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<title>ambc-20230303</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="i20c7521809894231932d083091c998e2_D20230303-20230303" name="dei:EntityCentralIndexKey" id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV83L2ZyYWc6MTEyODI0YmY1YmM1NDFkZWI4ZDE0MmZjM2I1NGY4ODQvdGFibGU6ZjRlNDUzMGQ0NDM5NDBlM2I3ZjZiOTljMmVmZGI5MDMvdGFibGVyYW5nZTpmNGU0NTMwZDQ0Mzk0MGUzYjdmNmI5OWMyZWZkYjkwM18yLTEtMS0xLTcwMDIxOA_05cfafe2-b909-4b31-b3fe-8212ccf656d2">0000874501</ix:nonNumeric><ix:nonNumeric contextRef="i20c7521809894231932d083091c998e2_D20230303-20230303" name="dei:AmendmentFlag" format="ixt:fixed-false" 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style="text-align:center"><span><br/></span></div></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">UNITED STATES</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION </span></div><div style="margin-bottom:9pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Washington, D.C. 20549 </span></div><div style="margin-bottom:9pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:19.444%"><tr><td style="width:1.0%"></td><td style="width:59.802%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.659%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.239%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:100%">FORM</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i20c7521809894231932d083091c998e2_D20230303-20230303" name="dei:DocumentType" id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV8xL2ZyYWc6MzZiMGQzYTM4MzU5NGM3MzllMzExNzExZjExMzI1NzEvdGFibGU6OTBjYmNjNWNkM2NjNGU1ZWFmZTBlM2M0MzQ1M2Y0ZWYvdGFibGVyYW5nZTo5MGNiY2M1Y2QzY2M0ZTVlYWZlMGUzYzQzNDUzZjRlZl8wLTItMS0xLTcwMDIxOA_dd2fdfbd-9893-4087-b772-718e70823791">8-K</ix:nonNumeric></span></td></tr></table></div><div style="margin-bottom:9pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:13.5pt;font-weight:700;line-height:120%">CURRENT REPORT</span></div><div style="margin-bottom:9pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</span></div><div style="margin-bottom:9pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Date of Report (Date of earliest event reported):  <ix:nonNumeric contextRef="i20c7521809894231932d083091c998e2_D20230303-20230303" name="dei:DocumentPeriodEndDate" format="ixt:date-monthname-day-year-en" id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV8xL2ZyYWc6MzZiMGQzYTM4MzU5NGM3MzllMzExNzExZjExMzI1NzEvdGV4dHJlZ2lvbjozNmIwZDNhMzgzNTk0YzczOWUzMTE3MTFmMTEzMjU3MV8yMTg_df04e804-5fc2-474a-8c68-4d6df4623334">March&#160;3, 2023</ix:nonNumeric> </span></div><div style="margin-bottom:3pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:67.251%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:22pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i20c7521809894231932d083091c998e2_D20230303-20230303" name="dei:EntityRegistrantName" id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV8xL2ZyYWc6MzZiMGQzYTM4MzU5NGM3MzllMzExNzExZjExMzI1NzEvdGFibGU6MTA2OTFkNjgyYmU3NDFlODkzOTMyYjM1NmZmNGFjMTMvdGFibGVyYW5nZToxMDY5MWQ2ODJiZTc0MWU4OTM5MzJiMzU2ZmY0YWMxM18wLTAtMS0xLTcwMDIxOA_3d11f71d-af24-49f1-954f-447f761310fb">Ambac Financial Group, Inc.</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Exact name of Registrant as specified in its charter)</span></td></tr></table></div><div 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1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(I.R.S. employer<br/>identification no.)</span></td></tr></table></div><div style="margin-bottom:3pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:62.719%"><tr><td style="width:1.0%"></td><td style="width:36.196%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.314%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.314%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.776%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV8xL2ZyYWc6MzZiMGQzYTM4MzU5NGM3MzllMzExNzExZjExMzI1NzEvdGFibGU6MDJmMDM3ZmRiM2U4NGNhYWIwMGE0OGMxYjAxYTA1NmIvdGFibGVyYW5nZTowMmYwMzdmZGIzZTg0Y2FhYjAwYTQ4YzFiMDFhMDU2Yl8wLTEtMS0xLTcwMDIxOA_e3fc1e68-db1b-44dd-b9b1-aa8a6c080dfc">(212)</ix:nonNumeric></span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="i20c7521809894231932d083091c998e2_D20230303-20230303" name="dei:LocalPhoneNumber" id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV8xL2ZyYWc6MzZiMGQzYTM4MzU5NGM3MzllMzExNzExZjExMzI1NzEvdGFibGU6MDJmMDM3ZmRiM2U4NGNhYWIwMGE0OGMxYjAxYTA1NmIvdGFibGVyYW5nZTowMmYwMzdmZGIzZTg0Y2FhYjAwYTQ4YzFiMDFhMDU2Yl8wLTItMS0xLTcwMDIxOA_6063537e-6890-402a-b3ab-cbae42ba5958">658-7470</ix:nonNumeric></span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="12" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Registrant's telephone number, including area code)</span></td></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:2.