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<title>ambc-20210624</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="id93eb2954be54a4084c1c583131d1860_D20210624-20210624" name="dei:EntityCentralIndexKey" id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV83L2ZyYWc6M2U2YTc2MDIxYTIyNDNhMzg0Mjk1NzBlZDIwZjlmMDkvdGFibGU6OTVkMzI5NWU5ZmZlNGIzZGE4Mzc2OTFhYjc5MTY5NzYvdGFibGVyYW5nZTo5NWQzMjk1ZTlmZmU0YjNkYTgzNzY5MWFiNzkxNjk3Nl8yLTEtMS0xLTA_a0dab6c1-777d-44d4-a497-c3ecc64519d4">0000874501</ix:nonNumeric><ix:nonNumeric contextRef="id93eb2954be54a4084c1c583131d1860_D20210624-20210624" format="ixt:booleanfalse" name="dei:AmendmentFlag" 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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: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="id93eb2954be54a4084c1c583131d1860_D20210624-20210624" name="dei:DocumentType" id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV8xL2ZyYWc6NzBmYjU2OGVkOWZkNDI3Yzg4NTk1MDQyNmQ4NWFjYTMvdGFibGU6NWUxMzBkZjc2NmY4NGU5ZjhjZjdjNGI2MGY5NTAyOGUvdGFibGVyYW5nZTo1ZTEzMGRmNzY2Zjg0ZTlmOGNmN2M0YjYwZjk1MDI4ZV8wLTItMS0xLTA_38464e26-0430-40f5-a336-a0243445ac1f">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="id93eb2954be54a4084c1c583131d1860_D20210624-20210624" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate" id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV8xL2ZyYWc6NzBmYjU2OGVkOWZkNDI3Yzg4NTk1MDQyNmQ4NWFjYTMvdGV4dHJlZ2lvbjo3MGZiNTY4ZWQ5ZmQ0MjdjODg1OTUwNDI2ZDg1YWNhM18yMTg_53beb7f9-e155-4bc3-859e-1b0f7fd3ae11">June&#160;24, 2021</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="id93eb2954be54a4084c1c583131d1860_D20210624-20210624" name="dei:EntityRegistrantName" 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id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV8xL2ZyYWc6NzBmYjU2OGVkOWZkNDI3Yzg4NTk1MDQyNmQ4NWFjYTMvdGFibGU6YTMxYWJkMTFiY2E2NDQzNDk3ZTY2MTA5MTYzZGQ5MTgvdGFibGVyYW5nZTphMzFhYmQxMWJjYTY0NDM0OTdlNjYxMDkxNjNkZDkxOF8wLTEtMS0xLTA_e0772f85-7021-4d97-b7b7-b343f41471a8">(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="id93eb2954be54a4084c1c583131d1860_D20210624-20210624" name="dei:LocalPhoneNumber" id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV8xL2ZyYWc6NzBmYjU2OGVkOWZkNDI3Yzg4NTk1MDQyNmQ4NWFjYTMvdGFibGU6YTMxYWJkMTFiY2E2NDQzNDk3ZTY2MTA5MTYzZGQ5MTgvdGFibGVyYW5nZTphMzFhYmQxMWJjYTY0NDM0OTdlNjYxMDkxNjNkZDkxOF8wLTItMS0xLTA_3769b93e-a45c-4e04-a486-9db8455e169c">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="id93eb2954be54a4084c1c583131d1860_D20210624-20210624" format="ixt-sec:boolballotbox" name="dei:WrittenCommunications" id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV8xL2ZyYWc6NzBmYjU2OGVkOWZkNDI3Yzg4NTk1MDQyNmQ4NWFjYTMvdGFibGU6YWVmMzJlOTM4Zjk3NDUwZDg5NzdmMmJhOWJmNzgzMGUvdGFibGVyYW5nZTphZWYzMmU5MzhmOTc0NTBkODk3N2YyYmE5YmY3ODMwZV8wLTAtMS0xLTA_9036a33f-853c-4618-955f-a33cff881abf">&#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="id93eb2954be54a4084c1c583131d1860_D20210624-20210624" format="ixt-sec:boolballotbox" name="dei:SolicitingMaterial" id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV8xL2ZyYWc6NzBmYjU2OGVkOWZkNDI3Yzg4NTk1MDQyNmQ4NWFjYTMvdGFibGU6YWVmMzJlOTM4Zjk3NDUwZDg5NzdmMmJhOWJmNzgzMGUvdGFibGVyYW5nZTphZWYzMmU5MzhmOTc0NTBkODk3N2YyYmE5YmY3ODMwZV8yLTAtMS0xLTA_7f8fe522-b1cc-423c-98ad-80e1082e0fe3">&#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="id93eb2954be54a4084c1c583131d1860_D20210624-20210624" format="ixt-sec:boolballotbox" name="dei:PreCommencementTenderOffer" id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV8xL2ZyYWc6NzBmYjU2OGVkOWZkNDI3Yzg4NTk1MDQyNmQ4NWFjYTMvdGFibGU6YWVmMzJlOTM4Zjk3NDUwZDg5NzdmMmJhOWJmNzgzMGUvdGFibGVyYW5nZTphZWYzMmU5MzhmOTc0NTBkODk3N2YyYmE5YmY3ODMwZV80LTAtMS0xLTA_76e64c50-8dd2-4fed-863c-19cabe884655">&#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="id93eb2954be54a4084c1c583131d1860_D20210624-20210624" format="ixt-sec:boolballotbox" name="dei:PreCommencementIssuerTenderOffer" id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV8xL2ZyYWc6NzBmYjU2OGVkOWZkNDI3Yzg4NTk1MDQyNmQ4NWFjYTMvdGFibGU6YWVmMzJlOTM4Zjk3NDUwZDg5NzdmMmJhOWJmNzgzMGUvdGFibGVyYW5nZTphZWYzMmU5MzhmOTc0NTBkODk3N2YyYmE5YmY3ODMwZV82LTAtMS0xLTA_87d08de8-ce18-43b5-96a6-16b7d2361dbc">&#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="i685931c3565a4a5984f14c6eebb08b79_D20210624-20210624" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV8xL2ZyYWc6NzBmYjU2OGVkOWZkNDI3Yzg4NTk1MDQyNmQ4NWFjYTMvdGFibGU6M2M5OGFjYzJiNjhlNGQwZmI1N2M3NzQ0NjNmYmIxZGYvdGFibGVyYW5nZTozYzk4YWNjMmI2OGU0ZDBmYjU3Yzc3NDQ2M2ZiYjFkZl8yLTAtMS0xLTA_22999d9b-1ecf-47e4-9dcb-77b594c59923">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="i685931c3565a4a5984f14c6eebb08b79_D20210624-20210624" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV8xL2ZyYWc6NzBmYjU2OGVkOWZkNDI3Yzg4NTk1MDQyNmQ4NWFjYTMvdGFibGU6M2M5OGFjYzJiNjhlNGQwZmI1N2M3NzQ0NjNmYmIxZGYvdGFibGVyYW5nZTozYzk4YWNjMmI2OGU0ZDBmYjU3Yzc3NDQ2M2ZiYjFkZl8yLTItMS0xLTA_a4b1d6c4-15c4-4bd2-9f53-ddded7730092">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="i685931c3565a4a5984f14c6eebb08b79_D20210624-20210624" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV8xL2ZyYWc6NzBmYjU2OGVkOWZkNDI3Yzg4NTk1MDQyNmQ4NWFjYTMvdGFibGU6M2M5OGFjYzJiNjhlNGQwZmI1N2M3NzQ0NjNmYmIxZGYvdGFibGVyYW5nZTozYzk4YWNjMmI2OGU0ZDBmYjU3Yzc3NDQ2M2ZiYjFkZl8yLTQtMS0xLTA_a6070348-3f43-4203-98d3-7fd899b2d939">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="id5a16fad9ea6453fae78ef02547493d8_D20210624-20210624" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV8xL2ZyYWc6NzBmYjU2OGVkOWZkNDI3Yzg4NTk1MDQyNmQ4NWFjYTMvdGFibGU6M2M5OGFjYzJiNjhlNGQwZmI1N2M3NzQ0NjNmYmIxZGYvdGFibGVyYW5nZTozYzk4YWNjMmI2OGU0ZDBmYjU3Yzc3NDQ2M2ZiYjFkZl8zLTAtMS0xLTA_bf7f9009-27f5-4d15-8b5c-f9b84045f941">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="id5a16fad9ea6453fae78ef02547493d8_D20210624-20210624" name="dei:TradingSymbol" id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV8xL2ZyYWc6NzBmYjU2OGVkOWZkNDI3Yzg4NTk1MDQyNmQ4NWFjYTMvdGFibGU6M2M5OGFjYzJiNjhlNGQwZmI1N2M3NzQ0NjNmYmIxZGYvdGFibGVyYW5nZTozYzk4YWNjMmI2OGU0ZDBmYjU3Yzc3NDQ2M2ZiYjFkZl8zLTItMS0xLTA_0f0a3395-2552-40ed-8870-5f9203a1f719">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="id5a16fad9ea6453fae78ef02547493d8_D20210624-20210624" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV8xL2ZyYWc6NzBmYjU2OGVkOWZkNDI3Yzg4NTk1MDQyNmQ4NWFjYTMvdGFibGU6M2M5OGFjYzJiNjhlNGQwZmI1N2M3NzQ0NjNmYmIxZGYvdGFibGVyYW5nZTozYzk4YWNjMmI2OGU0ZDBmYjU3Yzc3NDQ2M2ZiYjFkZl8zLTQtMS0xLTA_589d1ac5-96d7-4077-9a04-0df35bbe8db5">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="id93eb2954be54a4084c1c583131d1860_D20210624-20210624" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV8xL2ZyYWc6NzBmYjU2OGVkOWZkNDI3Yzg4NTk1MDQyNmQ4NWFjYTMvdGFibGU6MjE1NjQwNjg5YjcxNDFmNDkwNzE4MTdhMGFjMGU4NDkvdGFibGVyYW5nZToyMTU2NDA2ODliNzE0MWY0OTA3MTgxN2EwYWMwZTg0OV8wLTEtMS0xLTA_0b8e06cf-078a-4547-8aa4-36ad11a3f6fe">&#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="i4eff412fdbc144ed80e120709cd6acce_10"></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;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Item 1.01. Entry in a Material Definitive Agreement.</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:115%">On <ix:nonNumeric contextRef="id93eb2954be54a4084c1c583131d1860_D20210624-20210624" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate" id="id3VybDovL2RvY3MudjEvZG9jOjRlZmY0MTJmZGJjMTQ0ZWQ4MGUxMjA3MDljZDZhY2NlL3NlYzo0ZWZmNDEyZmRiYzE0NGVkODBlMTIwNzA5Y2Q2YWNjZV8xMC9mcmFnOmRiYzNlYjQ1YWJkYzRmZDk4Y2M0ZjFhMjE2ZDMyM2JmL3RleHRyZWdpb246ZGJjM2ViNDVhYmRjNGZkOThjYzRmMWEyMTZkMzIzYmZfMzM_53beb7f9-e155-4bc3-859e-1b0f7fd3ae11">June&#160;24, 2021</ix:nonNumeric>, the Compensation Committee (the &#8220;Committee&#8221;) of the Board of Directors of Ambac Financial Group, Inc. (the &#8220;Company&#8221;) adopted the Ambac Financial Group, Inc. Executive Stock Deferral Plan (the &#8220;Plan&#8221;).   </span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:23pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Under the Plan, certain executives of the Company and its subsidiaries who are designated by the Committee as eligible to participate in the Plan may elect to defer the settlement of all or a portion of the restricted stock unit (&#8220;RSU&#8221;) awards and performance stock unit (&#8220;PSU&#8221;) awards that are granted to the executives under the Company&#8217;s 2020 Incentive Compensation Plan or any subsequently adopted equity compensation plan (the &#8220;Equity Compensation Plan&#8221;).  A participant in the Plan generally must make a deferral election with respect to an RSU award or a PSU award prior to January 1 of the calendar year in which the award will be granted to the participant, provided that a participant may make a deferral election with respect to a portion of the RSU award and all of the PSU award that were granted to the participant during calendar year 2021, in accordance with the terms of the Plan and Section 409A of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;).  Dividend equivalents will be credited on deferred awards under the Plan in respect of any dividends paid by the Company on shares of its common stock, as set forth in the Plan.  Except for permitting the deferral of settlement of vested RSUs and PSUs (and any dividend equivalents on deferred RSUs and PSUs until such awards are settled), the Plan will not affect any other element of, or increase, the compensation of any executive of the Company or any subsidiary of the Company.