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    Harry Fong • ROTH MKM

    Harry Fong is a Managing Director and Senior Research Analyst at ROTH MKM, specializing in coverage of the insurance sector and related business services. He currently covers major insurance companies such as Cincinnati Financial (CINF), for which he recently provided updated price targets, reflecting his deep engagement with the sector and consistent track record of influencing investor sentiment. With over 30 years of experience, Fong began his analyst career at National City Bank in the 1970s, followed by positions at Harris Bank & Trust, IDS, Conning & Company, Deutsche Bank, Philo Smith, Blaylock, Calyon, Soleil Securities, and Ticonderoga Securities, before joining MKM Partners in 2012 and continuing through its acquisition by Roth in 2023. He holds a B.A. from Cleveland State University, an M.B.A. from Case Western Reserve University, and is recognized for his long-standing expertise and professional credentials within the equity research industry.

    Harry Fong's questions to Ambac Financial Group Inc (AMBC) leadership

    Harry Fong's questions to Ambac Financial Group Inc (AMBC) leadership • Q3 2024

    Question

    Asked how Ambac attracts top-tier partners like Beat Capital and Mike Miller, what the growth expectations are for these new partnerships, and for an update on the final regulatory approval for the legacy business sale.

    Answer

    Ambac attracts top talent with its partnership model, permanent capital structure, and broad operational support. The company's long-term guidance already incorporates the business plans of these new partners, and they are confident in their execution. No issues have been reported regarding the final regulatory approval from Wisconsin.

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    Harry Fong's questions to Ambac Financial Group Inc (AMBC) leadership • Q3 2024

    Question

    Harry Fong of ROTH MKM asked how Ambac convinced high-profile partners like Mike Miller and Beat Capital to join them, how their contributions will factor into organic growth targets, and whether there were any updates or potential issues with the final regulatory approval from Wisconsin for the legacy business sale.

    Answer

    President and CEO Claude LeBlanc attributed the successful partnerships to Ambac's unique model, which includes a top-quartile underwriting focus, a permanent capital structure, and strong operational support. CFO David Trick clarified that Mike Miller's new venture is considered organic growth from the start, while Beat Capital's results will contribute to organic growth starting in late 2025, with both factored into existing guidance. Regarding the regulatory process, LeBlanc confirmed they have not heard of any issues and that the process is progressing, though the dialogue is now primarily between the buyer (Oaktree) and the regulator.

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