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:95.246%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:12pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i20c7521809894231932d083091c998e2_D20230303-20230303" name="dei:WrittenCommunications" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV8xL2ZyYWc6MzZiMGQzYTM4MzU5NGM3MzllMzExNzExZjExMzI1NzEvdGFibGU6Njk4ZmI4ZWFmMmZkNGRhNjg4YjYwOTM1ZTJjMTQ3OGYvdGFibGVyYW5nZTo2OThmYjhlYWYyZmQ0ZGE2ODhiNjA5MzVlMmMxNDc4Zl8wLTAtMS0xLTcwMDIxOA_a092fb8e-fe07-4680-9be6-add0b89dd09b">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:12pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i20c7521809894231932d083091c998e2_D20230303-20230303" name="dei:SolicitingMaterial" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV8xL2ZyYWc6MzZiMGQzYTM4MzU5NGM3MzllMzExNzExZjExMzI1NzEvdGFibGU6Njk4ZmI4ZWFmMmZkNGRhNjg4YjYwOTM1ZTJjMTQ3OGYvdGFibGVyYW5nZTo2OThmYjhlYWYyZmQ0ZGE2ODhiNjA5MzVlMmMxNDc4Zl8yLTAtMS0xLTcwMDIxOA_0fcd8103-3108-4476-9cba-6e1395d4bd64">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:12pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i20c7521809894231932d083091c998e2_D20230303-20230303" name="dei:PreCommencementTenderOffer" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV8xL2ZyYWc6MzZiMGQzYTM4MzU5NGM3MzllMzExNzExZjExMzI1NzEvdGFibGU6Njk4ZmI4ZWFmMmZkNGRhNjg4YjYwOTM1ZTJjMTQ3OGYvdGFibGVyYW5nZTo2OThmYjhlYWYyZmQ0ZGE2ODhiNjA5MzVlMmMxNDc4Zl80LTAtMS0xLTcwMDIxOA_0c63c48e-e66f-43dc-84b2-f51bc0ba25cf">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act<br/>(17 CFR 240.14d-2(b))</span></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:12pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i20c7521809894231932d083091c998e2_D20230303-20230303" name="dei:PreCommencementIssuerTenderOffer" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV8xL2ZyYWc6MzZiMGQzYTM4MzU5NGM3MzllMzExNzExZjExMzI1NzEvdGFibGU6Njk4ZmI4ZWFmMmZkNGRhNjg4YjYwOTM1ZTJjMTQ3OGYvdGFibGVyYW5nZTo2OThmYjhlYWYyZmQ0ZGE2ODhiNjA5MzVlMmMxNDc4Zl82LTAtMS0xLTcwMDIxOA_ed94e366-e2a6-436c-b471-6e4ee620e81b">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act<br/>(17 CFR 240.13e-4c))</span></td></tr></table></div><div style="margin-bottom:3pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:40.517%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.047%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:40.666%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Securities registered pursuant to Section 12(b) of the Act:</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Title of each class</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Trading Symbol</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Name of each exchange on which registered</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i373180ebcbab4e12ba9cd13299154915_D20230303-20230303" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV8xL2ZyYWc6MzZiMGQzYTM4MzU5NGM3MzllMzExNzExZjExMzI1NzEvdGFibGU6NzBkYjIzNmFhZmEyNDJhMDgxZDhlNTNiZTY0MWI0YjgvdGFibGVyYW5nZTo3MGRiMjM2YWFmYTI0MmEwODFkOGU1M2JlNjQxYjRiOF8yLTAtMS0xLTcwMDIxOA_73751b8a-4720-425a-8ca4-86c911ce71ac">Common stock, par value $0.01 per share</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i373180ebcbab4e12ba9cd13299154915_D20230303-20230303" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV8xL2ZyYWc6MzZiMGQzYTM4MzU5NGM3MzllMzExNzExZjExMzI1NzEvdGFibGU6NzBkYjIzNmFhZmEyNDJhMDgxZDhlNTNiZTY0MWI0YjgvdGFibGVyYW5nZTo3MGRiMjM2YWFmYTI0MmEwODFkOGU1M2JlNjQxYjRiOF8yLTItMS0xLTcwMDIxOA_e5ee39b5-eda3-46fe-be25-3a9b73f16e53">AMBC</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i373180ebcbab4e12ba9cd13299154915_D20230303-20230303" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV8xL2ZyYWc6MzZiMGQzYTM4MzU5NGM3MzllMzExNzExZjExMzI1NzEvdGFibGU6NzBkYjIzNmFhZmEyNDJhMDgxZDhlNTNiZTY0MWI0YjgvdGFibGVyYW5nZTo3MGRiMjM2YWFmYTI0MmEwODFkOGU1M2JlNjQxYjRiOF8yLTQtMS0xLTcwMDIxOA_42a03291-6845-4be9-b0f2-f940d7b128a8">New York Stock Exchange</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i0b47b0dfb86e42318f6cd6ac70617661_D20230303-20230303" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV8xL2ZyYWc6MzZiMGQzYTM4MzU5NGM3MzllMzExNzExZjExMzI1NzEvdGFibGU6NzBkYjIzNmFhZmEyNDJhMDgxZDhlNTNiZTY0MWI0YjgvdGFibGVyYW5nZTo3MGRiMjM2YWFmYTI0MmEwODFkOGU1M2JlNjQxYjRiOF8zLTAtMS0xLTcwMDIxOA_53a0e479-a0d8-4a68-873b-d06c49a05e61">Warrants</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i0b47b0dfb86e42318f6cd6ac70617661_D20230303-20230303" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV8xL2ZyYWc6MzZiMGQzYTM4MzU5NGM3MzllMzExNzExZjExMzI1NzEvdGFibGU6NzBkYjIzNmFhZmEyNDJhMDgxZDhlNTNiZTY0MWI0YjgvdGFibGVyYW5nZTo3MGRiMjM2YWFmYTI0MmEwODFkOGU1M2JlNjQxYjRiOF8zLTItMS0xLTcwMDIxOA_44f7626d-d287-42c8-90f5-2450a1d18a23">AMBC