Thank everyone you, welcome and today's to Chuck, call. joining
For quarter profit share, reported XX, diluted or $X and per $XX March the adjusted million of earnings ending per XXXX, $X.XX net Ambac $X.XX or share. of diluted million
announced million for per to-date, share. $X.XX repurchased a will began Yesterday, $XX.X In we program or announced share $XX $XX more total and have detail April, the our authorized to addition, in unused results David repurchase million average to bringing the share discuss in just we over price an amount addition we shares shortly. million X.X this of quarter, our of which buyback over program, million.
XXXX with Specialty Insurance shared transition to a and progressed for business we previously become investors, Ambac P&C strategy growth-oriented As company. year as a was launched our our
and XX% both by scaling the last clear is our of distribution early results the shifts supported specialty with of market in XXXX are further year. the by very Specialty participatory across insurance experienced insurance This of the We successes, driven secular and businesses insurance the being Insurance quarter a encouraging. which of new $XX from representing Specialty increase million production market. businesses progressing quarter first our the nearly expansion first a growth favorable of are conditions and platform our Our for P&C growth P&C reflection P&C fronting for total
evolving over Fueling anticipate generating growth XX% the continue is year-over-year which doubled between USDXX MGA trend US. the fronting fronting which the annually estimated by is The of we supports market subject the be growth billion This the and of market last see to the USDXX As XXXX. will the market, continued a rapidly we nearly premium the program decade. in in moderating having billion at conditions. increases have it grew lines rate of business, to relates to years, of coming conditions, pace markets most market continued and to in in dynamic,
For distribution the consolidated P&C segment our on providing [ph], which report which our quarter, report now in our businesses. two segment we reporting, will first are this to we reporting will Group we time Serotta and segment. in addition Insurance operating in Group, insurance our growing traditional Specialty Everspan
a for and generating market service strategy across of written premium in our valued the up programs fronting business, over prospective component XXXX year, other Our quarters our been has the into was launched including grow successful second which business quarter A differentiate model Group our representing strategy and launched our ability Everspan and Insurance second quarter. this the the million the with of programs which is solutions key $XX partners. creates our expands was of the expect as consecutive In quarter, interest three differentiation going with in first this to Specialty differentiate a risk, this of further distinction from XXXX, to XX underwriting strong reinsurance to and Everspan's program businesses. from we rate a million, $XXX alignment to last of P&C retain beginning approximately of in gross willingness leading This XX% ability Everspan to run pipeline administrators. quarter of significant
track Everspan claims. model, at team is business our in aspects leadership represented key by industry actuarial underwriting, of executives Our records all and with proven
the quarter of led for of our represents XX% company. the year, partner Turning insurance record a premium of placed segment profitable Xchange, which having increase first XXXX, to is our business, the distribution $XX prior quarter over nearly distribution growing, and MGU first an for our by over million
company into will Xchange's to expected over network, XX%. to rights announced a be immediately well continue that ESL transactions. distribution is Xchange stop strategic Going expand Recently, its expand self-funded of organically expect renewal business. employer select for entered is $XX we and the and through as by forward, business successfully portfolio earnings a was or as transaction both The accretive premiums ESL million to anticipated to loss transaction we
relationships new and progress, for we ESL very this of has transaction distribution well are businesses we shown believe, Overall, growth open transactions positioned strategic both and quarter importantly, each the core XXXX. will insurance are nationally As with we and our we in pleased continued P&C through believe up Xchange's this organically business.