</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:115%">            A participant in the Plan generally may elect to receive or begin receiving payment of his or her vested deferred awards (and any related dividend equivalents) on a fixed date selected by the participant, on a date that is linked to the participant&#8217;s separation from service, or on the earlier or later of these dates, provided that, notwithstanding a participant&#8217;s election, payment of the participant&#8217;s vested deferred awards (and any related dividend equivalents) will be made or begin upon the participant&#8217;s death or &#8220;disability&#8221; (as defined in the Plan), or upon a &#8220;change in control&#8221; (as defined in the Plan) of the Company that constitutes a change in control under Section 409A of the Code.  A participant may elect to receive payment in a single lump sum or in up to ten annual installments.  Deferred awards under the Plan (and any related dividend equivalents) will be paid in shares of common stock of the Company, which will be issued under the Equity Compensation Plan, provided that any dividend equivalents credited on a participant&#8217;s deferred awards in respect of cash dividends paid by the Company will be paid to the participant in cash.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">The Plan will be administered by the Committee, provided that the Committee has delegated responsibility for the day-to-day oversight and administration of the Plan to a committee comprised of officers of the Company.  The Plan is not funded, and deferred awards under the Plan are not segregated from the Company&#8217;s general assets.  Accordingly, participants in the Plan are general unsecured creditors of the Company with respect to the amounts due under the Plan.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">The</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> above </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">summary of the Plan is qualified in its entirety by reference to the full text of the Plan, which is attached hereto as Exhibit 10.1 to this Form 8-K and incorporated herein by reference. </span></div><div style="margin-bottom:9pt;text-align:justify"><span><br/></span></div><div id="i4eff412fdbc144ed80e120709cd6acce_13"></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 </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;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">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;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. AFG&#8217;s and its subsidiaries&#8217; (&#8220;Ambac&#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) Ambac's inability to realize the expected recoveries, including RMBS litigation recoveries, included in its financial statements which would have a materially adverse effect on AAC&#8217;s financial condition and may lead to regulatory intervention; (3) failure to recover claims paid on Puerto Rico exposures or realization of losses in amounts higher than expected; (4) increases to loss and loss expense reserves; (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) uncertainty concerning the Company&#8217;s ability to achieve value for holders of its securities, whether from AAC and its subsidiaries or from transactions or opportunities apart from AAC and its subsidiaries, including new business initiatives relating to the specialty property and casualty program insurance business, the managing general agency/underwriting business, or related businesses; (7) potential of rehabilitation proceedings against AAC;  (8) increased fiscal stress experienced by issuers of public finance obligations or an increased incidence of Chapter 9 filings or other restructuring proceedings by public finance issuers, including an increased risk of loss on revenue bonds of distressed public finance issuers due to judicial decisions adverse to revenue bond holders; (9) our inability to mitigate or remediate losses, commute or reduce insured exposures or achieve recoveries or investment objectives, or the failure of any transaction intended to accomplish one or more of these objectives to deliver anticipated results; (10) insufficiency or unavailability of collateral to pay secured obligations; (11) credit risk throughout Ambac&#8217;s business, including but not limited to credit risk related to residential mortgage-backed securities, student loan and other asset securitizations, public finance obligations and exposures to reinsurers; (12) the impact of catastrophic environmental or natural events, including