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<title>ambc-20220330</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="i931dc7d6e49040afbd7b09767998c2e6_D20220330-20220330" name="dei:EntityCentralIndexKey" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV83L2ZyYWc6ZDA3MTgzY2E4NjliNDRjNmI0NWRhNDczMDkwNWIwYWQvdGFibGU6YzMyM2FmYWNkMjljNDZlYjkyMjMyMTRhYThiOTBkMzIvdGFibGVyYW5nZTpjMzIzYWZhY2QyOWM0NmViOTIyMzIxNGFhOGI5MGQzMl8yLTEtMS0xLTI1ODQxNg_e770e347-d1a4-4bc8-b310-decda1d80186">0000874501</ix:nonNumeric><ix:nonNumeric contextRef="i931dc7d6e49040afbd7b09767998c2e6_D20220330-20220330" name="dei:AmendmentFlag" format="ixt:fixed-false" 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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:120.75pt"><tr><td style="width:1.0pt"></td><td style="width:58.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:1.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:54.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:26pt"><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="i931dc7d6e49040afbd7b09767998c2e6_D20220330-20220330" name="dei:DocumentType" 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Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Date of Report (Date of earliest event reported):  <ix:nonNumeric contextRef="i931dc7d6e49040afbd7b09767998c2e6_D20220330-20220330" name="dei:DocumentPeriodEndDate" format="ixt:date-monthname-day-year-en" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8xL2ZyYWc6ZjcyNTE3ZjFlYjU4NDA1YWJjNTZhYzBjNzlkZDMxMWEvdGV4dHJlZ2lvbjpmNzI1MTdmMWViNTg0MDVhYmM1NmFjMGM3OWRkMzExYV8yMTg_a0f64c18-61a9-4bf5-9f6b-f1be2e250c73">March&#160;30, 2022</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="i931dc7d6e49040afbd7b09767998c2e6_D20220330-20220330" name="dei:EntityRegistrantName" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8xL2ZyYWc6ZjcyNTE3ZjFlYjU4NDA1YWJjNTZhYzBjNzlkZDMxMWEvdGFibGU6MjJiYzA5MmM2OTJhNDExMGIzMGQ2YzY3MmFiMTljOTIvdGFibGVyYW5nZToyMmJjMDkyYzY5MmE0MTEwYjMwZDZjNjcyYWIxOWM5Ml8wLTAtMS0xLTI1ODQxNg_b1a4621c-5596-44b6-bdac-fc31322b4960">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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id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8xL2ZyYWc6ZjcyNTE3ZjFlYjU4NDA1YWJjNTZhYzBjNzlkZDMxMWEvdGFibGU6ZGZiZDg1YjYwOWE3NDE5NDkyNDZmMjdlMDA1OTNlN2QvdGFibGVyYW5nZTpkZmJkODViNjA5YTc0MTk0OTI0NmYyN2UwMDU5M2U3ZF8wLTEtMS0xLTI1ODQxNg_0af11f05-fda0-4686-9b9c-798515d17aae">(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="i931dc7d6e49040afbd7b09767998c2e6_D20220330-20220330" name="dei:LocalPhoneNumber" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8xL2ZyYWc6ZjcyNTE3ZjFlYjU4NDA1YWJjNTZhYzBjNzlkZDMxMWEvdGFibGU6ZGZiZDg1YjYwOWE3NDE5NDkyNDZmMjdlMDA1OTNlN2QvdGFibGVyYW5nZTpkZmJkODViNjA5YTc0MTk0OTI0NmYyN2UwMDU5M2U3ZF8wLTItMS0xLTI1ODQxNg_22420226-225a-4448-9cff-6e55b58bdd5e">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:10.5pt;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-bottom:12pt;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:11pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i931dc7d6e49040afbd7b09767998c2e6_D20220330-20220330" name="dei:WrittenCommunications" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8xL2ZyYWc6ZjcyNTE3ZjFlYjU4NDA1YWJjNTZhYzBjNzlkZDMxMWEvdGFibGU6MDkzZmI4YjM2OGIwNDczOTlmZjQ2ZTVkYjQyZDNiODUvdGFibGVyYW5nZTowOTNmYjhiMzY4YjA0NzM5OWZmNDZlNWRiNDJkM2I4NV8wLTAtMS0xLTI1ODQxNg_f1f4cbb9-60d1-4dae-9c95-f9f0be0e4f04">&#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:10.5pt;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:11pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i931dc7d6e49040afbd7b09767998c2e6_D20220330-20220330" name="dei:SolicitingMaterial" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8xL2ZyYWc6ZjcyNTE3ZjFlYjU4NDA1YWJjNTZhYzBjNzlkZDMxMWEvdGFibGU6MDkzZmI4YjM2OGIwNDczOTlmZjQ2ZTVkYjQyZDNiODUvdGFibGVyYW5nZTowOTNmYjhiMzY4YjA0NzM5OWZmNDZlNWRiNDJkM2I4NV8yLTAtMS0xLTI1ODQxNg_bd069f4b-4171-4c48-b684-b9e40d4dd3bf">&#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:10.5pt;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:11pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i931dc7d6e49040afbd7b09767998c2e6_D20220330-20220330" name="dei:PreCommencementTenderOffer" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8xL2ZyYWc6ZjcyNTE3ZjFlYjU4NDA1YWJjNTZhYzBjNzlkZDMxMWEvdGFibGU6MDkzZmI4YjM2OGIwNDczOTlmZjQ2ZTVkYjQyZDNiODUvdGFibGVyYW5nZTowOTNmYjhiMzY4YjA0NzM5OWZmNDZlNWRiNDJkM2I4NV80LTAtMS0xLTI1ODQxNg_14e427fe-4698-4563-a17b-e6e9f4614520">&#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:10.5pt;font-weight:400;line-height:100%">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (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:11pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i931dc7d6e49040afbd7b09767998c2e6_D20220330-20220330" name="dei:PreCommencementIssuerTenderOffer" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8xL2ZyYWc6ZjcyNTE3ZjFlYjU4NDA1YWJjNTZhYzBjNzlkZDMxMWEvdGFibGU6MDkzZmI4YjM2OGIwNDczOTlmZjQ2ZTVkYjQyZDNiODUvdGFibGVyYW5nZTowOTNmYjhiMzY4YjA0NzM5OWZmNDZlNWRiNDJkM2I4NV82LTAtMS0xLTI1ODQxNg_c3368058-8cb5-497e-9306-82ba3d9a3f57">&#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:10.5pt;font-weight:400;line-height:100%">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))</span></td></tr></table></div><div style="margin-bottom:3pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:40.627%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.980%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:40.629%"></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:10.5pt;font-weight:400;line-height:100%">Securities registered pursuant to Section 12(b) of the Act:</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt solid #000;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="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;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="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-right:1pt solid #000;border-top:1pt solid #000;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-left:1pt solid #000;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="i699eeefb65364ab3a00f7dcacdb11d85_D20220330-20220330" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8xL2ZyYWc6ZjcyNTE3ZjFlYjU4NDA1YWJjNTZhYzBjNzlkZDMxMWEvdGFibGU6ZWY4NDhiY2U3YmZjNGZkYTgyM2NjNDc1MDJlYjgyMzkvdGFibGVyYW5nZTplZjg0OGJjZTdiZmM0ZmRhODIzY2M0NzUwMmViODIzOV8yLTAtMS0xLTI1ODQxNg_df15261a-59e3-498c-860c-05629d720f1d">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="i699eeefb65364ab3a00f7dcacdb11d85_D20220330-20220330" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8xL2ZyYWc6ZjcyNTE3ZjFlYjU4NDA1YWJjNTZhYzBjNzlkZDMxMWEvdGFibGU6ZWY4NDhiY2U3YmZjNGZkYTgyM2NjNDc1MDJlYjgyMzkvdGFibGVyYW5nZTplZjg0OGJjZTdiZmM0ZmRhODIzY2M0NzUwMmViODIzOV8yLTItMS0xLTI1ODQxNg_298e9e1e-0321-493b-8842-b8f677fd3a44">AMBC</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-right:1pt solid #000;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="i699eeefb65364ab3a00f7dcacdb11d85_D20220330-20220330" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8xL2ZyYWc6ZjcyNTE3ZjFlYjU4NDA1YWJjNTZhYzBjNzlkZDMxMWEvdGFibGU6ZWY4NDhiY2U3YmZjNGZkYTgyM2NjNDc1MDJlYjgyMzkvdGFibGVyYW5nZTplZjg0OGJjZTdiZmM0ZmRhODIzY2M0NzUwMmViODIzOV8yLTQtMS0xLTI1ODQxNg_0f5ca77f-e709-47fa-a040-fda8d6c3b164">New York Stock Exchange</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt solid #000;border-top:0.25pt solid #000;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="iedfd878d342d4dac8857aa4aa61d2f8c_D20220330-20220330" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8xL2ZyYWc6ZjcyNTE3ZjFlYjU4NDA1YWJjNTZhYzBjNzlkZDMxMWEvdGFibGU6ZWY4NDhiY2U3YmZjNGZkYTgyM2NjNDc1MDJlYjgyMzkvdGFibGVyYW5nZTplZjg0OGJjZTdiZmM0ZmRhODIzY2M0NzUwMmViODIzOV8zLTAtMS0xLTI1ODQxNg_348b8381-fea5-440f-b36b-47b526308713">Warrants</ix:nonNumeric></span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.25pt