Ambac Financial Group, Inc. ("Ambac") (NYSE:AMBC), an insurance holding company, today announced that Karen Beyer has joined the firm as Managing Director, Head of Investor Relations. She will be based in New York and report to David Trick, Executive Vice President, Treasurer and Chief Financial Officer.

Beyer joins from Chubb, where she was Senior Vice President, Director of Investor Relations. She brings more than 20 years of investment industry experience, working in analytical roles on both the buy and sell sides of asset management. Prior to Chubb, she held portfolio management and senior analyst roles at State Street Global Advisors, GE Asset Management, and New York Life Investment Management covering the U.S. financial services sector.

"I am thrilled to welcome Karen to Ambac at this pivotal moment in our transformational journey," Trick said. "She brings a wealth of experience from her diverse background and a proven track record in leading successful investor relations strategies that drive value and strengthen stakeholder confidence. Her extensive knowledge will be invaluable as we continue to elevate our position in the market and deliver the transparency and value our shareholders expect."

About Ambac

Ambac Financial Group, Inc. ("Ambac") is an insurance holding company headquartered in New York City. Ambac consists of a diverse mix of specialty insurance underwriting and distribution businesses in the U.S. and U.K. Ambac's common stock trades on the New York Stock Exchange under the symbol "AMBC". For more information, please go to www.ambac.com.

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Investors:

ir@ambac.com

Media:

Kate Smith

Director, Corporate Communications

(212) 208-3452

ksmith@ambac.com

Ambac Financial Group Appoints Karen Beyer Head of Investor Relations