catastrophic public health events like the COVID-19 pandemic, on significant portions of our insured and investment portfolios; (13) credit risks related to large single risks, risk concentrations and correlated risks; (14) the risk that Ambac&#8217;s risk management policies and practices do not anticipate certain risks and/or the magnitude of potential for loss; (15) risks associated with adverse selection as Ambac&#8217;s insured portfolio runs off; (16) Ambac&#8217;s substantial indebtedness could adversely affect its financial condition and operating flexibility; (17) 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; (18) Ambac may not be able to generate the significant amount of cash needed to service its debt and financial obligations, and may not be able to refinance its indebtedness; (19) restrictive covenants in agreements and instruments may impair Ambac&#8217;s ability to pursue or achieve its business strategies; (20) adverse effects on operating results or the Company&#8217;s financial position resulting from measures taken to reduce risks in its insured portfolio; (21) disagreements or disputes with Ambac's insurance regulators; (22) default by one or more of Ambac's portfolio investments, insured issuers or counterparties; (23) loss of control rights in transactions for which we provide insurance due to a finding that Ambac has defaulted; (24) adverse tax consequences or </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%">3</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;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">other costs resulting from the characterization of the AAC&#8217;s surplus notes or other obligations as equity; (25) risks attendant to the change in composition of securities in the Ambac&#8217;s investment portfolio; (26) adverse impacts from changes in prevailing interest rates; (27) our results of operation may be adversely affected by 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; (28) risks associated with the expected discontinuance of the London Inter-Bank Offered Rate; (29) factors that may negatively influence the amount of installment premiums paid to the Ambac; (30) market risks impacting assets in the Ambac&#8217;s investment portfolio or the value of our assets posted as collateral in respect of interest rate swap transactions; (31) risks relating to determinations of amounts of impairments taken on investments; (32) the risk of litigation and regulatory inquiries or investigations, and the risk of adverse outcomes in connection therewith, which could have a material adverse effect on Ambac&#8217;s business, operations, financial position, profitability or cash flows; (33) actions of stakeholders whose interests are not aligned with broader interests of the Ambac's stockholders; (34) system security risks, data protection breaches and cyber attacks; (35) changes in accounting principles or practices that may impact Ambac&#8217;s reported financial results; (36) 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; (37) operational risks, including with respect to internal processes, risk and investment models, systems and employees, and failures in services or products provided by third parties; (38) Ambac&#8217;s financial position that may prompt departures of key employees and may impact the its ability to attract qualified executives and employees; (39) fluctuations in foreign currency exchange rates could adversely impact the insured portfolio in the event of loss reserves or claim payments denominated in a currency other than US dollars and the value of non-US dollar denominated securities in our investment portfolio; (40) disintermediation within the insurance industry that negatively impacts our managing general agency/underwriting business; (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></div><div id="i4eff412fdbc144ed80e120709cd6acce_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="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%">10.1</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:bottom"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;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:12pt;font-weight:400;line-height:100%;text-decoration:underline" href="a04-0552q21exhibit101.htm">Executive Stock Deferral Plan dated </a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline" href="a04-0552q21exhibit101.htm">June </a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline" href="a04-0552q21exhibit101.htm">24</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline" href="a04-0552q21exhibit101.htm">, 2021</a></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.INS</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 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:#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.SCH</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 Schema 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.CAL</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 Calculation 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.LAB</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 Label 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.PRE</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 Presentation 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.DEF</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 Definition Linkbase Document.