Start Time: 08:30 January 1, 0000 8:56 AM ET
Ambac Financial Group, Inc. (NYSE:AMBC)
Q3 2023 Earnings Conference Call
November 08, 2023, 08:30 AM ET
Company Participants
Claude LeBlanc - President and CEO
David Trick - EVP, CFO and Treasurer
Charles Sebaski - Head of IR
Conference Call Participants
Giuliano Bologna - Compass Point
Dennis Chua - Repertoire Partners
Operator
Ladies and gentlemen, good morning, and welcome to the Ambac Financial Group Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Charles Sebaski, Head of Investor Relations. Please go ahead.
Charles Sebaski
Thank you. Good morning, and welcome to Ambac's third quarter 2023 call to discuss financial results. Speaking today will be Claude LeBlanc, President and CEO; and David Trick, Chief Financial Officer. They will discuss the financial results of our business and the current market environment, and after prepared remarks, we'll take your questions. For those of you following along on the webcast, during the prepared remarks we will be highlighting some slides from our Investor Presentation, which can be located on our website.
Our call today includes forward-looking statements. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are described under the forward-looking statements in our earnings press release and our most recent 10-Q and 10-K filed with the SEC. We do not undertake any obligation to update forward-looking statements.
Also, in our prepared remarks or responses to questions, we may even mention some non-GAAP financial measures. Reconciliations to those non-GAAP measures are included in our recent earnings press release, operating supplement and other materials in our Investor section of our website, ambac.com.
I would now like to turn the call over to Mr. Claude LeBlanc.
Claude LeBlanc
Thank you, Chuck, and welcome to everyone joining today's call. I am pleased to report that Ambac had a very strong third quarter. We completed the evaluation of the strategic options for the legacy financial guarantee business and at the same time recorded very strong financial results across all of our businesses. The results generated by our core P&C franchise puts us squarely on track to achieve our stated 2023 strategic goals, including Everspan achieving initial profitability in the second half of this year.