Ambac Financial Group Reports Material Definitive Agreement

TL;DR

**Ambac Financial Group just filed an 8-K for a material definitive agreement, signaling a potentially big move.**

AI Summary

Ambac Financial Group, Inc. filed an 8-K on February 27, 2024, reporting an "Entry into a Material Definitive Agreement" and "Financial Statements and Exhibits" as of February 22, 2024. The filing indicates a significant event that requires disclosure under SEC regulations, specifically related to a material agreement. The company, based in New York, NY, with IRS number 13-3621676, operates in Surety Insurance.

Why It Matters

This filing signals a potentially significant business development for Ambac Financial Group, which could impact its financial position or strategic direction.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement without specifying details, creating uncertainty about its potential impact.

Key Players & Entities

• Ambac Financial Group, Inc. (company) — Registrant
• February 22, 2024 (date) — Date of earliest event reported
• February 27, 2024 (date) — Filing date
• One World Trade Center New York NY 10007 (company) — Business address
• 1-10777 (dollar_amount) — Commission file number

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share AMBC New York Stock Exchange
• $100 million — ving consideration to be paid by AAC of $100 million or more; and obtain OCI's approval of a

Filing Documents

• ambc-20240222.htm (8-K) — 37KB
• a04-068ex101x4q23x8k.htm (EX-10.1) — 36KB
• 0000874501-24-000038.txt ( ) — 233KB
• ambc-20240222.xsd (EX-101.SCH) — 2KB
• ambc-20240222_def.xml (EX-101.DEF) — 14KB
• ambc-20240222_lab.xml (EX-101.LAB) — 27KB
• ambc-20240222_pre.xml (EX-101.PRE) — 15KB
• ambc-20240222_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement Effective February 22, 2024, Ambac Financial Group, Inc. ("Ambac") and Ambac Assurance Corporation ("AAC") entered into a Stipulation and Order (the "Stipulation and Order") with the Wisconsin Office of the Commissioner of Insurance ("OCI"), which supersedes the Stipulation and Order that became effective on February 12, 2018, as amended (the "2018 Stipulation and Order"). The Stipulation and Order requires AAC to maintain a level of surplus and contingency reserves as regards policyholders which provide reasonable security against contingencies affecting AAC's financial position that are not otherwise fully covered by reserves or reinsurance; discount loss reserves in a manner approved by OCI; maintain OCI's runoff capital model according to parameters specified by OCI; pay the costs of consultants and other experts retained by OCI; refrain from certain affiliate transactions and the payment of any dividend or other distribution without the prior non-disapproval of OCI; notify OCI of events that would or would be reasonably likely to cause a material adverse effect to AAC or its affiliates; obtain OCI's non-disapproval to exercise certain control rights with respect to certain policies that were previously allocated to the Segregated Account of AAC; obtain OCI's approval for non-ordinary course transactions involving consideration to be paid by AAC of $100 million or more; and obtain OCI's approval of any changes to AAC's investment policy or derivative use plan. The Stipulation and Order also requires Ambac to use its best efforts to preserve the use of NOLs for the benefit of AAC and its subsidiaries. The Stipulation and Order differs from the 2018 Stipulation and Order in that the 2018 Stipulation and Order (i) did not refer to OCI's Runoff Capital Framework; (ii) included certain affirmative covenants concerning books and records, and reporting of information or events, that were not included in the Stipul

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibits. The following exhibit is filed as part of this Current Report on Form 8-K: EXHIBIT INDEX Exhibit Number Exhibit Description 10.1 Stipulation and Order - Office of the Commissioner of Insurance of the State of Wisconsin, in the Matter of Ambac Assurance Corporation effective as of February 2 2 , 2024 101.INS XBRL Instance Document - the instance document does not appear in the interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH XBRL Taxonomy Extension Schema Document. 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document. 101.LAB XBRL Taxonomy Extension Label Linkbase Document. 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document. 101.DEF XBRL Taxonomy Extension Definition Linkbase Document. 104 Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags or embedded within the Inline XBRL document 1

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Ambac Financial Group, Inc. (Registrant) Dated: February 27, 2024 By: /s/ William J. White William J. White First Vice President, Secretary and Assistant General Counsel 3

View Full Filing

View this 8-K filing on SEC EDGAR