</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;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:#ffffff;border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;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%">4</span></div></div></div><div id="i4eff412fdbc144ed80e120709cd6acce_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%">June 30, 2021</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%">5</span></div></div></div></body></html>
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ambc-20210624
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):
June 24, 2021
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 1.01. Entry in a Material Definitive Agreement.
On
June 24, 2021
, the Compensation Committee (the "Committee") of the Board of Directors of Ambac Financial Group, Inc. (the "Company") adopted the Ambac Financial Group, Inc. Executive Stock Deferral Plan (the "Plan").
Under the Plan, certain executives of the Company and its subsidiaries who are designated by the Committee as eligible to participate in the Plan may elect to defer the settlement of all or a portion of the restricted stock unit ("RSU") awards and performance stock unit ("PSU") awards that are granted to the executives under the Company's 2020 Incentive Compensation Plan or any subsequently adopted equity compensation plan (the "Equity Compensation Plan").  A participant in the Plan generally must make a deferral election with respect to an RSU award or a PSU award prior to January 1 of the calendar year in which the award will be granted to the participant, provided that a participant may make a deferral election with respect to a portion of the RSU award and all of the PSU award that were granted to the participant during calendar year 2021, in accordance with the terms of the Plan and Section 409A of the Internal Revenue Code of 1986, as amended (the "Code").  Dividend equivalents will be credited on deferred awards under the Plan in respect of any dividends paid by the Company on shares of its common stock, as set forth in the Plan.  Except for permitting the deferral of settlement of vested RSUs and PSUs (and any dividend equivalents on deferred RSUs and PSUs until such awards are settled), the Plan will not affect any other element of, or increase, the compensation of any executive of the Company or any subsidiary of the Company.
A participant in the Plan generally may elect to receive or begin receiving payment of his or her vested deferred awards (and any related dividend equivalents) on a fixed date selected by the participant, on a date that is linked to the participant's separation from service, or on the earlier or later of these dates, provided that, notwithstanding a participant's election, payment of the participant's vested deferred awards (and any related dividend equivalents) will be made or begin upon the participant's death or "disability" (as defined in the Plan), or upon a "change in control" (as defined in the Plan) of the Company that constitutes a change in control under Section 409A of the Code.  A participant may elect to receive payment in a single lump sum or in up to ten annual installments.  Deferred awards under the Plan (and any related dividend equivalents) will be paid in shares of common stock of the Company, which will be issued under the Equity Compensation Plan, provided that any dividend equivalents credited on a participant's deferred awards in respect of cash dividends paid by the Company will be paid to the participant in cash.
The Plan will be administered by the Committee, provided that the Committee has delegated responsibility for the day-to-day oversight and administration of the Plan to a committee comprised of officers of the Company.  The Plan is not funded, and deferred awards under the Plan are not segregated from the Company's general assets.  Accordingly, participants in the Plan are general unsecured creditors of the Company with respect to the amounts due under the Plan.
