AMBAC FINANCIAL GROUP INC. Files Definitive Proxy Statement

Ticker: OSG · Form: DEF 14A · Filed: Apr 26, 2024 · CIK: 874501

Ambac Financial Group Inc DEF 14A Filing Summary
FieldDetail
CompanyAmbac Financial Group Inc (OSG)
Form TypeDEF 14A
Filed DateApr 26, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$273 million, $60.5 million, $231 m, $52 million, $40 million
Sentimentneutral

Sentiment: neutral

Topics: DEF 14A, Proxy Statement, Executive Compensation, Corporate Governance, AMBAC FINANCIAL GROUP INC.

TL;DR

<b>AMBAC FINANCIAL GROUP INC. filed its Definitive Proxy Statement for the fiscal year ending December 31, 2023.</b>

AI Summary

AMBAC FINANCIAL GROUP INC (OSG) filed a Proxy Statement (DEF 14A) with the SEC on April 26, 2024. Filing is a Definitive Proxy Statement (DEF 14A) for AMBAC FINANCIAL GROUP INC. The filing covers the fiscal year ending December 31, 2023. The company's Central Index Key is 0000874501. AMBAC FINANCIAL GROUP INC. is incorporated in Delaware. The SIC code for the company is SURETY INSURANCE [6351].

Why It Matters

For investors and stakeholders tracking AMBAC FINANCIAL GROUP INC, this filing contains several important signals. This DEF 14A filing provides detailed information on executive compensation, board of directors, and shareholder proposals, which are crucial for investors to understand governance and potential changes. The filing's focus on equity awards for both PEO and Non-PEO members across multiple years offers insight into the company's long-term incentive strategies and past performance evaluations.

Risk Assessment

Risk Level: low — AMBAC FINANCIAL GROUP INC shows low risk based on this filing. The filing is a routine DEF 14A, indicating standard corporate governance disclosures rather than immediate financial distress or significant strategic shifts.

Analyst Insight

Review the executive compensation details and any shareholder proposals to assess management's alignment with shareholder interests and potential governance changes.

Key Numbers

  • 20231231 — Fiscal Year End (Conformed Period of Report)
  • 20240426 — Filing Date (Filed as of Date)
  • 46 — Public Document Count (Document count)
  • 001-10777 — SEC File Number (SEC File Number)

Key Players & Entities

  • AMBAC FINANCIAL GROUP INC. (company) — Filer name
  • 0000874501 (company) — Central Index Key
  • DE (company) — State of Incorporation
  • 6351 (company) — Standard Industrial Classification
  • 133621676 (company) — IRS Number
  • 2126587470 (company) — Business Phone
  • 19930328 (company) — Date of Name Change

FAQ

When did AMBAC FINANCIAL GROUP INC file this DEF 14A?

AMBAC FINANCIAL GROUP INC filed this Proxy Statement (DEF 14A) with the SEC on April 26, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by AMBAC FINANCIAL GROUP INC (OSG).

Where can I read the original DEF 14A filing from AMBAC FINANCIAL GROUP INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by AMBAC FINANCIAL GROUP INC.

What are the key takeaways from AMBAC FINANCIAL GROUP INC's DEF 14A?

AMBAC FINANCIAL GROUP INC filed this DEF 14A on April 26, 2024. Key takeaways: Filing is a Definitive Proxy Statement (DEF 14A) for AMBAC FINANCIAL GROUP INC.. The filing covers the fiscal year ending December 31, 2023.. The company's Central Index Key is 0000874501..

Is AMBAC FINANCIAL GROUP INC a risky investment based on this filing?

Based on this DEF 14A, AMBAC FINANCIAL GROUP INC presents a relatively low-risk profile. The filing is a routine DEF 14A, indicating standard corporate governance disclosures rather than immediate financial distress or significant strategic shifts.

What should investors do after reading AMBAC FINANCIAL GROUP INC's DEF 14A?

Review the executive compensation details and any shareholder proposals to assess management's alignment with shareholder interests and potential governance changes. The overall sentiment from this filing is neutral.

How does AMBAC FINANCIAL GROUP INC compare to its industry peers?

AMBAC FINANCIAL GROUP INC. operates within the surety insurance industry, which involves guaranteeing the performance of contracts and obligations.

Are there regulatory concerns for AMBAC FINANCIAL GROUP INC?

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose information relevant to shareholders.

