,815 2,955 
Cash and cash equivalents60 17 
Restricted cash7 5 
Premium receivables (net of allowance for credit losses of $8 and $9)
317 323 
Reinsurance recoverable on paid and unpaid losses (net of allowance for credit losses of $0 and $0)
48 55 
Deferred ceded premium100 90 
Subrogation recoverable1,714 2,092 
Derivative assets55 76 
Intangible assets350 362 
Goodwill46 46 
Other assets94 68 
Variable interest entity assets:
Fixed maturity securities, at fair value3,364 3,455 
Restricted cash49 2 
Loans, at fair value 2,469 2,718 
Derivative assets42 38 
Other assets1 2 
Total assets$11,531 $12,303 
Liabilities and Stockholders’ Equity:
Liabilities:
Unearned premiums$393 $395 
Loss and loss expense reserves1,067 1,570 
Ceded premiums payable40 33 
Long-term debt2,242 2,230 
Accrued interest payable593 576 
Derivative liabilities76 95 
Other liabilities135 133 
Variable interest entity liabilities:
Long-term debt (includes $3,701 and $4,056 at fair value)
4,124 4,216 
Derivative liabilities1,866 1,940 
Other liabilities3  
Total liabilities10,538 11,187 
Commitments and contingencies (See Note 14)
Redeemable noncontrolling interest18 18 
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: 46,658,990 and 46,477,068
  
Additional paid-in capital262 257 
Accumulated other comprehensive income (loss)(70)58 
Retained earnings723 726 
Treasury stock, shares at cost: 113,758 and 172,929
(2)(3)
Total Ambac Financial Group, Inc. stockholders’ equity 914 1,038 
Nonredeemable noncontrolling interest60 60 
Total stockholders’ equity 974 1,098 
Total liabilities, redeemable noncontrolling interest and stockholders’ equity$11,531 $12,303 
See accompanying Notes to Unaudited Consolidated Financial Statements
| Ambac Financial Group, Inc. 3 2022 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)20222021
Revenues:
Net premiums earned$15 $14 
Net investment income5 49 
Net investment gains (losses), including impairments10 2 
Net gains (losses) on derivative contracts57 25 
Net realized gains (losses) on extinguishment of debt 33 
Commission income9 7 
Other income (expense) 2 (2)
Income (loss) on variable interest entities22  
Total revenues119 129 
Expenses:
Losses and loss expenses (benefit)24 8 
Intangible amortization14 19 
Operating expenses34 33 
Interest expense44 50 
Total expenses116 110 
Pre-tax income (loss)3 19 
Provision (benefit) for income taxes 2 
Net income (loss)2 17 
Less: net (gain) loss attributable to noncontrolling interest  
Net income attributable to common stockholders$2 $17 
Other comprehensive income (loss), after tax:
Net income (loss)$2 $17 
Unrealized gains (losses) on securities, net of income tax provision (benefit) of $(2)and $(2)
(105)(24)
Gains (losses) on foreign currency translation, net of income tax provision (benefit) of $ and $
(23)6 
Credit risk changes of fair value option liabilities, net of income tax provision (benefit) of $ and $
 (1)
Changes to postretirement benefit, net of income tax provision (benefit) of $ and $
  
Total other comprehensive income (loss), net of income tax(127)(18)
Total comprehensive income (loss)(125)(1)
Less: comprehensive (gain) loss attributable to the noncontrolling interest  
Total comprehensive income (loss) attributable to common stockholders$(125)$(2)
Net income (loss) per share attributable to common stockholders:
Basic$0.04 $0.08 
Diluted$0.04 $0.08 
Weighted average number of common shares outstanding:
Basic46,731,459 46,314,049 
Diluted47,359,731 46,858,064 
See accompanying Notes to Unaudited Consolidated Financial Statements
| Ambac Financial Group, Inc. 4 2022 First Quarter FORM 10-Q |

AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Stockholders’ Equity (Unaudited)

Three months ended March 31, 2022 and 2021
Ambac Financial Group, Inc.
(Dollars in millions)TotalRetained
Earnings
Accumulated
Other
Comprehensive
Income
Preferred
Stock
Common
Stock
Additional Paid-in
Capital
Common
Stock Held
in Treasury,
at Cost
Nonredeemable
Noncontrolling
Interest
Balance at December 31, 2021$1,098 $726 $58 $ $ $257 $(3)$60 
Total comprehensive income (loss)(125)2 (127)     
Stock-based compensation5     5   
Cost of shares (acquired) issued under equity plan(3)(5)    1  
Changes to Redeemable NCI        
Balance at March 31, 2022$974 $723 $(70)$ $ $262 $(2)$60 
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 
See accompanying Notes to Unaudited Consolidated Financial Statements

| Ambac Financial Group, Inc. 5 2022 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)20222021
Cash flows from operating activities:
Net income (loss) attributable to common stockholders$2 $17 
Redeemable noncontrolling interest  
Net income (loss)2 17 
Adjustments to reconcile net income to net cash used in operating activities:
Amortization of bond premium and discount(3)(3)
Share-based compensation5 4 
Unearned premiums, net(11)(22)
Losses and loss expenses, net(6)(17)
Ceded premiums payable7 (2)
Premium receivables6 14 
Accrued interest payable24 23 
Amortization of intangible assets14 19 
Net investment gains (losses), including impairments(10)(2)
(Gain) loss on extinguishment of debt (33)
Variable interest entity activities(22) 
Derivative assets and liabilities(46)(22)
Other, net48 (16)
Net cash provided by (used in) operating activities9 (40)
Cash flows from investing activities:
Proceeds from sales of bonds141 44 
Proceeds from matured bonds20 39 
Purchases of bonds(33)(128)
Proceeds from sales of other invested assets45 48 
Purchases of other invested assets(25)(41)
Change in short-term investments(114)94 
Change in cash collateral receivable54 11 
Proceeds from paydowns of consolidated VIE assets47 50 
Other, net (1)
Net cash provided by investing activities136 116 
Cash flows from financing activities:
Paydowns of LSNI Ambac Note (16)
Tax payments related to shares withheld for share-based compensation plans(3)(6)
Payments of consolidated VIE liabilities(49)(48)
Net cash used in financing activities(52)(69)
Effect of foreign exchange on cash, cash equivalents and restricted cash