solid #000;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="iedfd878d342d4dac8857aa4aa61d2f8c_D20220330-20220330" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8xL2ZyYWc6ZjcyNTE3ZjFlYjU4NDA1YWJjNTZhYzBjNzlkZDMxMWEvdGFibGU6ZWY4NDhiY2U3YmZjNGZkYTgyM2NjNDc1MDJlYjgyMzkvdGFibGVyYW5nZTplZjg0OGJjZTdiZmM0ZmRhODIzY2M0NzUwMmViODIzOV8zLTItMS0xLTI1ODQxNg_1788c0cd-7c68-46df-b967-256a254db77e">AMBC WS</ix:nonNumeric></span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-right:1pt solid #000;border-top:0.25pt solid #000;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="iedfd878d342d4dac8857aa4aa61d2f8c_D20220330-20220330" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8xL2ZyYWc6ZjcyNTE3ZjFlYjU4NDA1YWJjNTZhYzBjNzlkZDMxMWEvdGFibGU6ZWY4NDhiY2U3YmZjNGZkYTgyM2NjNDc1MDJlYjgyMzkvdGFibGVyYW5nZTplZjg0OGJjZTdiZmM0ZmRhODIzY2M0NzUwMmViODIzOV8zLTQtMS0xLTI1ODQxNg_f89101ac-b66a-43e7-b7f1-cc1a7cc2a4ea">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:10.5pt;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:29.678%"><tr><td style="width:1.0%"></td><td style="width:83.136%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.664%"></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:10.5pt;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"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10.5pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i931dc7d6e49040afbd7b09767998c2e6_D20220330-20220330" name="dei:EntityEmergingGrowthCompany" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8xL2ZyYWc6ZjcyNTE3ZjFlYjU4NDA1YWJjNTZhYzBjNzlkZDMxMWEvdGFibGU6OGY3ZDg0MTY4M2IyNGRmNjk0MjA2NDk4NWFjYjA4YTIvdGFibGVyYW5nZTo4ZjdkODQxNjgzYjI0ZGY2OTQyMDY0OTg1YWNiMDhhMl8wLTEtMS0xLTI1ODQxNg_56a4f0a0-4bbd-4599-80ca-6069b03f30bd">&#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:29.747%"></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:62.206%"></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:10.5pt;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:10.5pt;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:10.5pt;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="ib5426a085d4549c1b6f093494b832815_204"></div><hr style="page-break-after:always"/><div style="min-height:45pt;width:100%"><div><span><br/></span></div></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Item 7.01. Regulation FD Disclosure.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">On <ix:nonNumeric contextRef="i931dc7d6e49040afbd7b09767998c2e6_D20220330-20220330" name="dei:DocumentPeriodEndDate" format="ixt:date-monthname-day-year-en" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8yMDQvZnJhZzpjNjM4NTRlZWQ2ZjY0Y2M0OTVjYjc2YTIyYjFlZGFhNS90ZXh0cmVnaW9uOmM2Mzg1NGVlZDZmNjRjYzQ5NWNiNzZhMjJiMWVkYWE1XzEwOTk1MTE2Mjg3NDk_a0f64c18-61a9-4bf5-9f6b-f1be2e250c73">March&#160;30, 2022</ix:nonNumeric>, Ambac Financial Group, Inc. (the &#8220;Company&#8221; or &#8220;Ambac&#8221;) issued a press release announcing that its Board of Directors has approved a share repurchase program under which Ambac may opportunistically repurchase up to $20 million of the Company&#8217;s common stock at management&#8217;s discretion over the period ending on March 31, 2024. Exhibit 99.1 is a copy of such press release and is incorporated herein by reference.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Ambac Financial Group, Inc. under the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act.</span></div><div id="ib5426a085d4549c1b6f093494b832815_10"></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:112%">Item 8.01. Other Material Event.