<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>144</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001331793</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <issuerInfo>
      <issuerCik>0000874501</issuerCik>
      <issuerName>AMBAC FINANCIAL GROUP INC</issuerName>
      <secFileNumber>001-10777</secFileNumber>
      <issuerAddress>
        <com:street1>ONE WORLD TRADE CENTER</com:street1>
        <com:city>NEW YORK</com:city>
        <com:stateOrCountry>NY</com:stateOrCountry>
        <com:zipCode>10007</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>2126587470</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Herzog David L</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Officer</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>Charles Schwab Corporation</name>
        <address>
          <com:street1>3000 Schwab Way</com:street1>
          <com:city>Westlake</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>76262</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>105553</noOfUnitsSold>
      <aggregateMarketValue>1428132.00</aggregateMarketValue>
      <noOfUnitsOutstanding>45321870</noOfUnitsOutstanding>
      <approxSaleDate>06/26/2023</approxSaleDate>
      <securitiesExchangeName>NYSE</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>03/31/2016</acquiredDate>
      <natureOfAcquisitionTransaction>Open Market Purchase</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Open Market</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>12820</amountOfSecuritiesAcquired>
      <paymentDate>03/31/2016</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>03/30/2016</acquiredDate>
      <natureOfAcquisitionTransaction>RSU</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>92733</amountOfSecuritiesAcquired>
      <paymentDate>03/30/2016</paymentDate>
      <natureOfPayment>Equity Compensation</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <remarks>Acquisition of 92,733 shares were between 03/30/2016 - 04/01/2023 via RSUs and company compensation.</remarks>
    <noticeSignature>
      <noticeDate>06/26/2023</noticeDate>
      <signature>David Herzog</signature>
    </noticeSignature>
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144
0001331793
XXXXXXXX
LIVE
0000874501
AMBAC FINANCIAL GROUP INC
001-10777
ONE WORLD TRADE CENTER
NEW YORK
NY
10007
2126587470
Herzog David L
Officer
Common
Charles Schwab Corporation
3000 Schwab Way
Westlake
TX
76262
105553
1428132.00
45321870
06/26/2023
NYSE
Common
03/31/2016
Open Market Purchase
Open Market
N
12820
03/31/2016
Cash
Common
03/30/2016
RSU
Issuer
N
92733
03/30/2016
Equity Compensation
Y
Acquisition of 92,733 shares were between 03/30/2016 - 04/01/2023 via RSUs and company compensation.
06/26/2023
David Herzog