Business Overview

Ambac Financial Group, Inc. is a financial services holding company. Ambac's subsidiaries include Ambac Assurance Corporation ("AAC") and Ambac Assurance UK Limited, financial guarantee insurance companies currently in runoff; Everspan Indemnity Insurance Company and Everspan Insurance Company, specialty property & casualty program insurers; and Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC, property & casualty Managing General Underwriters. Our corporate initiatives are governed by our corporate Mission, Vision and Values.


  • Optimize our business and its components to achieve maximum return for shareholders
  • Aggressively pursue financially sound strategies to reduce risk and decrease the size of the insured portfolio


  • Transition to a growth-oriented platform sufficiently capitalized to support businesses that are synergistic with Ambac’s core competencies


  • Culture of respect, inclusion, collaboration and transparency
  • Attract, retain, and reward top performers who meet standards of excellence, integrity, and collaboration

Our largest subsidiary, AAC, is in active run off and has not written new business since 2007. We are an event driven company which impacts our ability to drive our strategic initiatives. Our primary focus is on risk reduction, loss mitigation and asset recoveries with risk management playing a key role in our operations.

Ambac's Risk Management Group is primarily responsible for the development, implementation and oversight of loss mitigation strategies, surveillance and remediation of our insured portfolio. We continue to aggressively pursue and execute on various strategies to stabilize our insurance platform in order to reduce and mitigate potential adverse development, preserving future optionality and opportunities. Strategies implemented include commutations, risk transfers through reinsurance and other measures, proactive facilitation of refinancings, and policy terminations. In 2020, our active de-risking efforts resulted in an 8% decrease of our riskiest exposures, or Adversely Classified and Watchlist Credits, to $13.2 billion at December 31, 2020. By de-risking our legacy insurance platform, we believe the performance of this portion of our business will become more stable and predictable over time.

As we look to expand our operations by exploring opportunities involving the acquisition and/or development of new businesses, risk versus reward remains at the forefront of our decision-making process, including Sustainability and Corporate Responsibility.