WS</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i0b47b0dfb86e42318f6cd6ac70617661_D20230303-20230303" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV8xL2ZyYWc6MzZiMGQzYTM4MzU5NGM3MzllMzExNzExZjExMzI1NzEvdGFibGU6NzBkYjIzNmFhZmEyNDJhMDgxZDhlNTNiZTY0MWI0YjgvdGFibGVyYW5nZTo3MGRiMjM2YWFmYTI0MmEwODFkOGU1M2JlNjQxYjRiOF8zLTQtMS0xLTcwMDIxOA_eeded0aa-d8ed-41c4-9225-b8b88ff82ca1">New York Stock Exchange</ix:nonNumeric></span></td></tr></table></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 under the Securities Act (17 CFR 230.405) or Rule&#160;12b-2 under the Exchange Act (17 CFR 240.12b-2). </span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:33.333%"><tr><td style="width:1.0%"></td><td style="width:84.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.936%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Emerging growth company</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:11pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i20c7521809894231932d083091c998e2_D20230303-20230303" name="dei:EntityEmergingGrowthCompany" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOjYzOGI2YzdkNjQwOTQ1YTJiODk3YzdiYWE0MDkyZGUxL3NlYzo2MzhiNmM3ZDY0MDk0NWEyYjg5N2M3YmFhNDA5MmRlMV8xL2ZyYWc6MzZiMGQzYTM4MzU5NGM3MzllMzExNzExZjExMzI1NzEvdGFibGU6OGQ3YjQ2ODg0MWE5NDYzNDhmNjRlNThhMzVhN2MyNWUvdGFibGVyYW5nZTo4ZDdiNDY4ODQxYTk0NjM0OGY2NGU1OGEzNWE3YzI1ZV8wLTEtMS0xLTcwMDIxOA_0b673c1e-7b45-4cf6-b449-e497a724790a">&#9744;</ix:nonNumeric></span></div></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.747%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:59.866%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided  pursuant to</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Section 13(a) of the Exchange Act.</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#9744;</span></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="i638b6c7d640945a2b897c7baa4092de1_10"></div><hr style="page-break-after:always"/><div style="min-height:45pt;width:100%"><div style="text-align:center"><span><br/></span></div></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Item 5.03.  Departures of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">On March 3, 2023, a member of the Board of Directors of Ambac Financial Group, Inc. (the &#8220;Company&#8221;), Mr. David Herzog, informed the Company that he would not be standing for re-election as a director at the 2023 Annual Meeting of Stockholders of the Company.</span></div><div><span><br/></span></div><div id="i638b6c7d640945a2b897c7baa4092de1_16"></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Forward-Looking Statements</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In this report, statements that may constitute &#8220;forward-looking statements&#8221; within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;planned,&#8221; &#8220;potential&#8221; and similar expressions, or future or conditional verbs such as &#8220;will,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;could,&#8221; and &#8220;may,&#8221; or the negative of those expressions or verbs, identify forward-looking statements. We caution readers that these statements are not guarantees of future performance. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, which may by their nature be inherently uncertain and some of which may be outside our control. These statements may relate to plans and objectives with respect to the future, among other things which may change. We are alerting you to the possibility that our actual results may differ, possibly materially, from the expected objectives or anticipated results that may be suggested, expressed or implied by these forward-looking statements. Important factors that could cause our results to differ, possibly materially, from those indicated in the forward-looking statements include, among others, those discussed under &#8220;Risk Factors&#8221; </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Any or all of management&#8217;s forward-looking statements here or in other publications may turn out to be incorrect and are based on management&#8217;s current belief or opinions. Ambac Financial Group&#8217;s (&#8220;AFG&#8221;) and its subsidiaries&#8217; (collectively, &#8220;Ambac&#8221; or the &#8220;Company&#8221;) actual results may vary materially, and there are no guarantees about the performance of Ambac&#8217;s securities.  