<SEC-DOCUMENT>0001193125-25-155881.txt : 20250707
<SEC-HEADER>0001193125-25-155881.hdr.sgml : 20250707
<ACCEPTANCE-DATETIME>20250707083518
ACCESSION NUMBER:		0001193125-25-155881
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20250703
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250707
DATE AS OF CHANGE:		20250707

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMBAC FINANCIAL GROUP INC
		CENTRAL INDEX KEY:			0000874501
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		ORGANIZATION NAME:           	02 Finance
		EIN:				133621676
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10777
		FILM NUMBER:		251107048

	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>
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<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Title of each class</p></td>
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<div style="text-align:center"><div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto">
 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Item&#8201;1.01. Entry into a Material Definitive Agreement. </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Amendment to AAC Sale Agreement </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously disclosed, on June&#160;4, 2024, Ambac Financial Group, Inc., a Delaware corporation (the &#8220;<span style="text-decoration:underline">Company</span>&#8221;) entered into a stock purchase agreement (the &#8220;<span style="text-decoration:underline">AAC Sale Agreement</span>&#8221;) with American Acorn Corporation, a Delaware corporation owned by funds managed by Oaktree Capital Management, L.P. (&#8220;<span style="text-decoration:underline">Buyer</span>&#8221;), pursuant to which, subject to the conditions set forth therein, the Company will sell to Buyer all of the issued and outstanding shares of common stock, par value $2.50 per share, of Ambac Assurance Corporation, a Wisconsin stock insurance company and wholly-owned subsidiary of the Company (the &#8220;<span style="text-decoration:underline">AAC Transaction</span>&#8221;). </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On July&#160;3, 2025, the parties to the AAC Sale Agreement entered into the First Amendment to the AAC Sale Agreement (the &#8220;<span style="text-decoration:underline">First Amendment</span>&#8221;), pursuant to which the parties agreed to extend the End Date (as defined in the AAC Sale Agreement) to December&#160;31, 2025, subject to an automatic <span style="white-space:nowrap">90-day</span> extension if regulatory approvals have not been obtained by the End Date. The description of the First Amendment in this report is qualified in its entirety by reference to the full text of the First Amendment, which is attached as Exhibit 2.1 to this Current Report on Form <span style="white-space:nowrap">8-K</span> and is incorporated by reference herein. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Letter Agreement </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Overview </span></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On July&#160;3, 2025, the parties to the AAC Sale Agreement entered into a Letter Agreement (the &#8220;<span style="text-decoration:underline">Letter Agreement</span>&#8221;), pursuant to which, among other things, the parties entered into a new agreement with respect to the Warrant (as defined in the AAC Sale Agreement) and amended certain terms of the Investor Rights Agreement (as defined in the AAC Sale Agreement). The description of the Letter Agreement in this report is qualified in its entirety by reference to the full text of the Letter Agreement, the form of which is attached as Exhibit 10.1 to this Current Report on Form <span style="white-space:nowrap">8-K</span> and is incorporated by reference herein. </p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="font-style:italic">Conversion of Warrant </span></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously disclosed, pursuant to the AAC Sale Agreement, at the closing of the AAC Transaction (the &#8220;<span style="text-decoration:underline">Closing</span>&#8221;), the Company will issue to Buyer or its designee (the &#8220;<span style="text-decoration:underline">Investor</span>&#8221;) the Warrant. 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such forward-looking statements speak only as of the date of this report. Except as required by law, the parties undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Risks or uncertainties (i)&#160;that are not currently known to the parties, (ii)&#160;that the parties currently deem to be immaterial, or (iii)&#160;that could apply to any company, could also materially adversely affect the future results of the Company. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Financial Statements and Exhibits. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d)&#160;Exhibits. The following exhibits are filed as part of this Current Report on Form&#160;8-K: </p> <p style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">EXHIBIT INDEX </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"><a href="d933600dex21.htm">First Amendment to the Stock Purchase Agreement, by and between Ambac Financial Group, Inc. and American Acorn Corporation, dated as of July&#160;3, 2025. </a></td></tr>
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<td style="vertical-align:bottom">Dated:&#8195;July&#160;7, 2025</td>
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<td style="vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William J. White</p></td></tr>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Exhibit 2.1 </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIRST AMENDMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STOCK PURCHASE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This First Amendment (this &#147;<B>Amendment</B>&#148;) to the Stock Purchase Agreement (as defined below), dated as of July&nbsp;3, 2025, is