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">On <ix:nonNumeric contextRef="i931dc7d6e49040afbd7b09767998c2e6_D20220330-20220330" name="dei:DocumentPeriodEndDate" format="ixt:date-monthname-day-year-en" id="id3VybDovL2RvY3MudjEvZG9jOmI1NDI2YTA4NWQ0NTQ5YzFiNmYwOTM0OTRiODMyODE1L3NlYzpiNTQyNmEwODVkNDU0OWMxYjZmMDkzNDk0YjgzMjgxNV8xMC9mcmFnOmVjMDIzYTgwNmE1NTQ1NDBhMjEwNTNjMTY1OGQwMGEzL3RleHRyZWdpb246ZWMwMjNhODA2YTU1NDU0MGEyMTA1M2MxNjU4ZDAwYTNfNDU_a0f64c18-61a9-4bf5-9f6b-f1be2e250c73">March&#160;30, 2022</ix:nonNumeric>, Ambac issued a press release  announcing that its subsidiary, Ambac Assurance Corporation ("AAC"), has provided updates regarding the implementation of the restructuring of a significant portion of its Puerto Rico exposure and</span><span style="color:#4472c4;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">the estimated impact of recent litigation developments on its representation and warranty subrogation recoverable. These developments relate solely to AAC, Ambac&#8217;s legacy financial guaranty business. Both developments are expected to have a material effect on Ambac&#8217;s consolidated financial results for the first quarter of 2022.  Exhibit 99.2 is a copy of such press release and is incorporated herein by reference.</span></div><div id="ib5426a085d4549c1b6f093494b832815_13"></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Forward-Looking Statements</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;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;  in our most recent SEC filed quarterly or annual report.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;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 highly speculative nature of AFG&#8217;s common stock and 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 program insurance business, the managing general agency/underwriting business, or related businesses; (3) the  inability of AAC to realize the expected recoveries, including RMBS litigation recoveries, included in its financial statements, or changes in estimated RMBS litigation recoveries over time; (4) failure to recover claims paid on Puerto Rico exposures or realization of losses in amounts higher than expected; (5) inadequacy of reserves established for losses and loss expenses and possibility that changes in loss reserves may result in further volatility of earnings or financial results; (6) potential for rehabilitation proceedings or other regulatory intervention against AAC; (7) 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; (8) our inability to effectively reduce insured financial guarantee exposures or achieve recoveries or investment objectives; (9) our inability to generate the </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><span><br/></span></div></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">significant amount of cash needed to service our debt and financial obligations, including through litigation recoveries or disposition of assets, and our inability to refinance our indebtedness; (10) Ambac&#8217;s substantial indebtedness could adversely affect its financial condition and operating flexibility; (11) 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; (12) the impact of catastrophic public health, environmental or natural events, including events like the COVID-19 pandemic, on significant portions of our insured portfolio; (13) credit risks related to large single risks, risk concentrations and correlated risks; (14) risks associated with adverse selection as Ambac&#8217;s financial guarantee insurance portfolio runs off; (15) the risk that Ambac&#8217;s risk management policies and practices do not anticipate certain risks and/or the magnitude of potential for loss; (16) restrictive covenants in agreements and instruments that impair Ambac&#8217;s ability to pursue or achieve its business strategies; (17) 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; (18) disagreements or disputes with Ambac's insurance regulators; (19) loss of control rights in transactions for which we provide financial guarantee insurance; (20) adverse tax consequences or other costs resulting from the characterization of the AAC&#8217;s