Among events, risks, uncertainties or factors that could cause actual results to differ materially are: (1) the high degree of volatility in the price of AFG&#8217;s common stock; (2) uncertainty concerning the Company&#8217;s ability to achieve value for holders of its securities, whether from Ambac Assurance Corporation (&#8220;AAC&#8221;) and its subsidiaries or from the specialty property and casualty insurance business, the insurance distribution business, or related businesses; (3) inadequacy of reserves established for losses and loss expenses and the possibility that changes in loss reserves may result in further volatility of earnings or financial results; (4) potential for rehabilitation proceedings or other regulatory intervention or restrictions against AAC; (5) credit risk throughout Ambac&#8217;s business, including but not limited to credit risk related to insured residential mortgage-backed securities, student loan and other asset securitizations, public finance obligations (including risks associated with Chapter 9 and other restructuring proceedings), issuers of securities in our investment portfolios, and exposures to reinsurers; (6) our inability to effectively reduce insured financial guarantee exposures or achieve recoveries or investment objectives; (7) our inability to generate the significant amount of cash needed to service our debt and financial obligations, and our inability to refinance our indebtedness; (8) Ambac&#8217;s substantial indebtedness could adversely affect its financial condition and operating flexibility; (9) Ambac may not be able to obtain financing or raise capital on acceptable terms or at all due to its substantial indebtedness and financial condition; (10) greater than expected underwriting losses in the Company&#8217;s specialty property and casualty insurance business; (11) failure of specialty insurance program partners to properly market, underwrite or administer policies; (12) inability to obtain reinsurance coverage on expected terms; (13) loss of key relationships for production of business in specialty property and casualty and insurance distribution businesses or the inability to secure such additional relationships to produce expected results; (14) the impact of catastrophic public health, environmental or natural events, or global or regional conflicts, on significant portions of our insured portfolio; (15) credit risks related to large single risks, risk concentrations and correlated risks; (16) risks </span></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">2</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:45pt;width:100%"><div style="text-align:center"><span><br/></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">associated with adverse selection as Ambac&#8217;s financial guarantee insurance portfolio runs off; (17) the risk that Ambac&#8217;s risk management policies and practices do not anticipate certain risks and/or the magnitude of potential for loss; (18) restrictive covenants in agreements and instruments that impair Ambac&#8217;s ability to pursue or achieve its business strategies; (19) adverse effects on operating results or the Company&#8217;s financial position resulting from measures taken to reduce financial guarantee risks in its insured portfolio; (20) disagreements or disputes with Ambac's insurance regulators; (21) loss of control rights in transactions for which we provide financial guarantee insurance; (22) inability to realize expected recoveries of financial guarantee losses; (23) risks attendant to the change in composition of securities in the Ambac&#8217;s investment portfolio; (24) adverse impacts from changes in prevailing interest rates; (25) events or circumstances that result in the impairment of our intangible assets and/or goodwill that was recorded in connection with Ambac&#8217;s acquisitions; (26) risks associated with the expected discontinuance of the London Inter-Bank Offered Rate; (27) factors that may negatively influence the amount of installment premiums paid to  Ambac; (28) the risk of litigation and regulatory inquiries or investigations, and the risk of adverse outcomes in connection therewith; (29) the Company&#8217;s ability to adapt to the rapid pace of regulatory change; (30) actions of stakeholders whose interests are not aligned with broader interests of Ambac's stockholders; (31) system security risks, data protection breaches and