Ambac Financial Group Inc (NYSE:AMBC) Q3 2024 Earnings Conference Call November 13, 2024 8:30 AM ET

Company Participants

Charles Sebaski - MD & Head of Investor Relation
Claude LeBlanc - President, CEO & Director
David Trick - Executive VP, CFO & Treasurer

Conference Call Participants

Mark Hughes - Truist Securities
Dennis Chua - Repertoire Partners
Harry Fong - Roth MKM

Operator

Greetings, and welcome to Ambac Financial Group, Inc. Third quarter 2024 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 turn the call over to Charles Sebaski, Head of Invest Relations. Please go ahead.

Charles Sebaski

Thank you. Good morning and welcome to Ambac's third 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 slides from an 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 press release, operating supplement and other materials available on the investors 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. The third quarter was a milestone quarter for Ambac as we materially advanced our strategy towards becoming a pure play P&C business with the acquisition of Beat Capital.

The quarter also reflected the very strong organic growth behind our businesses with the announcement of multiple new MGA launches. Last night after market close, we also announced the acceleration of our $50 million share buyback program which will commence immediately.