entered into by and between Ambac Financial Group, Inc., a Delaware corporation (&#147;<B>AFG</B>&#148;) and American Acorn Corporation (&#147;<B>Acorn</B>&#148;), a Delaware corporation. AFG and Acorn are also each referred to herein as a
&#147;<B>Party</B>&#148; and, collectively, as the &#147;<B>Parties</B>.&#148; Capitalized terms used but not defined in this Amendment shall have the meanings given to such terms in the Stock Purchase Agreement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, AFG
and Acorn entered into the Stock Purchase Agreement on June&nbsp;4, 2024 (as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms, the &#147;<B>Stock Purchase Agreement</B>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant to Section&nbsp;9.3 of the Stock Purchase Agreement, the Stock Purchase Agreement may be amended or modified only by a
written instrument executed by the Party against whom enforcement of the amendment or modification is sought; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Parties
desire to amend the Stock Purchase Agreement on the terms set out in this Amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of their mutual
promises under this Amendment, the benefits to be derived by each Party, and other good and valuable consideration, the Parties hereby agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.<U> Amendment to the Stock Purchase Agreement</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.1 The first paragraph of Section&nbsp;1.3 of the Stock Purchase Agreement is hereby amended and restated in its entirety as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;The closing of the purchase and sale of the Shares contemplated by this Agreement (the &#147;<U>Closing</U>&#148;) shall take place at
10:00 a.m., New York City time, at the offices of Debevoise&nbsp;&amp; Plimpton LLP, 66 Hudson Boulevard, New York, New York 10001 (or such other place as Seller and Buyer may agree in writing)&nbsp;(a) on the date that is the last Business Day of
the calendar month during which the last of the conditions set forth in Article 6 to be so satisfied or waived has been so satisfied or waived in accordance with this Agreement (other than those conditions that by their terms are to be satisfied by
actions taken at the Closing, but subject to the satisfaction or waiver of such conditions at the Closing) (the &#147;<U>Condition Satisfaction</U>&#148;) or (<U>b</U>)&nbsp;at another date, time or place that is mutually agreed to in writing by
Seller and Buyer. The date on which the Closing takes place shall be the &#147;<U>Closing Date</U>.&#148; At the Closing:&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.2 Section 7.1(b)(i) of the Stock Purchase Agreement is hereby amended and restated in its
entirety as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;(i) the Closing shall not have been consummated on or before December&nbsp;31, 2025 (the &#147;<U>End
Date</U>&#148;); <U>provided</U>, <U>however</U>, that if the Closing has not occurred due solely to the failure of the conditions to Closing set forth in <U>Section</U><U></U><U>&nbsp;6.1(a)</U> to be satisfied, the End Date shall be automatically
extended for an additional ninety (90)&nbsp;days and the parties agree to continue to use their respective reasonable best efforts to satisfy such Closing conditions (such extended End Date, as so extended, shall be the &#147;End Date&#148; for all
purposes under this Agreement); <U>provided</U>, <U>further</U>, that the right to terminate this Agreement pursuant to this <U>Section</U><U></U><U>&nbsp;7.1(b)(i)</U> shall not be available to any party whose breach of any provision of this
Agreement results in the failure of the Closing to be consummated by such time;&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. <U>No Waiver</U>. Except as
expressly provided herein, this Amendment shall not constitute an amendment, modification or waiver of any provision of the Stock Purchase Agreement or any rights or obligations of any party in, under or with respect to the Stock Purchase Agreement
and shall not be effective for any other purpose (including any future interpretation of any provision of the Stock Purchase Agreement not amended herein) or transaction. Except as modified by this Amendment, the Stock Purchase Agreement shall
continue in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. <U>References</U>. Any references to the Stock Purchase Agreement, and any reference
in the Stock Purchase Agreement to &#147;this Agreement,&#148; &#147;hereunder,&#148; &#147;hereof,&#148; &#147;herein&#148; or any other word or words of similar import, in each case, shall reference the Stock Purchase Agreement as amended by this
Amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. <U>Entire Agreement</U>. The Stock Purchase Agreement, as amended by this Amendment, constitutes the entire
agreement between the Parties hereto with respect to the subject matter of this Amendment, superseding any and all prior negotiations, discussions, agreements and understandings, whether oral or written, relating to such subject matter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5. <U>Miscellaneous</U>. The provisions of each of Section&nbsp;9.2 (<I>Notices</I>), Section&nbsp;9.3 (<I>Amendment; Waivers,
etc.</I>), Section&nbsp;9.4 (<I>Expenses</I>), Section&nbsp;9.5 (<I>Governing Law, etc.</I>), Section&nbsp;9.6 (<I>Successors and Assigns</I>), Section&nbsp;9.7 (<I>Entire Agreement</I>), Section&nbsp;9.8 (<I>Severability</I>), Section&nbsp;9.9
