offering of all its 4,159,505 shares of common stock of HCIA Inc. 
Business Editors 
today announced the public offering of 4,159,505 shares of the
common stock of its health care information content affiliate, HCIA
Inc. (NASDAQ:HCIA), at a price of $51.00 per share. 
After completion of the offering, AMBAC will no longer own any
shares of HCIA common stock.  AMBAC will use its net proceeds from
the offering for general corporate purposes. 
Merrill Lynch, Pierce, Fenner & Smith Incorporated is serving as
lead manager of the offering, with Alex. Brown & Sons Incorporated,
Hambrecht & Quist LLC, Lehman Brothers Inc. and Salomon Brothers
Inc. acting as co-managing underwriters. 
AMBAC Inc., headquartered in New York City, is a holding company
that provides through its affiliates financial guarantee and
financial services to both public and private clients.  The
company's principal operating subsidiary, AMBAC Indemnity
Corporation, is a leading insurer of municipal and structured
finance obligations.  AMBAC Indemnity has been assigned triple-A
claims-paying ability ratings from Moody's Investors Service, Inc.,
Standard & Poor's Rating Group and Fitch Investors Service, L.P. 
HCIA Inc. is a leading health care information content company
that develops and markets integrated clinical and financial
information systems and products. 
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there by any sale of
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state.  A written prospectus
relating to this offering may be obtained from Merrill Lynch & Co.,
World Financial Center, 250 Vesey Street, New York, New York
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