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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, 2024
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number:
1-10777
Ambac_Logo_286-jpg.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
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 3, 2024, 45,224,972 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
     First Quarter 2024 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, 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 2023 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 high degree of 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 insurance business, the insurance distribution business, or related businesses; (3) inadequacy of reserves established for losses and loss expenses and the possibility that changes in loss reserves may result in further volatility of earnings or financial results; (4) potential for rehabilitation proceedings or other regulatory intervention or restrictions against AAC; (5) 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; (6) our inability to effectively reduce insured financial guarantee exposures or achieve recoveries or investment objectives; (7) AAC’s inability to generate the significant amount of cash needed to service its debt and financial obligations, and its inability to refinance its indebtedness; (8) AAC’s substantial indebtedness could adversely affect the Company’s financial condition and operating flexibility; (9) 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; (10) greater than expected underwriting losses in the Company’s specialty property and casualty insurance business; (11) failure of specialty insurance program partners to properly market, underwrite or administer policies; (12) inability to obtain reinsurance coverage on expected terms; (13) loss of key relationships for production of business in specialty property and casualty and insurance distribution businesses or the inability to secure such additional relationships to produce expected results; (14) the impact of catastrophic public health, environmental or natural events, or global or regional conflicts; (15) credit risks related to large single risks, risk concentrations and correlated risks; (16) risks associated with adverse selection as Ambac’s financial guarantee insurance portfolio runs off; (17) the risk that Ambac’s risk management policies and practices do not anticipate certain risks and/or the magnitude of potential for loss; (18) restrictive covenants in agreements and instruments that impair Ambac’s ability to pursue or achieve its business strategies; (19) adverse effects on operating results or the Company’s financial position resulting from measures taken to reduce financial guarantee risks in its insured portfolio; (20) disagreements or disputes with Ambac's insurance regulators; (21) loss of control rights in transactions for which we provide financial guarantee insurance; (22) inability to realize expected recoveries of financial guarantee losses; (23) risks attendant to the change in composition of securities in Ambac’s investment portfolio; (24) adverse impacts from changes in prevailing interest rates; (25) events or circumstances that result in the impairment of our intangible assets and/or goodwill that was recorded in connection with Ambac’s acquisitions; (26) factors that may negatively influence the amount of installment premiums paid to Ambac; (27) the risk of litigation, regulatory inquiries, investigations, claims or proceedings, and the risk of adverse outcomes in connection therewith; (28) the Company’s ability to adapt to the rapid pace of regulatory change; (29) actions of stakeholders whose interests are not aligned with broader interests of Ambac's stockholders; (30) system security risks, data protection breaches and cyber attacks; (31) 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; (32) failures in services or products provided by third parties; (33) political developments that disrupt the economies where the Company has insured exposures; (34) our inability to attract and retain qualified executives, senior managers and other employees, or the loss of such personnel; (35) fluctuations in foreign currency exchange rates; (36) failure to realize our business expansion plans or failure of such plans to create value; (37) greater competition for our specialty property and casualty insurance business and/or our insurance distribution business; (38) loss or lowering of the AM Best rating for our property and casualty insurance company subsidiaries; (39) disintermediation within the insurance industry or greater competition from technology-based insurance solutions or non-traditional insurance markets; (40) 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 (41) other risks and uncertainties that have not been identified at this time.
Ambac Financial Group, Inc.
1
     First Quarter 2024 Form 10-Q

