Ambac Releases Statement Regarding Speculative Acquisition Report

NEW YORK,--(BUSINESS WIRE)-- Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial services holding company, released the following statement:

Ambac has become aware of a media report indicating it is in discussions to acquire a financial guarantee company. This report is inaccurate. Ambac is not engaged in an acquisition process with any financial guarantee business.

Management is regularly evaluating the market for opportunities to create value for shareholders and will update investors as appropriate.

About Ambac

Ambac Financial Group, Inc. (“Ambac” or “AFG”) is a financial services holding company headquartered in New York City. Ambac’s core business is a growing specialty P&C distribution and underwriting platform. Ambac also has a legacy financial guaranty business in runoff. Ambac’s common stock trades on the New York Stock Exchange under the symbol “AMBC”. Ambac is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, we use our website to convey information about our businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information. For more information, please go to www.ambac.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221208006048/en/

Investors:

Charles Sebaski

Managing Director, Investor Relations

csebaski@ambac.com

Media:

Kate Smith

Director, Corporate Communications

ksmith@ambac.com

Source: Ambac Financial Group, Inc.