Ambac Financial Group, Inc. (NASDAQ:AMBC) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition.
On February28, 2019, Ambac Financial Group, Inc. issued a press release announcing financial results for its fourth quarter ended December31, 2018. Exhibit 99.1 is a copy of such press release and is incorporated by reference.
The information furnished to this Item 2.02, including Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Ambac Financial Group, Inc. under the Securities Act of 1933 or the Exchange Act.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits
99.1Press Release dated February28, 2019
INDEX TO EXHIBITS
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Exhibit Number |
Description of Exhibit |
AMBAC FINANCIAL GROUP INC Exhibit
EX-99.1 2 a03-0224q18ex991ambcpressr.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Ambac Announces Fourth Quarter 2018 Results•Material decline in net par exposures and Adversely Classified and Watch List Credits due to active de-risking efforts: ▪Insured net par reduced in the fourth quarter of 2018 by $5.3 billion(1) or 10.1% to $46.9 billion including the impact of a $1.5 billion reinsurance agreement▪Adversely Classified and Watch List Credits reduced by $1.5 billion(1) or 7.0% to $19.9 billion▪Execution of the COFINA Plan of Adjustment in the first quarter of 2019 resolved 78% of Ambac’s total exposure to Puerto Rico; Net Par exposure to Puerto Rico’s COFINA bonds reduced by 75% •Net Loss of $(20.5) million or $(0.45) per Diluted Share and Adjusted Earnings(2) of $10.8 million or $0.24 per Diluted Share for the Quarter Ended December 31,…
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