Ambac Financial Group, Inc. (NYSE:AMBC) Q4 2022 Results Conference Call March 1, 2023 8:30 AM ET
Company Participants
Charles Sebaski - Head, IR
Claude LeBlanc - President and CEO
David Trick - CFO
Operator
Greetings, and welcome to the Ambac Financial Group, Inc. Fourth Quarter 2022 Earnings Call. [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.
Charles Sebaski
Thank you. Good morning, and welcome to Ambac’s Fourth Quarter 2022 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.
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 mention some non-GAAP financial measures. Reconciliations to those non-GAAP measures are included in our recent earnings press release, operating supplements and other materials available in the Investor Relations section of our website at 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. Yesterday, we posted a separate presentation to our website that I will be referencing during today’s call entitled 2022 Year-end Review. I’m going to start on Slide 3 of this presentation.
2022 was a transformational year for Ambac, a year during which we resolved a number of our most significant challenges and at the same time, materially progress our new business strategy. Today, I am pleased to report that Ambac is in its strongest financial position since the 2007 financial crisis.
In 2022, we successfully resolved all of our remaining legacy RMBS rep and warranty litigations recovering nearly $2 billion through settlements and we completed the restructuring of our largest and most distressed financial guarantee exposures, notably PRIFA, CCDA and HTA, Puerto Rico exposures, amongst others.