On August 7, 2025, Ambac Financial Group reported total revenues from continuing operations of $55 million for the second quarter of 2025, an increase of 8% compared to the prior year. However, the net loss from continuing operations attributable to shareholders widened to $21 million, or $0.45 per share, compared to a $15 million loss ($0.33 per share) in Q2 2024.
The Insurance Distribution segment (Cirrata) demonstrated robust growth, with revenues surging 148% to $33 million and premiums placed increasing 368% to $249.9 million. Adjusted EBITDA to Ambac common shareholders for Cirrata was $2.5 million, up 27.6%, though its margin decreased to 7.6% from 14.8% due to foreign exchange losses and approximately $2.1 million in de novo startup expenses.
The Specialty P&C Insurance segment (Everspan) reported gross premiums written of $96.2 million, a 13% decrease from the prior year, reflecting a strategic pullback from certain programs to improve underwriting quality. Everspan's loss ratio significantly improved to 67.8% from 85.1%, and its combined ratio improved by 270 basis points to 106.7%. Ambac's standalone net assets were $84.9 million, with the $150 million short-term debt for the Beat acquisition expected to be repaid from the AAC sale proceeds.
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