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, 2024 (Unaudited))20242023
Assets:
Investments:
Fixed maturity securities - available-for-sale, at fair value (amortized cost of $1,726 and $1,744)
$1,687 $1,710 
Fixed maturity securities pledged as collateral, at fair value (amortized cost of $27 and $0)
26  
Fixed maturity securities - trading, at fair value29 27 
Short-term investments, at fair value (amortized cost of $382 and $426)
382 426 
Short-term investments pledged as collateral, at fair value (amortized cost of $0 and $27)
 27 
Other investments (includes $546 and $463 at fair value)
558 475 
Total investments (net of allowance for credit losses of $2 and $3)
2,682 2,664 
Cash and cash equivalents (including $11 and $12 of restricted cash)
44 28 
Premium receivables (net of allowance for credit losses of $3 and $4)
299 290 
Reinsurance recoverable on paid and unpaid losses (net of allowance for credit losses of $0 and $0)
224 195 
Deferred ceded premium217 204 
Deferred acquisition costs12 11 
Subrogation recoverable130 137 
Intangible assets, less accumulated amortization293 307 
Goodwill70 70 
Other assets129 129 
Variable interest entity assets:
Fixed maturity securities, at fair value2,162 2,167 
Restricted cash252 246 
Loans, at fair value 1,604 1,663 
Derivative and other assets313 318 
Total assets$8,429 $8,428 
Liabilities and Stockholders’ Equity:
Liabilities:
Unearned premiums$429 $422 
Loss and loss adjustment expense reserves851 893 
Ceded premiums payable110 90 
Deferred program fees and reinsurance commissions7 6 
Long-term debt512 508 
Accrued interest payable487 475 
Other liabilities259 199 
Variable interest entity liabilities:
Long-term debt (includes $2,671 and $2,710 at fair value)
2,925 2,967 
Derivative liabilities1,170 1,197 
Other liabilities245 240 
Total liabilities6,993 6,997 
Commitments and contingencies (See Note 14)
Redeemable noncontrolling interest17 17 
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: 46,659,144 and 46,659,144
  
Additional paid-in capital291 292 
Accumulated other comprehensive income (loss)(175)(160)
Retained earnings1,266 1,246 
Treasury stock, shares at cost: 1,434,172 and 1,463,774
(17)(17)
Total Ambac Financial Group, Inc. stockholders’ equity 1,365 1,362 
Nonredeemable noncontrolling interest53 53 
Total stockholders’ equity 1,418 1,415 
Total liabilities, redeemable noncontrolling interest and stockholders’ equity$8,429 $8,428 
See accompanying Notes to Unaudited Consolidated Financial Statements
Ambac Financial Group, Inc.
2
     First Quarter 2024 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)20242023
Revenues:
Net premiums earned$33 $14 
Commission income18 14 
Program fees3 1 
Net investment income42 34 
Net investment gains (losses), including impairments1 (4)
Net gains (losses) on derivative contracts2 (4)
Other income3 3 
Income (loss) on variable interest entities3 (1)
Total revenues and other income103 58 
Expenses:
Losses and loss adjustment expenses (benefit)(1)18 
Amortization of deferred acquisition costs, net4 1 
Commission expense10 8 
General and administrative expenses36 36 
Intangible amortization12 7 
Interest expense16 16 
Total expenses77 86 
Pretax income (loss)26 (29)
Provision for income taxes5 4 
Net income (loss)21 (33)
Less: net (gain) attributable to noncontrolling interest(1)(1)
Net income (loss) attributable to common stockholders$20 $(33)
Other comprehensive income (loss), after tax
Net income (loss)$21 $(33)
Unrealized gains (losses) on securities, net of income tax provision (benefit) of $0 and $1
(7)17 
Gains (losses) on foreign currency translation, net of income tax provision (benefit) of $0 and $0
(8)16 
Credit risk changes of fair value option liabilities, net of income tax provision (benefit) of $0 and $0
  
Changes to postretirement benefit, net of income tax provision (benefit) of $0 and $0
 3 
Total other comprehensive income (loss), net of income tax(15)36 
Total comprehensive income, net of income tax5 3 
Less: comprehensive (gain) loss attributable to the noncontrolling interest(1)(1)
Total comprehensive income attributable to common stockholders$5 $3 
Net income per share attributable to common stockholders:
Basic$0.44 $(0.73)
Diluted$0.43 $(0.73)
Weighted average number of common shares outstanding:
Basic45,827,076 45,564,276 
Diluted46,348,776 45,564,276 
See accompanying Notes to Unaudited Consolidated Financial Statements
Ambac Financial Group, Inc.
3
     First Quarter 2024 Form 10-Q

