Ambac Financial reports Q2 EPS (2c), consensus 15c

Reports Q2 revenue $105M vs $62M last year. Claude LeBlanc, President and Chief Executive Officer, stated, “This quarter we substantially advanced Ambac’s transformation into a pure-play specialty P&C company, a goal we have been working towards for several years. We are turning the page on our past with the agreement to sell our Legacy Financial Guarantee Business for $420 million. We have also set the stage for our future, as a growth-orientated, capital light, insurance distribution platform with the acquisition of 60% of Beat Capital Partners for approximately $278 million. With this acquisition we have cemented our position to be a premier destination for best-in-class underwriters and MGAs.” .