Ambac Financial Group, Inc. (NYSE:AMBC) Q1 2024 Earnings Conference Call May 7, 2024 8:30 AM ET
Company Participants
Charles Sebaski - Head of Investor Relations
Claude LeBlanc - President & Chief Executive Officer
David Trick - Executive Vice President, Chief Financial Officer & Treasurer
Conference Call Participants
Geoffrey Dunn - Dowling & Partners
Giuliano Bologna - Compass Point
Operator
Greetings, and welcome to the Ambac Financial Group, Inc. First Quarter 2024 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.
Charles Sebaski
Thank you. Good morning, and welcome to Ambac's first quarter 2024 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'll be highlighting some slides in 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 mention some non-GAAP financial measures. Reconciliation to those non-GAAP measures are included in our recent earnings release, operating supplement and other materials available to investors on 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'm pleased to report for the first quarter, we generated net income of $20 million and adjusted net income of $38 million. Book value per share stands at $30.19. David will discuss our financial results in more detail shortly.
Turning to our P&C businesses, our rapidly growing specialty P&C Insurance platform generated $187 million in premium for the quarter, a 45% increase over last year. We expect the growth of our specialty P&C businesses will continue to be fueled by strong tailwinds, supported by the secular shift towards the E&S markets and expansion in underwriting specialization needed to support complex risks.