surplus notes or other obligations as equity; (21) risks attendant to the change in composition of securities in the Ambac&#8217;s investment portfolio; (22) adverse impacts from changes in prevailing interest rates; (23) events or circumstances that result in the impairment of our intangible assets and/or goodwill that was recorded in connection with Ambac&#8217;s acquisition of 80% of the membership interests of Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC; (24) risks associated with the expected discontinuance of the London Inter-Bank Offered Rate; (25) factors that may negatively influence the amount of installment premiums paid to  Ambac; (26) risks relating to determinations of amounts of impairments taken on investments; (27) the risk of litigation and regulatory inquiries or investigations, and the risk of adverse outcomes in connection therewith; (28) actions of stakeholders whose interests are not aligned with broader interests of the Ambac's stockholders; (29) system security risks, data protection breaches and cyber attacks; (30) 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; (31) failures in services or products provided by third parties; (32) our inability to attract and retain qualified executives, senior managers and other employees, or the loss of such personnel; (33) fluctuations in foreign currency exchange rates; (34) failure to realize our business expansion plans or failure of such plans to create value; (35) greater competition for our specialty property &amp; casualty program insurance business; (36) loss or lowering of the AM Best rating for our property and casualty insurance company subsidiaries; (37) disintermediation within the insurance industry or greater competition that negatively impacts our managing general agency/underwriting business; (38) 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 (39) other risks and uncertainties that have not been identified at this time.   </span></div><div id="ib5426a085d4549c1b6f093494b832815_16"></div><div style="-sec-extract:summary;margin-bottom:12pt;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="border-top:1pt solid #000;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%">99.1</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="a04-0581q22exhibit991.htm">Press Release Dated March </a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="a04-0581q22exhibit991.htm">30</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="a04-0581q22exhibit991.htm">, 2022</a></span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;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%">99.2</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:10pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="a04-0581q22exhibit992.htm">Press Release Dated March 30, 2022</a></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="ib5426a085d4549c1b6f093494b832815_19"></div><hr style="page-break-after:always"/><div style="min-height:45pt;width:100%"><div><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 30, 2022</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-20220330
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 30, 2022
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
☐
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.
☐
Item 7.01. Regulation FD Disclosure.
On
March 30, 2022
, Ambac Financial Group, Inc. (the "Company" or "Ambac") issued a press release announcing that its Board of Directors has approved a share repurchase program under which Ambac may opportunistically repurchase up to $20 million of the Company's common stock at management's discretion over the period ending on March 31, 2024. Exhibit 99.1 is a copy of such press release and is incorporated herein by reference.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Ambac Financial Group, Inc. under the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act.
Item 8.01. Other Material Event.
