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Segment Reporting | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting Disclosure | 2. SEGMENT INFORMATION The Company reports its results of continuing operations in two segments: Specialty Property and Casualty Insurance and Insurance Distribution. These reportable segments offer distinct products and services as further described in Note 1. Background and Business Description. The operating entities within each segment are wholly or majority owned by separate intermediate holding companies: Everspan Holdings, LLC for Specialty Property and Casualty Insurance and Cirrata Group, LLC for Insurance Distribution. The Company's segments have separate management teams with incentive compensation structures based on segment level performance. Financial reporting for each segment is regularly provided to the Company's Chief Executive Officer, who is the chief operating decision maker ("CODM") for purposes of monitoring the businesses, assessing performance and allocating resources. The following tables summarize the components of the Company’s total revenues and expenses, and pretax income (loss) by reportable business segment. Information provided below for “Corporate and Other” primarily relates to the operations of AFG, which will include investment income on its investment portfolio and costs to maintain the operations of AFG, including public company reporting, capital management and business development costs for the acquisition and development of new business initiatives. As a result of the Company reporting the results of operations of AAC as discontinued operations, certain corporate costs charged to AAC totaling $2,763 for the three months ended March 31, 2025 and $3,944, for the three months ended March 31, 2024, have been reported in Net income from continuing operations on the Consolidated Statements of Total Comprehensive Income and included in Corporate and Other in the tables below.
|  | Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024
|  | Reportable Segments |  |  |  |  |  |  |  | Reportable Segments |  |  |  |  |  |
|  | Specialty Property & Casualty Insurance |  | Insurance Distribution |  | Corporate & Other |  |  |  | Total |  | Specialty Property & Casualty Insurance |  | Insurance Distribution |  | Corporate & Other |  |  |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 15,678 |  |  |  |  |  |  |  |  | $ | 15,678 |  |  | $ | 25,579 |  |  |  |  |  |  |  |  | $ | 25,579 |
Commission income |  |  |  | $ | 36,771 |  |  |  |  |  |  | 36,771 |  |  |  |  | $ | 17,729 |  |  |  |  |  |  | 17,729 |
Servicing and other fees |  |  |  | 4,964 |  |  |  |  |  |  | 4,964 |  |  |  |  | — |  |  |  |  |  |  | — |
Program fees |  | 3,652 |  |  |  |  |  |  |  |  | 3,652 |  |  | 2,567 |  |  |  |  |  |  |  |  | 2,567 |
Net investment income |  | 1,842 |  |  | 376 |  |  | 597 |  |  |  |  | 2,815 |  |  | 1,399 |  |  | 50 |  |  | $ | 2,192 |  |  |  |  | 3,640 |
Other income (expense) |  | (1) |  |  | (1,113) |  |  | (10) |  |  |  |  | (1,124) |  |  | (3) |  |  | 86 |  |  | (47) |  |  |  |  | 36 |
Total revenues from continuing operations (1) |  | 21,171 |  |  | 40,998 |  |  | 587 |  |  |  |  | 62,756 |  |  | 29,542 |  |  | 17,865 |  |  | 2,145 |  |  |  |  | 49,551 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses and loss adjustment expenses |  | 10,496 |  |  |  |  |  |  |  |  | 10,496 |  |  | 19,355 |  |  |  |  |  |  |  |  | 19,355 |
Policy acquisition costs |  | 3,841 |  |  |  |  |  |  |  |  | 3,841 |  |  | 4,424 |  |  |  |  |  |  |  |  | 4,424 |
Commission expenses |  |  |  | 10,365 |  |  |  |  |  |  | 10,365 |  |  |  |  | 9,822 |  |  |  |  |  |  | 9,822 |
Intangible amortization and depreciation |  | — |  |  | 8,872 |  |  | 304 |  |  |  |  | 9,176 |  |  | — |  |  | 1,149 |  |  | 465 |  |  |  |  | 1,614 |