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

Three months ended March 31, 2024 and 2023
Ambac Financial Group, Inc.
(Dollars in millions)TotalPreferred
Stock
Common
Stock
Additional Paid-in
Capital
Accumulated
Other
Comprehensive
Income
Retained
Earnings
Common
Stock Held
in Treasury,
at Cost
Nonredeemable
Noncontrolling
Interest
Balance at December 31, 2023$1,415 $ $ $292 $(160)$1,246 $(17)$53 
Total comprehensive income (loss)5    (15)20   
Stock-based compensation  
Cost of shares (acquired) issued under equity plan(1)    (1)  
Changes to noncontrolling interest   
Balance at March 31, 2024$1,418 $ $ $291 $(175)$1,266 $(17)$53 
Balance at December 31, 2022$1,305 $ $ $274 $(253)$1,245 $(15)$53 
Total comprehensive income (loss)3 — — — 36 (33)—  
Stock-based compensation3 3 
Cost of shares (acquired) issued under equity plan(5)   (6)2 
Changes to noncontrolling interest   
Balance at March 31, 2023$1,307 $ $ $278 $(217)$1,206 $(14)$53 
See accompanying Notes to Unaudited Consolidated Financial Statements
Ambac Financial Group, Inc.
4
     First Quarter 2024 Form 10-Q

AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended March 31,
(Dollars in millions)20242023
Cash flows from operating activities:
Net income attributable to common stockholders$20 $(33)
Redeemable noncontrolling interest(1)(1)
Net income21 (33)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation1  
Amortization of bond premium and discount(3)(3)
Share-based compensation 3 
Unearned premiums, net(6)6 
Losses and loss expenses, net(4)143 
Ceded premiums payable20 (1)
Premium receivables(9)(3)
Accrued interest payable12 (37)
Amortization of intangible assets12 7 
Net investment gains (losses), including impairments(1)4 
Variable interest entity activities(3)1 
Other, net(23)(11)
Net cash provided by operating activities18 77 
Cash flows from investing activities:
Proceeds from sales of bonds30 63 
Proceeds from matured bonds42 6 
Purchases of bonds(72)(104)
Proceeds from sales of other invested assets7 41 
Purchases of other invested assets(82)(14)
Change in short-term investments71 146 
Change in cash collateral5 (16)
Change in consolidated VIE cash collateral6 254 
Proceeds from paydowns of consolidated VIE assets43 57 
Other, net 8 
Net cash provided by investing activities51 441 
Cash flows from financing activities:
Payments for redemption of Tier 2 Notes (97)
Tax payments related to shares withheld for share-based compensation plans(1)(5)
Distributions to noncontrolling interest holders(1) 
Payments of consolidated VIE liabilities, net(46)(174)
Net cash used in financing activities(47)(276)
Effect of foreign exchange on cash, cash equivalents and restricted cash  
Net cash flow21 243 
Cash, cash equivalents, and restricted cash at beginning of period274 61 
Cash, cash equivalents, and restricted cash at end of period$296 $304 
See accompanying Notes to Unaudited Consolidated Financial Statements
Ambac Financial Group, Inc.
5
     First Quarter 2024 Form 10-Q

AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Background and Business DescriptionNote 8. Goodwill and Intangible Assets
Note 2. Basis of Presentation and Significant Accounting PoliciesNote 9. Variable Interest Entities
Note 3. Segment InformationNote 10. Revenues From Contracts with Customers
Note 4. InvestmentsNote 11. Comprehensive Income
Note 5. Fair Value MeasurementsNote 12. Net Income Per Share
Note 6. Insurance ContractsNote 13. Income Taxes
Note 7. Derivative InstrumentsNote 14. Commitments and Contingencies
Ambac Financial Group, Inc.
6
     First Quarter 2024 Form 10-Q