cyber attacks; (32) regulatory oversight of Ambac Assurance UK Limited (&#8220;Ambac UK&#8221;) and applicable regulatory restrictions may adversely affect our ability to realize value from Ambac UK or the amount of value we ultimately realize; (33) failures in services or products provided by third parties; (34) political developments that disrupt the economies where the Company has insured exposures; (35) our inability to attract and retain qualified executives, senior managers and other employees, or the loss of such personnel; (36) fluctuations in foreign currency exchange rates; (37) failure to realize our business expansion plans or failure of such plans to create value; (38) greater competition for our specialty property and casualty insurance business and/or our insurance distribution business; (39) loss or lowering of the AM Best rating for our property and casualty insurance company subsidiaries; (40) disintermediation within the insurance industry or greater competition from technology-based insurance solutions; (41) changes in law or in the functioning of the healthcare market that impair the business model of our accident and health managing general underwriter; and (42) other risks and uncertainties that have not been identified at this time.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8.8pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </span></div><div id="i638b6c7d640945a2b897c7baa4092de1_19"></div><div style="-sec-extract:summary;margin-bottom:12pt;margin-top:15pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">EXHIBIT INDEX</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:9.341%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.535%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:87.724%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Exhibit</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Number</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Exhibit Description</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">101.INS</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">XBRL Instance Document - the instance document does not appear in the interactive Data File because its XBRL tags are embedded within the Inline XBRL document.</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">101.SCH</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">XBRL Taxonomy Extension Schema Document.</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">101.CAL</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">XBRL Taxonomy Extension Calculation Linkbase Document.</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">101.LAB</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">XBRL Taxonomy Extension Label Linkbase Document.</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">101.PRE</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">XBRL Taxonomy Extension Presentation Linkbase Document.</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">101.DEF</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">XBRL Taxonomy Extension Definition Linkbase Document.</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">104</span></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags or embedded within the Inline XBRL document</span></div></td></tr></table></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="-sec-extract:summary;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">3</span></div></div></div><div id="i638b6c7d640945a2b897c7baa4092de1_22"></div><hr style="page-break-after:always"/><div style="min-height:45pt;width:100%"><div style="text-align:center"><span><br/></span></div></div><div style="margin-bottom:9pt;margin-top:12pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SIGNATURES </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </span></div><div style="margin-bottom:9pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.614%"><tr><td style="width:1.0%"></td><td style="width:8.227%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:36.208%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.870%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.792%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.870%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.756%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Ambac Financial Group, Inc.</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">(Registrant)</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Dated:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">March 7, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">By:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:1pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">/s/ William J. White</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">William J. White</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">First Vice President, Secretary and Assistant General Counsel</span></div></td></tr></table></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">4</span></div></div></div></body></html>