Interest expense |  |  |  | 5,454 |  |  |  |  |  |  | 5,454 |  |  |  |  | — |  |  |  |  |  |  | — |
Compensation expense |  | 3,510 |  |  | 13,533 |  |  | 5,844 |  |  |  |  | 22,887 |  |  | 1,760 |  |  | 2,296 |  |  | 6,490 |  |  |  |  | 10,546 |
Non Compensation expense |  | 1,821 |  |  | 5,017 |  |  | 8,806 |  |  |  |  | 15,644 |  |  | 2,182 |  |  | 625 |  |  | 4,222 |  |  |  |  | 7,029 |
Total expenses from continuing operations |  | 19,668 |  |  | 43,241 |  |  | 14,954 |  |  |  |  | 77,863 |  |  | 27,721 |  |  | 13,892 |  |  | 11,177 |  |  |  |  | 52,790 |
Segment pretax income (loss) |  | 1,503 |  |  | (2,243) |  |  | (14,367) |  |  |  |  | (15,107) |  |  | 1,821 |  |  | 3,973 |  |  | (9,032) |  |  |  |  | (3,239) |
Segment income tax expense (benefit) |  | 78 |  |  | (500) |  |  | (195) |  |  |  |  | (617) |  |  | 106 |  |  | 118 |  |  | (94) |  |  |  |  | 130 |
Segment net income (loss) |  | 1,425 |  |  | (1,743) |  |  | (14,172) |  |  |  |  | (14,490) |  |  | 1,715 |  |  | 3,855 |  |  | (8,938) |  |  |  |  | (3,369) |
Segment net (income) loss attributable to noncontrolling interest |  | — |  |  | (1,654) |  |  |  |  |  |  | (1,654) |  |  | 2 |  |  | (703) |  |  |  |  |  |  | (701) |
Segment net income (loss) attributable to Ambac shareholders |  | $ | 1,425 |  |  | $ | (3,397) |  |  | $ | (14,172) |  |  |  |  | (16,144) |  |  | $ | 1,713 |  |  | $ | 3,152 |  |  | $ | (8,938) |  |  |  |  | (4,070) |
Reconciliation to consolidated net income (loss) attributable to Ambac stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discontinued operations |  |  |  |  |  |  |  |  |  | (30,247) |  |  |  |  |  |  |  |  |  |  | 24,140 |
Net income (loss) attributable to Ambac shareholders |  |  |  |  |  |  |  |  |  | $ | (46,391) |  |  |  |  |  |  |  |  |  |  | $ | 20,070 |
Reconciliation of segment assets to consolidated total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 802,856 |  |  | $ | 929,172 |  |  | $ | 129,250 |  |  |  |  | $ | 1,861,278 |  |  | $ | 608,006 |  |  | $ | 155,722 |  |  | $ | 210,671 |  |  |  |  | $ | 974,399 |
Discontinued operations |  |  |  |  |  |  |  |  |  | 6,392,004 |  |  |  |  |  |  |  |  |  |  | 7,454,216 |
Total consolidated assets |  |  |  |  |  |  |  |  |  | $ | 8,253,282 |  |  |  |  |  |  |  |  |  |  | $ | 8,428,615 |
EBITDA Reconciliation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment net income (loss) |  | $ | 1,425 |  |  | $ | (1,743) |  |  | $ | (14,172) |  |  |  |  | $ | (14,490) |  |  | $ | 1,715 |  |  | $ | 3,855 |  |  | $ | (8,938) |  |  |  |  | $ | (3,369) |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | — |  |  | 5,454 |  |  | — |  |  |  |  | 5,454 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Income taxes |  | 78 |  |  | (500) |  |  | (195) |  |  |  |  | (617) |  |  | 106 |  |  | 118 |  |  | (94) |  |  |  |  | 130 |
Depreciation |  | — |  |  | 109 |  |  | 305 |  |  |  |  | 413 |  |  | — |  |  | 10 |  |  | 465 |  |  |  |  | 475 |
Intangible amortization |  | — |  |  | 8,763 |  |  | — |  |  |  |  | 8,763 |  |  | — |  |  | 1,139 |  |  | — |  |  |  |  | 1,139 |
EBITDA |  | 1,503 |  |  | 12,083 |  |  | (14,062) |  |  |  |  | (477) |  |  | 1,821 |  |  | 5,122 |  |  | (8,567) |  |  |  |  | (1,625) |
Add: Impact of noncontrolling interests |  |  |  | (5,000) |  |  |  |  |  |  | (5,000) |  |  | 2 |  |  | (920) |  |  |  |  |  |  | (920) |
Ambac EBITDA |  | $ | 1,503 |  |  | $ | 7,083 |  |  | $ | (14,063) |  |  |  |  | $ | (5,477) |  |  | $ | 1,823 |  |  | $ | 4,202 |  |  | $ | (8,567) |  |  |  |  | $ | (2,545) |
(1)Inter-segment revenues and inter-segment pre-tax income (loss) amounts are insignificant and are not presented separately.

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