-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PI6bCwq/7P/1xMC48gjMeyT4ayGOvqUC5ssYBTSb2rwz2vs6RcJSrt1mW3PHCmAL
 f4kyZwVYdc7aqlXdex78/w==

<SEC-DOCUMENT>0001480597-10-000001.txt : 20100115
<SEC-HEADER>0001480597-10-000001.hdr.sgml : 20100115
<ACCEPTANCE-DATETIME>20100115120832
ACCESSION NUMBER:		0001480597-10-000001
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100106
FILED AS OF DATE:		20100115
DATE AS OF CHANGE:		20100115

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Trick David
		CENTRAL INDEX KEY:			0001480597

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10777
		FILM NUMBER:		10529496

	MAIL ADDRESS:	
		STREET 1:		AMBAC FINANCIAL GROUP, INC.
		STREET 2:		ONE STATE STREET PLAZA
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMBAC FINANCIAL GROUP INC
		CENTRAL INDEX KEY:			0000874501
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				133621676
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		ONE STATE ST PLZ
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004
		BUSINESS PHONE:		2126680340

	MAIL ADDRESS:	
		STREET 1:		ONE STATE ST PLZ
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMBAC INC /DE/
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2010-01-06</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000874501</issuerCik>
        <issuerName>AMBAC FINANCIAL GROUP INC</issuerName>
        <issuerTradingSymbol>ABK</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001480597</rptOwnerCik>
            <rptOwnerName>Trick David</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>AMBAC FINANCIAL GROUP, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1 STATE STREET PLAZA</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10004</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Senior Managing Director, CFO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>44617</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>497</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Savings Plan Trust</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Employee Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>74.43</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2007-05-22</value>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2013-01-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Employee Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>87.27</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2012-01-29</value>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2014-01-29</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Employee Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>11.13</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2009-01-28</value>
                <footnoteId id="F5"/>
            </exerciseDate>
            <expirationDate>
                <value>2015-01-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>11250</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Includes Restricted Stock Units (&quot;RSUs&quot;) granted to the Reporting Person under the 1997 Equity Plan, as amended.</footnote>
        <footnote id="F2">Based on a plan statement as of January 6, 2010.</footnote>
        <footnote id="F3">Exercisable as follows:  1,250 became exercisable on May 22, 2007. The remaining 1,250 shares will be exercisable after the per share price of the Issuer's common stock is or exceeds $107.00 for 20 consecutive trading days on the NYSE.  If all or a portion of the shares have not become exercisable by January 23, 2012, then such unexercisable amount shall become exercisable on January 23, 2012.</footnote>
        <footnote id="F4">Exercisable as follows:  1,500 shares after the per share price of the Issuer's common stock is or exceeds $106.00 for 20 consecutive trading days on the New York Stock Exchange (NYSE).  The remaining 1,500 shares will be exercisable after the per share price of the Issuer's common stock is or exceeds $125.00 for 20 consecutive trading days on the NYSE.  If all or a portion of the shares have not become exercisable by January 29, 2012, then such unexercisable amount shall become exercisable on January 29, 2012.</footnote>
        <footnote id="F5">Exercisable as follows: 3,750 became exercisable on 1/28/2009; an additional 3,750 shares beginning on 01/28/2010; and an additional 3,750 shares beginning on 01/28/2011.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Patricia LoCascio, Attorney-in-fact for David Trick</signatureName>
        <signatureDate>2010-01-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>trick.txt
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
POWER OF ATTORNEY

I, David Trick, do hereby nominate, constitute and
appoint each of Kevin J. Doyle, Anne Gill Kelly
and Patricia Lo Cascio, as my true and lawful
agent and attorney-in-fact, with full power and authority to act
hereunder, in his or her discretion, in my
name and on my behalf as fully as I could if I were present and acting
in person, to make any and all required or voluntary filings under
Section 16(a) of the Securities Exchange Act of 1934,as amended (the
"Exchange Act"), and the applicable rules and regulations
thereunder, with the Securities and Exchange Commission, the New York
Stock Exchange, Ambac Financial Group, Inc., a Delaware corporation
(the "Company"), and any other person or entity to which such filings
may be required under Section 16(a) of the Exchange Act as a result of
my service as an officer of the Company or beneficial ownership
(within the meaning of Section 16(a) of the Exchange Act) of more than
ten percent of any class of equity securities
of the Company.

I hereby consent to, ratify and confirm all that each said attorney-in-fact
shall do or cause to be done by virtue of this Power of Attorney.  I hereby
acknowledge that each attorney-in-fact, in serving in such capacity at my
request, is not assuming, nor is the Company assuming, any of my
responsibilities to comply with Section 16 of the Exchange Act.

This Power of Attorney shall remain in full force and effect from this
date forward for so long as I am an officer or director of the Company
and for such time thereafter as may be necessary to make any such filings
or until revoked or modified by me.  I hereby revoke all prior powers of
attorney relating to the foregoing acts.

IN WITNESS WHEREOF, I have hereunto signed my name this 11th day of
January 2010.

/s/ David Trick
DAVID TRICK
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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