Earnings Call Excerpt
Ambac Financial Group, Inc. (ABK)
Q3 2009 Earnings Call
November 4, 2009 11:00 am ET
Executives
Sean Leonard – Senior Vice President and Chief Financial Officer
David Wallis – Chief Executive Officer
Greg Raab – Chief Risk Officer
Analysts
Andrew Wessel – JP Morgan
Donna Halverstadt – Goldman Sachs
Arun Kumar – JP Morgan
Scott Frost – HSBC
[Stephen Lessco] – Credit Suisse
Patrick Dennis – DK Partners
Presentation
Operator
Welcome to the Ambac Financial Group Inc. third quarter, 2009 earnings call. (Operator Instructions). It is now my pleasure to introduce your host, Mr. Sean Leonard, Senior Vice President and Chief Financial Officer for Ambac Financial Group Inc. Thank you Mister Leonard, you may begin.
Sean Leonard
Thank you, good morning everyone and welcome to Ambac's third quarter conference call. I'm Sean Leonard, Chief Financial Officer of Ambac. With me today are David Wallis, Chief Executive Officer, and Greg Raab, Ambac's Chief Risk Officer, both of whom will be available to answer questions later on when I open up the call for questions and answers.
Our earnings press release and selected risk exposures for the third quarter are available on our website. Also note that this call is being broadcast on the Internet at www.ambac.com. During this conference call, we may make statements that would be regarded as forward-looking statements. These statements may relate to, among other things, management's current expectations of future performance, future results and cash flows and market outlook.
You are cautioned not to place undue reliance on these forward-looking statements which reflect our current analysis of existing trends and information as of the date of this presentation. There is an inherent risk that actual results, performance or achievements could differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These differences could arise from a number of factors.
Information concerning factors that could actually cause results to differ materially from the information we will give you is available in our press release and on our most recent form 10-K for the fiscal year ended December 31, 2008, and also disclosed from time to time by Ambac in its subsequent reports on form 10-Q and form 8-K. You should review these materials for a complete discussion of these factors and other risks. Copies of these documents may be obtained from the SEC website.
In my prepared remarks, I will provide an overview of the third quarter's GAAP financial results and the primary factors driving them, as well as a brief overview of the company's liquidity position. Please note, that as we have stated in prior quarters, we continue to work to reduce exposures through commutations which if completed prior to our filing, the statutory financial statements will have a collective impact on the statutory and financial results as of September 30th.
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