<SEC-DOCUMENT>0001527850-11-000004.txt : 20110916
<SEC-HEADER>0001527850-11-000004.hdr.sgml : 20110916
<ACCEPTANCE-DATETIME>20110916131730
ACCESSION NUMBER:		0001527850-11-000004
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110914
FILED AS OF DATE:		20110916
DATE AS OF CHANGE:		20110916

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Ksenak Stephen Michael
		CENTRAL INDEX KEY:			0001527850

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10777
		FILM NUMBER:		111094555

	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>X0204</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2011-09-14</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001527850</rptOwnerCik>
            <rptOwnerName>Ksenak Stephen Michael</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, GC</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>17821</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></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>
            </exerciseDate>
            <expirationDate>
                <value>2013-01-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>750</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>74.43</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2012-01-23</value>
            </exerciseDate>
            <expirationDate>
                <value>2013-01-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>750</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>
            </exerciseDate>
            <expirationDate>
                <value>2014-01-29</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1500</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>
            </exerciseDate>
            <expirationDate>
                <value>2015-01-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3800</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes></footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Yolanda Ortiz, Attorney-in-fact for Stephen Michael Ksenak</signatureName>
        <signatureDate>2011-09-13</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>ksenak.txt
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
POWER OF ATTORNEY

I, Stephen Michael Ksenak, do hereby nominate, constitute and appoint
Yolanda Ortiz, as my true and lawful agent and attorney-in-fact,
with full power and authority to act hereunder,in 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 the said attorney-in-fact
shall do or cause to be done by virtue of this Power of Attorney.  I hereby
acknowledge that the 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 13th day of
September, 2011.

/s/ Stephen Michael Ksenak
STEPHEN MICHAEL KSENAK
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