Notes to Unaudited Consolidated Financial Statements
Ambac Financial Group, Inc. and Subsidiaries
(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 the Consolidated Financial Statements included in Part II, Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, 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, 2023.
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 principal businesses include:
Legacy Financial Guarantee Insurance — Ambac's legacy financial guarantee business includes the activities of Ambac Assurance Corporation ("AAC") and its wholly owned subsidiaries, including Ambac Assurance UK Limited (“Ambac UK”) and Ambac Financial Services LLC ("AFS"). Both AAC and Ambac UK (the "Legacy Financial Guarantee Companies") have financial guarantee insurance portfolios that have been in runoff since 2008. AFS provided interest rate derivatives to financial guarantee customers and used derivatives to hedge interest rate risk in AAC's insurance and investment portfolios. AFS' remaining derivative positions include a limited number of legacy customer swaps and their associated hedges.
Specialty Property & Casualty Insurance — Ambac's Specialty Property & Casualty Insurance program business. Currently includes five admitted carriers and an excess and surplus lines (“E&S” or “nonadmitted”) insurer (collectively, “Everspan”). Everspan carriers have an A.M. Best rating of 'A-' (Excellent) that was affirmed on June 13, 2023.
Insurance Distribution — Ambac's specialty property and casualty ("P&C") insurance distribution business, which could include Managing General Agents and Underwriters (collectively "MGAs"), insurance brokers, and other distribution businesses. Currently, Ambac's insurance distribution platform includes Xchange Benefits, LLC (“Xchange”), a P&C MGA specializing in accident and health products; All Trans Risk Solutions, LLC ("All Trans"), an MGA specializing in specialty commercial automobile insurance for specific "for-hire" auto clauses; Capacity Marine Corporation ("Capacity Marine"), a wholesale and retail brokerage and reinsurance intermediary specializing in marine and international risk and Riverton Insurance Agency, Corp. ("Riverton"), which was acquired on August 1, 2023, an insurance services business specializing in professional liability lines and consisting of an MGA and a retail agency.
The Company reports these three business operations as segments; see Note 3. Segment Information for further information.
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, 2023. 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 9. 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, 2023. 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, 2024, may not be indicative of the results that may be expected for the year ending December 31, 2024. The December 31, 2023, 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
Ambac Financial Group, Inc.
7
     First Quarter 2024 Form 10-Q

Notes to Unaudited Consolidated Financial Statements
Ambac Financial Group, Inc. and Subsidiaries
(Dollar Amounts in Millions, Except Share Amounts)
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 $0 and $(2) for the three months ended March 31, 2024 and 2023, respectively. Foreign currency transactions gains/(losses) are primarily the result of remeasuring Ambac UK's assets and liabilities denominated in currencies (primarily the U.S. dollar and the Euro) other than its functional currency (the British Pound Sterling).
Redeemable Noncontrolling Interest:
The Riverton, All Trans, Capacity Marine and Xchange acquisitions resulted in 80% 85%, 80% and 80%, respectively, ownership of the acquired entities by Ambac. Under the terms of all the acquisition agreements, Ambac has call options to purchase the remaining interests from the minority owners (i.e., noncontrolling interests) and the minority owners have put options to sell their interests to Ambac. Because the exercise of the put options are outside the control of Ambac, in accordance with the Distinguishing Liabilities from Equity Topic of the ASC, Ambac reports redeemable noncontrolling interests in the mezzanine section of its consolidated balance sheet.
The redeemable noncontrolling interest is remeasured each period as the greater of:
i.the carrying value under ASC 810, which attributes a portion of consolidated net income (loss) to the redeemable noncontrolling interest, and
ii.the redemption value of the put option under ASC 480 as if it were exercisable at the end of the reporting period.
Any increase (decrease) in the carrying amount of the redeemable noncontrolling interest as a result of adjusting to the redemption value of the put option is recorded as an offset to retained earnings. The impact of such differences on earnings per share are presented in Note 12. Net Income Per Share.
Following is a rollforward of redeemable noncontrolling interest.
Three Months Ended March 31,20242023
Beginning balance$17 $20 
Fair value of redeemable noncontrolling interest at acquisition date  
Net income attributable to redeemable noncontrolling interest (ASC 810)1 1 
Distributions(1) 
Adjustment to redemption value (ASC 480)  
Ending balance$17 $20 

Supplemental Disclosure of Cash Flow InformationThree Months Ended March 31,
20242023
Cash paid during the period for:
Income taxes$2 $4 
Interest on long-term debt
 50 
Non-cash investing and financing activities:
Securities acquired (transferred) in transactions related to Puerto Rico restructurings (1)
Securities acquired (transferred) in connection with financial guarantee commutations(65)— 
March 31,
20242023
Reconciliation of cash, cash equivalents, and restricted cash reported within the
Consolidated Balance Sheets to the Consolidated Statements of Cash Flows:
Cash and cash equivalents
$33 $38 
Restricted cash11 10 
Variable Interest Entity restricted cash252 256 
Total cash, cash equivalents, and restricted cash shown on the Consolidated Statements of Cash Flows$296 $304 
Restricted cash is cash that we do not have the right to use for general purposes and includes fiduciary cash held by Ambac's insurance distribution subsidiaries, consolidated variable interest entity cash to support the obligations of the consolidated VIEs and cash received as collateral under their derivatives agreements.
Reclassifications and Rounding
Reclassifications may have been made to prior years' amounts to conform to the current year's presentation. Certain amounts and tables in the consolidated financial statements and associated notes may not add due to rounding.
Adopted Accounting Standards:
There have been no new accounting standards adopted during 2024.
Ambac Financial Group, Inc.
8
     First Quarter 2024 Form 10-Q

