Ambac Financial shares surge 10.24% intraday as Q3 adjusted EPS of -$0.21 beats expectations and revenue jumps to $66.6M, driven by insurance distribution division's 80% growth.

Ambac Financial surged 10.24% intraday, driven by a Q3 adjusted EPS of -$0.21 (beating estimates of -$0.23) and revenue of $66.6 million (exceeding forecasts of $49.2 million), primarily due to an 80% year-over-year increase in insurance distribution revenue to $43 million. The company also announced its transition from traditional financial guarantees to specialty insurance, rebranding as Octave Specialty Group with a new ticker symbol.