<SEC-DOCUMENT>0000874501-24-000079.txt : 20240311
<SEC-HEADER>0000874501-24-000079.hdr.sgml : 20240311
<ACCEPTANCE-DATETIME>20240311161456
ACCESSION NUMBER:		0000874501-24-000079
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240308
FILED AS OF DATE:		20240311
DATE AS OF CHANGE:		20240311

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Smith R Sharon
		CENTRAL INDEX KEY:			0001707461
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10777
		FILM NUMBER:		24738176

	MAIL ADDRESS:	
		STREET 1:		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]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				133621676
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		ONE WORLD TRADE CENTER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007
		BUSINESS PHONE:		2126587470

	MAIL ADDRESS:	
		STREET 1:		ONE WORLD TRADE CENTER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMBAC INC /DE/
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wk-form4_1710188081.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <periodOfReport>2024-03-08</periodOfReport>

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

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        <reportingOwnerId>
            <rptOwnerCik>0001707461</rptOwnerCik>
            <rptOwnerName>Smith R Sharon</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>AMBAC FINANCIAL GROUP, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE WORLD TRADE CENTER, 41ST FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10007</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Exec VP &amp; Chief Strategy Offr</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

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                <transactionCode>M</transactionCode>
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                    <value>D</value>
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        <derivativeTransaction>
            <securityTitle>
                <value>Deferred Share Units</value>
            </securityTitle>
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                <value>2024-03-08</value>
            </transactionDate>
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                <transactionCode>A</transactionCode>
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                    <value>6356</value>
                </transactionShares>
                <transactionPricePerShare>
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                <underlyingSecurityTitle>
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                    <value>6356</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                    <value>71322</value>
                </sharesOwnedFollowingTransaction>
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                    <value>D</value>
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    </derivativeTable>

    <footnotes>
        <footnote id="F1">The reporting person acquired 233 shares of common stock of Ambac Financial Group, Inc. (the &quot;Company&quot;) upon the vesting and settlement of a portion of the reporting person's 2021 restrictive stock unit Long Term Incentive Plan (&quot;2021 RSU LTIP&quot;) award.</footnote>
        <footnote id="F2">As part of the vesting and settlement of a portion of  the 2021 RSU LTIP award, 233 shares of common stock were withheld by the Company to satisfy certain tax withholding obligations.</footnote>
        <footnote id="F3">Each restricted stock unit (&quot;RSUs&quot;) represents a contingent right to receive one share of the common stock of the Company.</footnote>
        <footnote id="F4">Represents the amount of RSUs that were converted into shares of common stock of the Company upon settlement of a portion of the reporting person's 2021 RSU LTIP  award.</footnote>
        <footnote id="F5">Represents the aggregate amount of RSUs that were converted into an equivalent number of deferred share units (&quot;DSUs&quot;) pursuant to the Company's Executive Stock Deferral Plan, which was designed to enable participants to elect to defer the settlement and income taxation of RSU and Performance Stock Unit awards in accordance with Section 409A of the Internal Revenue Code of 1986, as amended.</footnote>
        <footnote id="F6">Each DSU represents a contingent right to receive one share of common stock of the Company.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>William J. White, attoney-in-fact</signatureName>
        <signatureDate>2024-03-11</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