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ambc-20230303
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
March 3, 2023
Ambac Financial Group, Inc.
(Exact name of Registrant as specified in its charter)
Delaware
1-10777
13-3621676
(State of incorporation)
(Commission
file number)
(I.R.S. employer
identification no.)
One World Trade Center
New York
NY
10007
(Address of principal executive offices)
(212)
658-7470
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common stock, par value $0.01 per share
AMBC
New York Stock Exchange
Warrants
AMBC WS
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided  pursuant to
Section 13(a) of the Exchange Act.
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Item 5.03.  Departures of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 3, 2023, a member of the Board of Directors of Ambac Financial Group, Inc. (the "Company"), Mr. David Herzog, informed the Company that he would not be standing for re-election as a director at the 2023 Annual Meeting of Stockholders of the Company.
Forward-Looking Statements
In this report, statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "estimate," "project," "plan," "believe," "anticipate," "intend," "planned," "potential" and similar expressions, or future or conditional verbs such as "will," "should," "would," "could," and "may," or the negative of those expressions or verbs, identify forward-looking statements. We caution readers that these statements are not guarantees of future performance. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, which may by their nature be inherently uncertain and some of which may be outside our control. These statements may relate to plans and objectives with respect to the future, among other things which may change. We are alerting you to the possibility that our actual results may differ, possibly materially, from the expected objectives or anticipated results that may be suggested, expressed or implied by these forward-looking statements. Important factors that could cause our results to differ, possibly materially, from those indicated in the forward-looking statements include, among others, those discussed under "Risk Factors"
Any or all of management's forward-looking statements here or in other publications may turn out to be incorrect and are based on management's current belief or opinions. Ambac Financial Group's ("AFG") and its subsidiaries' (collectively, "Ambac" or the "Company") actual results may vary materially, and there are no guarantees about the performance of Ambac's securities.  Among events, risks, uncertainties or factors that could cause actual results to differ materially are: (1) the high degree of volatility in the price of AFG's common stock; (2) uncertainty concerning the Company's ability to achieve value for holders of its securities, whether from Ambac Assurance Corporation ("AAC") and its subsidiaries or from the specialty property and casualty insurance business, the insurance distribution business, or related businesses; (3) inadequacy of reserves established for losses and loss expenses and the possibility that changes in loss reserves may result in further volatility of earnings or financial results; (4) potential for rehabilitation proceedings or other regulatory intervention or restrictions against AAC; (5) credit risk throughout Ambac's business, including but not limited to credit risk related to insured residential mortgage-backed securities, student loan and other asset securitizations, public finance obligations (including risks associated with Chapter 9 and other restructuring proceedings), issuers of securities in our investment portfolios, and exposures to reinsurers; (6) our inability to effectively reduce insured financial guarantee exposures or achieve recoveries or investment objectives; (7) our inability to generate the significant amount of cash needed to service our debt and financial obligations, and our inability to refinance our indebtedness; (8) Ambac's substantial indebtedness could adversely affect its financial condition and operating flexibility; (9) Ambac may not be able to