<SEC-DOCUMENT>0001480597-11-000001.txt : 20110304
<SEC-HEADER>0001480597-11-000001.hdr.sgml : 20110304
<ACCEPTANCE-DATETIME>20110304091604
ACCESSION NUMBER:		0001480597-11-000001
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110128
FILED AS OF DATE:		20110304
DATE AS OF CHANGE:		20110304

REPORTING-OWNER:	

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

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10777
		FILM NUMBER:		11662526

	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>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2011-01-28</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001480597</rptOwnerCik>
            <rptOwnerName>Trick David</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>AMBAC FINANCIAL GROUP, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE 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>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2011-01-28</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3733</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>.18</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>32875</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Savings Plan Trust</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Shares were withheld pursuant to the exercise of a tax withholding right under the Issuer's 1997 Equity Plan, as amended.</footnote>
        <footnote id="F2">As a result of the Compensation Committee's decision to amend the Plan to eliminate the Ambac Financial Group Stock Fund (the &quot;Stock Fund&quot;) as an investment option under the SIP, all securities held by the Stock Fund were sold on December 10, 2010, including shares of the Reporting Person held in the Stock Fund.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Patricia Lo Cascio, Attorney-in-fact for David Trick</signatureName>
        <signatureDate>2011-03-04</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>