On
March 30, 2022
, Ambac issued a press release  announcing that its subsidiary, Ambac Assurance Corporation ("AAC"), has provided updates regarding the implementation of the restructuring of a significant portion of its Puerto Rico exposure and
the estimated impact of recent litigation developments on its representation and warranty subrogation recoverable. These developments relate solely to AAC, Ambac's legacy financial guaranty business. Both developments are expected to have a material effect on Ambac's consolidated financial results for the first quarter of 2022.  Exhibit 99.2 is a copy of such press release and is incorporated herein by reference.
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"  in our most recent SEC filed quarterly or annual report.
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 highly speculative nature of AFG's common stock and 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 program insurance business, the managing general agency/underwriting business, or related businesses; (3) the  inability of AAC to realize the expected recoveries, including RMBS litigation recoveries, included in its financial statements, or changes in estimated RMBS litigation recoveries over time; (4) failure to recover claims paid on Puerto Rico exposures or realization of losses in amounts higher than expected; (5) inadequacy of reserves established for losses and loss expenses and possibility that changes in loss reserves may result in further volatility of earnings or financial results; (6) potential for rehabilitation proceedings or other regulatory intervention against AAC; (7) 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; (8) our inability to effectively reduce insured financial guarantee exposures or achieve recoveries or investment objectives; (9) our inability to generate the
2
significant amount of cash needed to service our debt and financial obligations, including through litigation recoveries or disposition of assets, and our inability to refinance our indebtedness; (10) Ambac's substantial indebtedness could adversely affect its financial condition and operating flexibility; (11) 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; (12) the impact of catastrophic public health, environmental or natural events, including events like the COVID-19 pandemic, on significant portions of our insured portfolio; (13) credit risks related to large single risks, risk concentrations and correlated risks; (14) risks associated with adverse selection as Ambac's financial guarantee insurance portfolio runs off; (15) the risk that Ambac's risk management policies and practices do not anticipate certain risks and/or the magnitude of potential for loss; (16) restrictive covenants in agreements and instruments that impair Ambac's ability to pursue or achieve its business strategies; (17) adverse effects on operating results or the Company's financial position resulting from measures taken to reduce financial guarantee risks in its insured portfolio; (18) disagreements or disputes with Ambac's insurance regulators; (19) loss of control rights in transactions for which we provide financial guarantee insurance; (20) adverse tax consequences or other costs resulting from the characterization of the AAC's surplus notes or other obligations as equity; (21) risks attendant to the change in composition of securities in the Ambac's investment portfolio; (22) adverse impacts from changes in prevailing interest rates; (23) events or circumstances that result in the impairment of our intangible assets and/or goodwill that was recorded in connection with Ambac's acquisition of 80% of the membership interests of Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC; (24) risks associated with the expected discontinuance of the London Inter-Bank Offered Rate; (25) factors that may negatively influence the amount of installment premiums paid to  Ambac; (26) risks relating to determinations of amounts of impairments taken on investments; (27) the risk of litigation and regulatory inquiries or investigations, and the risk of adverse outcomes in connection therewith; (28) actions of stakeholders whose interests are not aligned with broader interests of the Ambac's stockholders; (29) system security risks, data protection breaches and cyber attacks; (30) 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; (31) failures in services or products provided by third parties; (32) our inability to attract and retain qualified executives, senior managers and other employees, or the loss of such personnel; (33) fluctuations in foreign currency exchange rates; (34) failure to realize our business expansion plans or failure of such plans to create value; (35) greater competition for our specialty property & casualty program insurance business; (36) loss or lowering of the AM Best rating for our property and casualty insurance company subsidiaries; (37) disintermediation within the insurance industry or greater competition that negatively impacts our managing general agency/underwriting business; (38) 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 (39) other risks and uncertainties that have not been identified at this time.
EXHIBIT INDEX
Exhibit
Number
Exhibit Description
99.1
Press Release Dated March
30
, 2022
99.2
Press Release Dated March 30, 2022
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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 30, 2022
By:
/s/ William J. White
William J. White
First Vice President, Secretary and Assistant General Counsel
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