Industry Context

AMBAC FINANCIAL GROUP INC. operates within the surety insurance industry, which involves guaranteeing the performance of contracts and obligations.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose information relevant to shareholders.

What Investors Should Do

  1. Analyze the compensation packages for named executive officers.
  2. Review proposals submitted for shareholder vote.
  3. Examine the composition and independence of the Board of Directors.

Year-Over-Year Comparison

This is a DEF 14A filing, which is a standard disclosure for public companies regarding annual meetings and executive compensation, and does not inherently represent a change from previous filings of the same type.

Filing Stats: 4,471 words · 18 min read · ~15 pages · Grade level 14.4 · Accepted 2024-04-26 06:56:47

Key Financial Figures

  • $273 million — ased Everspan gross premiums written to $273 million in 2023, which was an 87% increase from
  • $60.5 million — net earned premiums and program fees of $60.5 million. The Combined Ratio, which factors both
  • $231 m — Increased premiums placed by Cirrata to $231 million, which was an 70% increase from 2
  • $52 million — crease from 2022 with total revenues of $52 million. This growth has been fueled by both or
  • $40 million — ance Agency, representing approximately $40 million of expected premium placed for Cirrata.
  • $5 million — for Cirrata. l Reported net income of $5 million for the full year 2023. l Increased Bo
  • $30.13 — Increased Book Value per Share by 8% to $30.13 and Adjusted Book Value per Share by 2%
  • $28.74 — Adjusted Book Value per Share by 2% to $28.74 l Decreased our insured portfolio net
  • $20 billion — Financial Guarantee business by 14% to $20 billion from $23 billion at year-end 2022. This
  • $23 billion — tee business by 14% to $20 billion from $23 billion at year-end 2022. This includes a reduc
  • $3.5 billion — Adversely Classified Credits by 26%, to $3.5 billion from $4.7 billion at year end 2022. The
  • $4.7 billion — ed Credits by 26%, to $3.5 billion from $4.7 billion at year end 2022. The above mentioned d
  • $15.1 million — xpense in the fourth quarter of 2023 to $15.1 million 1 Cirrata EBITDA margin performance m
  • $9 — fees at Everspan ($ in millions) 28.6% $9 $12 $14 Number of underwritten program
  • $12 — es at Everspan ($ in millions) 28.6% $9 $12 $14 Number of underwritten programs at

Filing Documents

EXECUTIVE COMPENSATION 36

EXECUTIVE COMPENSATION 36 Business Model 6 Executive Officers 36 Corporate Governance 7 Compensation Discussion and Analysis 38 ESG Governance and Oversight 8 Compensation Committee Report 59 Environmental 9 2023 Summary Compensation Table 60 Climate Change Risk 9 Grants of Plan-Based Awards in 2023 61 Data Security and Privacy 9 Agreement with Claude LeBlanc 62 Corporate Social Responsibility 10 Agreements with Other Executive Officers 63 Diversity and Inclusion 10 Outstanding Equity Awards at 2023 Fiscal Year-End 66 Training, Development and Well-Being of Employees 10 Stock Vested in 2023 66 Philanthropy 11 Potential Payments Upon Termination or Change-in-Control 67 Guiding Principles Concerning Responsible Investing 11 Pay Ratio Disclosure 69 GENERAL INFORMATION 12 Pay Versus Performance 70 INCORPORATION BY REFERENCE 20 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 74 DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 21 THE AUDIT COMMITTEE REPORT 75 Board of Directors 21 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS 76 Board Leadership Structure 25 PROPOSAL NUMBER 1 78 Board Committees 25 PROPOSAL NUMBER 2 79 Board's Role in Risk Oversight 27 PROPOSAL NUMBER 3 80 Director Independence 28 PROPOSAL NUMBER 4 81 Compensation Committee Interlocks and Insider Participation 28 PROPOSAL NUMBER 5 91 Consideration of Director Nominees 28 PROPOSAL NUMBER 6 92 Executive Sessions 29 PROPOSAL NUMBER 7 94 Outside Advisors 29 Appendix A 95 Board Effectiveness 29 Appendix B - Notice to Stockholders Pursuant to Section 204(g) of the DGCL 109 Ambac Financial Group, Inc. | i | 2024 Proxy Statement PROXY STATEMENT SUMMARY Below are the highlights of important information you will find in this Proxy Statement for Ambac Financial Group, Inc. ("Ambac" or the "Company") and its subsidiaries. As it is only a summary, please review the complete Proxy Statement before you vote. Ambac Financial Group Fis

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