Turning now to guaranty a business. legacy financial
had During two we the quarter, developments AAC. significant at
exposures by adjustment our XX. Rico, As announced, reduction on the our Puerto Puerto related million. and plan of and March our $XXX which end million, Puerto since interest quarter, further Rico previously PBA This we finalized all of and facilitated PRIFA $XXX exposures. of to eliminating GO the a principal to exposure exposure the have CCDA remaining by reduced was And Rico-insured in our
our remaining which today, Puerto HTA our Ambac's insured gain Puerto is As residual only exposure, a the XX% remaining recognized and Rico reduction exposure to Rico $XXX COFINA. in result, a to represent of exposure led collectively our quarter. These as of transactions in to million
to of become relates Puerto the remaining May Plan expect effective exposure filed HTA it the HTA confirmed was will on of in end before Rico, the X, be year. and Adjustment As our we that it and
final for until outcome. the uncertainty HTA, some the process III However, around exists concluded is Title still
$XX material its approximately from through Ambac's in Looking a down prior insured the billion portfolio to anticipate legacy XX, nearly material uncertainty to the List couple at in from developments year risk portfolios, March XXXX. over this X% billion Ambac has we Credits at March insured lower our or or amount portfolio XX, Classified the X% future volatility. natural $X.X of last to we result balance $X Adversely of Absent of in down runoff. removed $X.X derisking at the reduce billion new and active loss December exposure from were the end. quarters. insured portfolios, Net Overall, billion would portfolios XX, continue reduced Watch was par and
York The to the other as of unrelated ruling AAC related an known development in New RMBS during quarter litigation Appeals Court heat. significant at a
While certain this the various appeals the decision damage of not recoveries in our for to did cases, court any recovery of of involve in our one paths limits our RMBS cases. decision of RMBS
reduced an rep the insured $XX to law, change the in $XXX and this recoverable. of and subrogation reduction contributed overall of rates transaction discount in additional warranty result underlying a million Changes by recoverable AAC As RMBS performance million. its
relates loss it to resolving are of Countrywide, favorably Bank we trial all and rep efforts, are America as warranty our look as our in actively recovery possible. case litigations. for claims against, preparing pursuing forward As to our main our RMBS as we and expeditiously in And claims and
recovery, to of XX filed addressed does we intends paths At Furthermore, ago. in reimbursement, claim letters the interest, years to trial, impact XX which with March primary outside addition on our two, than March that prove believe court has heat. As multiple discovery; counsel, XX payments more our described prejudgment our which began not recover two Ambac case by paths following. and more heat significant the in that to to in neither and was by Ambac accruing one, fully
in the recent to First, discovered multiple we paths, that breaches without through for the decision need heat the prove of intend Countrywide light notice.
securitization of of that against meaning Ambac's preparing that application loans through and our as unique Countrywide years originated. Countrywide space, of outstanding role prove every the litigations. issue planned originated for of the is litigation, the originator a case, its at have discovery approach our notice role in in the loan sponsor been in also loans Countrywide XX% at loans. the We most case at RMBS transactions makes case each the Countrywide in different to discovered employees servicer always the case reviewed discovery Countrywide's trial. issue discovery for also the with Countrywide given with have every breach along and other from markedly breaches approximately transaction as RMBS that
and reps As such, warranties breaches need discovered the notice. Countrywide any without of for
agreements reimbursement has insurance a separate indemnity and claim Ambac Countrywide. with its under Second,
held rights kind is the insurer, alternative has plaintiffs, court of reimbursement in appellate RMBS agreements. not in of to provided an and in recovery. An apply does form As extra remedy repurchase have contractual like what Other which issue has already -- our heat protocol, not do claim. revenues through Ambac sole at protection that path trustees these was an this
intend prove to possession. and we in Countrywide additional materials prevented Third, notices its that by Ambac failing providing from to other provide loan with Ambac files timely
Franklin, that First First Ambac which the we to control quality look case we're Countrywide, a prove divisions against further in across seeking as of fraud-only of refused to to we're respect early against And other To dimensionalize noticed, notices. billion. and that internal $X Nomura, even to other effective hope its our progress number over defective. intend futility as year. Nomura, more damages, cases, loans seeking of providing RMBS fraud-only all cases billion. and to and be all damages fraud repurchase are we though making Countrywide but our acknowledged in the Countrywide our aggregate our With damages own on small $X our also sponsors, next against We cases, as Franklin and progress case we Countrywide trial than of cases well against
them have resolution. to We our fear and confidence intend final vigorously to in claims a pursue
sheet cases for material. the I will on David? breach interest recoverable the both of the or our David recovery financial which claims, include fraud-only to reminder, not of a now our our turn As results over prejudgment does balance for from be discuss call contract to quarter. our any could