obtain financing or raise capital on acceptable terms or at all due to its substantial indebtedness and financial condition; (10) greater than expected underwriting losses in the Company's specialty property and casualty insurance business; (11) failure of specialty insurance program partners to properly market, underwrite or administer policies; (12) inability to obtain reinsurance coverage on expected terms; (13) loss of key relationships for production of business in specialty property and casualty and insurance distribution businesses or the inability to secure such additional relationships to produce expected results; (14) the impact of catastrophic public health, environmental or natural events, or global or regional conflicts, on significant portions of our insured portfolio; (15) credit risks related to large single risks, risk concentrations and correlated risks; (16) risks
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associated with adverse selection as Ambac's financial guarantee insurance portfolio runs off; (17) the risk that Ambac's risk management policies and practices do not anticipate certain risks and/or the magnitude of potential for loss; (18) restrictive covenants in agreements and instruments that impair Ambac's ability to pursue or achieve its business strategies; (19) adverse effects on operating results or the Company's financial position resulting from measures taken to reduce financial guarantee risks in its insured portfolio; (20) disagreements or disputes with Ambac's insurance regulators; (21) loss of control rights in transactions for which we provide financial guarantee insurance; (22) inability to realize expected recoveries of financial guarantee losses; (23) risks attendant to the change in composition of securities in the Ambac's investment portfolio; (24) adverse impacts from changes in prevailing interest rates; (25) events or circumstances that result in the impairment of our intangible assets and/or goodwill that was recorded in connection with Ambac's acquisitions; (26) risks associated with the expected discontinuance of the London Inter-Bank Offered Rate; (27) factors that may negatively influence the amount of installment premiums paid to  Ambac; (28) the risk of litigation and regulatory inquiries or investigations, and the risk of adverse outcomes in connection therewith; (29) the Company's ability to adapt to the rapid pace of regulatory change; (30) actions of stakeholders whose interests are not aligned with broader interests of Ambac's stockholders; (31) system security risks, data protection breaches and cyber attacks; (32) regulatory oversight of Ambac Assurance UK Limited ("Ambac UK") and applicable regulatory restrictions may adversely affect our ability to realize value from Ambac UK or the amount of value we ultimately realize; (33) failures in services or products provided by third parties; (34) political developments that disrupt the economies where the Company has insured exposures; (35) our inability to attract and retain qualified executives, senior managers and other employees, or the loss of such personnel; (36) fluctuations in foreign currency exchange rates; (37) failure to realize our business expansion plans or failure of such plans to create value; (38) greater competition for our specialty property and casualty insurance business and/or our insurance distribution business; (39) loss or lowering of the AM Best rating for our property and casualty insurance company subsidiaries; (40) disintermediation within the insurance industry or greater competition from technology-based insurance solutions; (41) changes in law or in the functioning of the healthcare market that impair the business model of our accident and health managing general underwriter; and (42) other risks and uncertainties that have not been identified at this time.
EXHIBIT INDEX
Exhibit
Number
Exhibit Description
101.INS
XBRL Instance Document - the instance document does not appear in the interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH
XBRL Taxonomy Extension Schema Document.
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB
XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document.
104
Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags or embedded within the Inline XBRL document
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Ambac Financial Group, Inc.
(Registrant)
Dated:
March 7, 2023
By:
/s/ William J. White
William J. White
First Vice President, Secretary and Assistant General Counsel
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