The
above
summary of the Plan is qualified in its entirety by reference to the full text of the Plan, which is attached hereto as Exhibit 10.1 to this Form 8-K and 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
2
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. AFG's and its subsidiaries' ("Ambac") 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) Ambac's inability to realize the expected recoveries, including RMBS litigation recoveries, included in its financial statements which would have a materially adverse effect on AAC's financial condition and may lead to regulatory intervention; (3) failure to recover claims paid on Puerto Rico exposures or realization of losses in amounts higher than expected; (4) increases to loss and loss expense reserves; (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) uncertainty concerning the Company's ability to achieve value for holders of its securities, whether from AAC and its subsidiaries or from transactions or opportunities apart from AAC and its subsidiaries, including new business initiatives relating to the specialty property and casualty program insurance business, the managing general agency/underwriting business, or related businesses; (7) potential of rehabilitation proceedings against AAC;  (8) increased fiscal stress experienced by issuers of public finance obligations or an increased incidence of Chapter 9 filings or other restructuring proceedings by public finance issuers, including an increased risk of loss on revenue bonds of distressed public finance issuers due to judicial decisions adverse to revenue bond holders; (9) our inability to mitigate or remediate losses, commute or reduce insured exposures or achieve recoveries or investment objectives, or the failure of any transaction intended to accomplish one or more of these objectives to deliver anticipated results; (10) insufficiency or unavailability of collateral to pay secured obligations; (11) credit risk throughout Ambac's business, including but not limited to credit risk related to residential mortgage-backed securities, student loan and other asset securitizations, public finance obligations and exposures to reinsurers; (12) the impact of catastrophic environmental or natural events, including catastrophic public health events like the COVID-19 pandemic, on significant portions of our insured and investment portfolios; (13) credit risks related to large single risks, risk concentrations and correlated risks; (14) the risk that Ambac's risk management policies and practices do not anticipate certain risks and/or the magnitude of potential for loss; (15) risks associated with adverse selection as Ambac's insured portfolio runs off; (16) Ambac's substantial indebtedness could adversely affect its financial condition and operating flexibility; (17) 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; (18) Ambac may not be able to generate the significant amount of cash needed to service its debt and financial obligations, and may not be able to refinance its indebtedness; (19) restrictive covenants in agreements and instruments may impair Ambac's ability to pursue or achieve its business strategies; (20) adverse effects on operating results or the Company's financial position resulting from measures taken to reduce risks in its insured portfolio; (21) disagreements or disputes with Ambac's insurance regulators; (22) default by one or more of Ambac's portfolio investments, insured issuers or counterparties; (23) loss of control rights in transactions for which we provide insurance due to a finding that Ambac has defaulted; (24) adverse tax consequences or
3
other costs resulting from the characterization of the AAC's surplus notes or other obligations as equity; (25) risks attendant to the change in composition of securities in the Ambac's investment portfolio; (26) adverse impacts from changes in prevailing interest rates; (27) our results of operation may be adversely affected by 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; (28) risks associated with the expected discontinuance of the London Inter-Bank Offered Rate; (29) factors that may negatively influence the amount of installment premiums paid to the Ambac; (30) market risks impacting assets in the Ambac's investment portfolio or the value of our assets posted as collateral in respect of interest rate swap transactions; (31) risks relating to determinations of amounts of impairments taken on investments; (32) the risk of litigation and regulatory inquiries or investigations, and the risk of adverse outcomes in connection therewith, which could have a material adverse effect on Ambac's business, operations, financial position, profitability or cash flows; (33) actions of stakeholders whose interests are not aligned with broader interests of the Ambac's stockholders; (34) system security risks, data protection breaches and cyber attacks; (35) changes in accounting principles or practices that may impact Ambac's reported financial results; (36) 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; (37) operational risks, including with respect to internal processes, risk and investment models, systems and employees, and failures in services or products provided by third parties; (38) Ambac's financial position that may prompt departures of key employees and may impact the its ability to attract qualified executives and employees; (39) fluctuations in foreign currency exchange rates could adversely impact the insured portfolio in the event of loss reserves or claim payments denominated in a currency other than US dollars and the value of non-US dollar denominated securities in our investment portfolio; (40) disintermediation within the insurance industry that negatively impacts our managing general agency/underwriting business; (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
10.1
Executive Stock Deferral Plan dated
June
24
, 2021
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:
June 30, 2021
By:
/s/ William J. White
William J. White
First Vice President, Secretary and Assistant General Counsel
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