Ambac Posts Loss In Q4 - Quick Facts

(RTTNews) - Ambac Financial Group, Inc. (AMBC) reported an adjusted loss in the fourth quarter of 2016 of $12.7 million, or $0.28 per share. Net loss was $94.7 million, or $2.09 per share, for the quarter. During the fourth quarter of 2016, net premiums earned were $49.9 million.

Claude LeBlanc, CEO, said, "Our fourth quarter results were impacted by headwinds including the effect of higher interest rates on the RMBS and student loan insured portfolios, and an increase in our public finance reserves, which was primarily related to the evolving situation in Puerto Rico. Despite these headwinds, results for the full year 2016 were positive and as a result of our strong income generation, Ambac is expected to receive $28.7 million in tolling payments from AAC in May 2017 under the company's tax-sharing agreement."