Ambac Financial Posts Loss In Q1 - Quick Facts

(RTTNews) - Ambac Financial Group, Inc. (AMBC) reported a net loss of $125.4 million, or $2.77 per share for the three months ended March 31, 2017. Adjusted loss in the first quarter of 2017 was $91.2 million, or $2.01 per share. During the first quarter of 2017, net premiums earned were $47.6 million. Net investment income for the first quarter was $81.6 million.

Claude LeBlanc, CEO, said, "While our results this quarter were heavily influenced by an increase in reserves related to Puerto Rico, we continued to successfully execute against our current priorities, focused on improving Ambac's risk profile and financial stability. We have also been actively developing a plan to exit rehabilitation and were pleased to receive our regulator's express support in progressing our plan over a 60 day period. We have since engaged in discussions with creditors and interested parties. I remain encouraged as we evaluate opportunities through our strategic review to build on this momentum and create long-term shareholder value."

Ambac said it is actively monitoring the situation in Puerto Rico and taking appropriate measures. The company said it filed lawsuits in anticipation of Puerto Rico's bankruptcy filing on May 3, and will continue to aggressively pursue remedies to protect rights and mitigate losses.