Wisconsin Commissioner Sets Hearing for Ambac Legacy Business Sale

Ambac Financial's stock surged 14% after the Wisconsin Office of the Commissioner of Insurance scheduled a hearing on the sale of Ambac Assurance Corp., a key step in shedding its legacy business. The hearing marks the final stage in the process, with Ambac seeking to separate its legacy business from its newer insurance underwriting business. The sale is expected to help Ambac focus on its core underwriting business and improve its financial performance.

NEW YORK, July 2, 2025 -- Ambac Financial Group's (NYSE: AMBC) stock surged 14% following the Wisconsin Office of the Commissioner of Insurance (OCI) scheduling a hearing on the sale of Ambac Assurance Corporation (AAC). The hearing, set for September 3, 2025, at 9 a.m. CT, marks the final stage in the regulatory approval process for the sale. Ambac Financial Group is seeking to separate its legacy business from its newer insurance underwriting platform, a move expected to help the company focus on its core underwriting business and improve financial performance [1].

Ambac President and CEO Claude LeBlanc expressed satisfaction with the hearing date, stating, "We are pleased that a hearing date has been set, one of the final steps in the Wisconsin regulatory approval process. We are eager to complete the Sale and cement our transformation into a pure-play specialty P&C insurance platform" [1].

Ambac Financial Group, headquartered in New York City, is an insurance holding company with a growing specialty property and casualty distribution and underwriting platform, alongside a legacy financial guaranty business in run-off [1]. The company's common stock trades on the New York Stock Exchange under the symbol AMBC. The Amended and Restated Certificate of Incorporation of Ambac contains substantial restrictions on the ability to transfer Ambac’s common stock, generally prohibiting transactions that would result in any person or group becoming a holder of 5% or more of the company’s common stock [1].

The hearing will be preceded by a pre-hearing conference scheduled for August 4, 2025, at 3 p.m. CT. Further information can be obtained on the OCI’s website at https://oci.wi.gov/Pages/Companies/AcqAmbac.aspx [1].

References:
[1] https://finance.yahoo.com/news/ambac-reports-wisconsin-office-commissioner-180600628.html
[2] https://www.businesswire.com/news/home/20250717244228/en/Ambac-Reports-That-the-Wisconsin-Office-of-the-Commissioner-of-Insurance-Has-Scheduled-a-Hearing-on-the-Sale-of-Ambacs-Legacy-Business
[3] https://www.morningstar.com/news/business-wire/20250717244228/ambac-reports-that-the-wisconsin-office-of-the-commissioner-of-insurance-has-scheduled-a-hearing-on-the-sale-of-ambacs-legacy-business
[4] https://uk.investing.com/news/company-news/wisconsin-regulator-sets-hearing-date-for-ambac-assurance-sale-93CH-4173589