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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 June 30, 2023
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 August 4, 2023, 45,303,998 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 2023 Second 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, 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 2022 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) our inability to generate the significant amount of cash needed to service our debt and financial obligations, and our inability to refinance our indebtedness; (8) Ambac’s substantial indebtedness could adversely affect its 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, on significant portions of our insured portfolio; (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 the 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) risks associated with the discontinuance of the London Inter-Bank Offered Rate; (27) factors that may negatively influence the amount of installment premiums paid to Ambac; (28) the risk of litigation and regulatory inquiries or investigations, and the risk of adverse outcomes in connection therewith; (29) the Company’s ability to adapt to the rapid pace of regulatory change; (30) actions of stakeholders whose interests are not aligned with broader interests of Ambac's stockholders; (31) system security risks, data protection breaches and cyber attacks; (32) 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; (33) failures in services or products provided by third parties; (34) political developments that disrupt the economies where the Company has insured exposures; (35) our inability to attract and retain qualified executives, senior managers and other employees, or the loss of such personnel; (36) fluctuations in foreign currency exchange rates; (37) failure to realize our business expansion plans or failure of such plans to create value; (38) greater competition for our specialty property and casualty insurance business and/or our insurance distribution business; (39) loss or lowering of the AM Best rating for our property and casualty insurance company subsidiaries; (40) disintermediation within the insurance industry or greater competition from technology-based insurance solutions; (41) 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 (42) other risks and uncertainties that have not been identified at this time.
| Ambac Financial Group, Inc. 1 2023 Second Quarter 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
June 30,December 31,
(Dollars in millions, except share data) (June 30, 2023 (Unaudited))20232022
Assets:
Investments:
Fixed maturity securities - available-for-sale, at fair value (amortized cost of $1,631 and $1,469)
$1,552 $1,395 
Fixed maturity securities - trading, at fair value28 59 
Short-term investments, at fair value (amortized cost of $365 and $507)
365 507 
Short-term investments pledged as collateral, at fair value (amortized cost of $36 and $64)
36 64 
Other investments (includes $518 and $556 at fair value)
530 568 
Total investments (net of allowance for credit losses of $1 and $0)
2,510 2,593 
Cash and cash equivalents (including $10 and $14 of restricted cash)
43 44 
Premium receivables (net of allowance for credit losses of $5 and $5)
276 269 
Reinsurance recoverable on paid and unpaid losses (net of allowance for credit losses of $0 and $0)
149 115 
Deferred ceded premium198 124 
Deferred acquisition costs4 3 
Subrogation recoverable139 271 
Derivative assets26 27 
Intangible assets317 326 
Goodwill61 61 
Other assets89 84 
Variable interest entity assets:
Fixed maturity securities, at fair value2,056 1,967 
Restricted cash266 17 
Loans, at fair value 1,772 1,829 
Derivative and other assets226 241 
Total assets$8,132 $7,973 
Liabilities and Stockholders’ Equity:
Liabilities:
Unearned premiums$394 $372 
Loss and loss adjustment expense reserves863 805 
Ceded premiums payable96 39 
Deferred program fees and reinsurance commissions6 5 
Long-term debt501 639 
Accrued interest payable450 427 
Derivative liabilities37 38 
Other liabilities136 163 
Variable interest entity liabilities:
Long-term debt (includes $2,785 and $2,788 at fair value)
2,956 3,107 
Derivative liabilities1,106 1,048 
Other liabilities264 5 
Total liabilities6,809 6,647 
Commitments and contingencies (See Note 14)
Redeemable noncontrolling interest20 20 
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 46,658,990
  
Additional paid-in capital283 274 
Accumulated other comprehensive income (loss)(209)(253)
Retained earnings1,191 1,245 
Treasury stock, shares at cost: 1,355,146 and 1,685,233
(15)(15)
Total Ambac Financial Group, Inc. stockholders’ equity 1,250 1,252 
Nonredeemable noncontrolling interest53 53 
Total stockholders’ equity 1,303 1,305 
Total liabilities, redeemable noncontrolling interest and stockholders’ equity$8,132 $7,973 
See accompanying Notes to Unaudited Consolidated Financial Statements
| Ambac Financial Group, Inc. 2 2023 Second Quarter FORM 10-Q |

AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Total Comprehensive Income (Loss) (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions, except share data)2023202220232022
Revenues:
Net premiums earned$15 $14 $29 28 
Commission income10 6 25 15 
Program fees2 1 4 1 
Net investment income (loss)35 (21)69 (16)
Net investment gains (losses), including impairments(3)7 (8)17 
Net gains (losses) on derivative contracts 29 (3)86 
Net realized gains on extinguishment of debt 57  57 
Other income2  5 3 
Income (loss) on variable interest entities (6)(1)15 
Total revenues and other income62 86 120 206 
Expenses:
Losses and loss adjustment expenses 7 (12)25 12 
Amortization of deferred acquisition costs, net1  3  
Commission expense6 4 14 8 
General and administrative expenses36 30 72 59 
Intangible amortization7 13 13 28 
Interest expense16 45 32 89 
Total expenses73 80 160 197 
Pretax income (loss)(11)6 (40)9 
Provision for income taxes2 1 6 1 
Net income (loss)(13)5 (46)8 
Less: net (gain) loss attributable to noncontrolling interest  (1) 
Net income (loss) attributable to common stockholders$(13)$5 $(47)$7 
Other comprehensive income (loss), after tax
Net income (loss)$(13)$5 $(46)$8 
Unrealized gains (losses) on securities, net of income tax provision (benefit) of $(3), $(2), $(1) and $(4)
(13)(72)5 (177)
Gains (losses) on foreign currency translation, net of income tax provision (benefit) of $0, $0, $0 and $0
21 (55)37 (78)
Credit risk changes of fair value option liabilities, net of income tax provision (benefit) of $0, $0, $0 and $0
 1  1 
Changes to postretirement benefit, net of income tax provision (benefit) of $0, $0, $0 and $0
  2  
Total other comprehensive income (loss), net of income tax8 (126)44 (254)
Total comprehensive income (loss), net of income tax(5)(121)(2)(246)
Less: comprehensive (gain) loss attributable to the noncontrolling interest  (1) 
Total comprehensive income (loss) attributable to common stockholders$(6)$(121)$(3)$(247)
Net income (loss) per share attributable to common stockholders:
Basic$(0.29)$0.11 $(1.02)$0.15 
Diluted$(0.29)$0.11 $(1.02)$0.15 
Weighted average number of common shares outstanding:
Basic45,757,234 45,519,093 45,661,288 46,121,927 
Diluted45,757,234 45,685,349 45,661,288 46,310,687 
See accompanying Notes to Unaudited Consolidated Financial Statements
| Ambac Financial Group, Inc. 3 2023 Second Quarter FORM 10-Q |

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

Three months ended June 30, 2023 and 2022
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 March 31, 2023$1,307 $ $ $278 $(217)$1,206 $(14)$53 
Total comprehensive income (loss)(6)   8 (13)  
Stock-based compensation5   5     
Cost of shares repurchased(3)(3)
Cost of shares (acquired) issued under equity plan     (2)2  
Balance at June 30, 2023$1,303 $ $ $283 $(209)$1,191 $(15)$53 
Balance at March 31, 2022$974 $ $ $262 $(70)$723 $(2)$60 
Total comprehensive income (loss)(121)— — — (126)5 —  
Stock-based compensation5 — — 5 — — — — 
Cost of shares repurchased(14)— — — — — (14)— 
Sale of minority interest in subsidiary2 — 2 
Balance at June 30, 2022$846 $ $ $267 $(196)$728 $(16)$62 
Six months ended June 30, 2023 and 2022
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
Noncontrolling
Interest
Balance at January 1, 2023$1,305 $ $ $274 $(253)$1,245 $(15)$53 
Total comprehensive income (loss)(3)   44 (47)  
Stock-based compensation8   8     
Cost of shares repurchased(3)(3)
Cost of shares (acquired) issued under equity plan(5)    (8)3  
Balance at June 30, 2023$1,303 $ $ $283 $(209)$1,191 $(15)$53 
Balance at January 1, 2022$1,098 $ $ $257 $58 $726 $(3)$60 
Total comprehensive income (loss)(247)— — — (254)7 —  
Stock-based compensation10 — — 10 — — — — 
Cost of shares repurchased(14)(14)
Cost of shares (acquired) issued under equity plan(3)— — — — (5)1  
Sale of minority interest in subsidiary2 — 2 
Balance at June 30, 2022$846 $ $ $267 $(196)$728 $(16)$62 
See accompanying Notes to Unaudited Consolidated Financial Statements
| Ambac Financial Group, Inc. 4 2023 Second Quarter FORM 10-Q |

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

Six Months Ended June 30,
(Dollars in millions)20232022
Cash flows from operating activities:
Net income attributable to common stockholders$(47)$7 
Redeemable noncontrolling interest(1) 
Net income(46)8 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation1 1 
Amortization of bond premium and discount(6)(6)
Share-based compensation8 10 
Unearned premiums, net(51)(25)
Losses and loss expenses, net144 (13)
Ceded premiums payable57 11 
Premium receivables(7)12 
Accrued interest payable(26)48 
Amortization of intangible assets13 28 
Net investment gains (losses), including impairments8 (17)
(Gain) loss on extinguishment of debt (57)
Variable interest entity activities1 (15)
Derivative assets and liabilities25 (54)
Other, net(21)81 
Net cash provided by operating activities101 11 
Cash flows from investing activities:
Proceeds from sales of bonds107 387 
Proceeds from matured bonds31 69 
Purchases of bonds(226)(189)
Proceeds from sales of other invested assets108 108 
Purchases of other invested assets(42)(74)
Change in short-term investments170 (2)
Change in cash collateral(37)56 
Change in consolidated VIE cash collateral256  
Proceeds from paydowns of consolidated VIE assets113 83 
Other, net10 2 
Net cash provided by investing activities489 440 
Cash flows from financing activities:
Payments for purchases of common stock(3)(14)
Payments for purchase of surplus notes (58)
Payments for redemption of Tier 2 Notes(97) 
Tax payments related to shares withheld for share-based compensation plans(8)(3)
Distributions to noncontrolling interest holders(1)1 
Payments of consolidated VIE liabilities(235)(359)
Net cash used in financing activities(343)(434)
Effect of foreign exchange on cash, cash equivalents and restricted cash1 (1)
Net cash flow248 16 
Cash, cash equivalents, and restricted cash at beginning of period61