Notes to Unaudited Consolidated Financial Statements
Ambac Financial Group, Inc. and Subsidiaries
(Dollar Amounts in Millions, Except Share Amounts)
Future Application of Accounting Standards and Required Disclosures:
Segment Reporting:
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvement to Reportable Segment Disclosures. The ASU requires disclosure of the following:
Significant segment expenses regularly provided to the chief operating decision maker (CODM) and included within the reported measure(s) of a segment’s profit or loss.
The amount and composition of "other segment items." This amount reconciles segment revenue, less significant expenses, to the reported measure(s) of a segment’s profit or loss.
The CODM's title and position.
How the CODM uses the reported measure(s) of a segment’s profit or loss to assess segment performance and decide how to allocate resources.
All segment profit or loss and assets disclosures currently required annually by Topic 280, as well as those introduced by the ASU, to also be disclosed in interim periods.
The ASU also permits a public entity to report multiple measures of a segment’s profit or loss as long as: i) all the reported measures of a segment’s profit or loss are used by the CODM for purposes of assessing performance and allocating resources and ii) the measure closest to GAAP is also provided. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Ambac will adopt this ASU for the annual reporting period ending December 31, 2024 and we are evaluating its impact on Ambac's financial statements.
Income Taxes:
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The enhancements in the ASU include the following:
Within the rate reconciliation table, disclosure of additional categories of information about federal, state and foreign
income taxes and providing more details about the reconciling items in some categories if the items meet a quantitative threshold.
Annual disclosure of income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and disaggregation of the information by jurisdiction based on a quantitative threshold.
Other disclosures include: i) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and ii) income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign.
The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Ambac will adopt this ASU on January 1, 2025 and we are evaluating its impact on Ambac's financial statements.
3.    SEGMENT INFORMATION
The Company reports its results of operations in three segments: Legacy Financial Guarantee Insurance, Specialty Property and Casualty Insurance and Insurance Distribution, separate from Corporate and Other, which is consistent with the manner in which the Company's chief operating decision maker ("CODM") reviews the business to assess performance and allocate resources. See Note 1. Background and Business Description for a description of each of the Company's business segments.
The following tables summarize the components of the Company’s total revenues and expenses, pretax income (loss) and total assets by reportable business segment. Information provided below for “Corporate and Other” primarily relates to the operations of AFG, which will include investment income on its investment portfolio and costs to maintain the operations of AFG, including public company reporting, capital management and business development costs for the acquisition and development of new business initiatives.
Ambac Financial Group, Inc.
9
     First Quarter 2024 Form 10-Q

Notes to Unaudited Consolidated Financial Statements
Ambac Financial Group, Inc. and Subsidiaries
(Dollar Amounts in Millions, Except Share Amounts)
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
Legacy Financial Guarantee InsuranceSpecialty Property & Casualty InsuranceInsurance DistributionCorporate & Other
Consoli-dated (2)
Legacy Financial Guarantee InsuranceSpecialty Property & Casualty InsuranceInsurance DistributionCorporate & OtherConsoli-dated (2)
Revenues:
Net premiums earned$7 $26 $33 $7 $7 $14 
Commission income$18 18 $14 14 
Program fees3 3 1 1 
Net investment income38 1  $2 42 31 1  $2 34 
Net investment gains (losses), including impairments1   1 (4)—  (4)
Net gains (losses) on derivative contracts2  2 (3) (4)
Other (1)
5    5 2    2 
Total revenues (2)
53 30 18 2 103 32 9 15 2 58 
Expenses:
Losses and loss adjustment expenses (benefit)(21)19 (1)13 5 18 
Amortization of deferred acquisition costs, net 4 4  1 1 
Commission expenses10 10 8 8 
General and administrative expenses (3)
21 4 3 7 35 28 4 2 2 36 
Depreciation expense (3)
    1      
Intangible amortization11 1 12 6 1 7 
Interest expense16 16 16 16 
Total expenses (2)
28 28 14 7 77 64 10 11 2 86 
Pretax income (loss)$25 $2 $