Ambac Financial Group, Inc. (NYSE:AMBC) Q1 2023 Earnings Conference Call May 10, 2023 8:30 AM ET

Company Participants

Charles Sebaski - Head of Investor Relations

Claude LeBlanc - President and Chief Executive Officer

David Trick - Chief Financial Officer

Conference Call Participants

Operator

Greetings, and welcome to Ambac Financial Group, Inc., First Quarter 2023 Earnings 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 turn the call over to Charles Sebaski, Head of Investor Relations. Please go ahead.

Charles Sebaski

Thank you. Good morning, and welcome to Ambac's first quarter 2023 call to discuss financial results. Speaking today will be Claude LeBlanc, President and CEO; and David Trick, Chief Financial Officer. Dave 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 the webcast, during the prepared remarks we will be highlighting some slides from the 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 also mention some non-GAAP financial measures. Reconciliations to those non-GAAP measures are included in our most recent earnings press release, operating supplement and other materials available in the Investor Relations 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. Ambac kicked off 2023 with strong momentum and an enhanced financial position, which allowed us to materially progress our strategic initiatives during the quarter. Our growing Specialty P&C franchise continues to deliver strong results with over $129 million of premium production this quarter, an 87% increase over the prior year's quarter.

We continue to work with AAC's regulator on a revised capital and operating framework, and we remain optimistic that we will be able to complete that process near the middle of this year. Working with our advisors, we are also actively exploring all the options available to us to maximize value from our legacy financial guaranty businesses, on both a time and risk-adjusted basis.