Ambac Names Abbe Goldstein as Managing Director, Investor Relations and Corporate Communications

Ambac Names Abbe Goldstein as Managing Director, Investor Relations and
Corporate Communications

Succeeds Michael Fitzgerald, Retiring at Year-End

NEW YORK, Dec. 6, 2013 (GLOBE NEWSWIRE) -- Ambac Financial Group, Inc.
(Nasdaq:AMBC) ("Ambac") today announced that Abbe F. Goldstein has joined
Ambac as Managing Director, Investor Relations and Corporate Communications,
effective immediately. Ms. Goldstein will report directly to David Trick,
Ambac's Senior Managing Director, Chief Financial Officer and Treasurer. Ms.
Goldstein succeeds Michael Fitzgerald, Managing Director, Treasury and
Investor Relations, who is retiring at the end of the year.

Commenting on today's announcement, Diana N. Adams, President and Chief
Executive Officer ,said, "We would like to thank Mike for his meaningful
contributions and dedication to Ambac over the past seven years.He led the
investor relations effort during a challenging and transitional period for the
company. We wish him all the best in his retirement."

Ms. Adams continued, "We are pleased to welcome Abbe to the Ambac team. With
her strong background in insurance and financial services, as well as her
depth of investor relations experience, we look forward to her building upon
our investor relations and corporate communications efforts."

Ms. Goldstein brings over 20 years of experience in investor relations and
financial services to the role.She joins Ambac from National Financial
Partners where she served as Senior Vice President, Investor Relations and
Corporate Communications. Prior to NFP, Ms. Goldstein was Senior Vice
President, Investor Relations and Corporate Communications at Revlon and
Associate Director, Investor Relations at Willis Group Holdings.Earlier in
her career she held positions with increasing responsibility at Thomson
Financial, The Carson Group, Palisade Capital Management, Chemical Bank and
J.P. Morgan.Ms. Goldstein has a Master of Business Administration from New
York University's Leonard N. Stern School of Business and a Bachelor of
Science from Tufts University in Mechanical Engineering. She is a CFA
charterholder and a member of the CFA Institute, the New York Society of
Security Analysts and the National Investor Relations Institute.

About Ambac

Ambac Financial Group, Inc., headquartered in New York City, is a holding
company whose subsidiaries, including its principal operating subsidiary,
Ambac Assurance Corporation ("Ambac Assurance"), Everspan Financial Guarantee
Corporation, and Ambac Assurance UK Limited, provide financial guarantees and
other financial services to clients in both the public and private sectors
globally. Ambac Assurance, including the Segregated Account of Ambac Assurance
(in rehabilitation), is a guarantor of public finance and structured finance
obligations. Ambac Financial Group, Inc. is also exploring opportunities
involving the development or acquisition of new financial services businesses.
Ambac Financial Group Inc.'s common stock trades on the NASDAQ Global Select

CONTACT: Michael Fitzgerald
         (212) 208-3222
         Abbe F. Goldstein, CFA
         (212) 208-3222

Ambac Financial Group, Inc.
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