(<I>Counterparts; Effectiveness; Third-Party Beneficiaries</I>), Section&nbsp;9.11 (<I>Specific Performance</I>), and Section&nbsp;9.13 (<I>Waiver of Conflicts; Attorney-Client Privilege</I>) of the Stock Purchase Agreement are hereby incorporated
by reference, <I>mutatis mutandis</I>, as if fully set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature pages follow</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Parties have executed and delivered this Amendment as of the date
first set forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">AMBAC FINANCIAL GROUP, INC.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Claude LeBlanc</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Claude LeBlanc</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title: &#8194;President
and Chief Executive Officer</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page
&#150; First Amendment to Stock Purchase Agreement</I>] </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Parties have executed and delivered this Amendment as of the date
first set forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">AMERICAN ACORN CORPORATION</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Greg Share</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Greg Share</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title:
&#8194;President</P></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Patrick George</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Patrick George</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title: &#8194;Vice
President and Secretary</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page
&#150; First Amendment to Stock Purchase Agreement</I>] </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B><B><I>Exhibit 10.1</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMBAC FINANCIAL GROUP, INC. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">One
World Trade Center, 40<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">New York, New York 10007 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">July&nbsp;3, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">American Acorn Corporation
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Oaktree Capital Management, L.P. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">333 S. Grand Ave.,
28th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Los Angeles, CA 90071 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Letter Agreement </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter agreement
(this &#147;<B>Letter Agreement</B>&#148;) is made and entered into between Ambac Financial Group, Inc. (the &#147;<B>Company</B>&#148;) and American Acorn Corporation (&#147;<B>Investor</B>&#148; and, collectively with the Company, the
&#147;<B>Parties</B>&#148;), effective as of July&nbsp;3, 2025. Unless otherwise specified, capitalized terms used but not defined herein&nbsp;shall have the meanings given to them in the Form of Warrant, attached as Exhibit A to the Stock Purchase
Agreement (as defined below). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and Investor entered into that certain Stock Purchase Agreement, dated as of
June&nbsp;4, 2024 (the &#147;<B>Stock Purchase Agreement</B>&#148;), as amended by that certain First Amendment between the Parties on the date hereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant to the Stock Purchase Agreement, Investor has agreed to acquire all of the issued and outstanding shares of common stock,
par value $2.50 per share, of Ambac Assurance Corporation (&#147;<B>AAC</B>&#148;), a Wisconsin stock insurance company (the &#147;<B>AAC Common Stock</B>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection with and pursuant to the Stock Purchase Agreement, at the closing of the purchase and sale of the AAC Common Stock
contemplated by the Stock Purchase Agreement (the &#147;<B>Closing</B>&#148;), the Company shall issue to Investor a warrant (the &#147;<B>Warrant</B>&#148;) exercisable for 5,092,707 shares of common stock, par value $0.01, per share of the Company
(&#147;<B>Company Common Stock</B>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection with and pursuant to the Stock Purchase Agreement, at the Closing,
the Company and Investor shall enter into an Investor Rights Agreement (the &#147;<B>Investor Rights Agreement</B>&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the mutual and several promises and undertakings
contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereby agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <B><I>Definitions. </I></B> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<B>Black-Scholes Value</B>&#148; means the value of the Warrant based on the Black-Scholes Option Pricing
Model obtained from the &#147;OVME&#148; function on Bloomberg Financial Markets determined as of the date that is one Business Day prior to the date of conversion of the Warrant and reflecting (i)&nbsp;a risk-free interest rate corresponding to the
U.S. Treasury rate for a period equal to the time between the applicable Conversion Date and the Warrant Term, (ii)&nbsp;an implied volatility equal to the BVOL model selected on Bloomberg Financial Markets, (iii)&nbsp;the underlying price per share
of Company Common Stock shall be the <FONT STYLE="white-space:nowrap">20-day</FONT> volume-weighted average price (using the &#147;VWAP&#148; function on Bloomberg Financial Markets and the &#147;Bloomberg Definition&#148; methodology)
(&#147;<B>VWAP</B>&#148;), (iv) a remaining conversion time equal to the remaining Warrant Term and (v)&nbsp;a dividend yield shown on the OVME screen. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<B>Change of Control</B>&#148; means, with respect to the Company, a transaction or series of
transactions pursuant to which (i)&nbsp;a Person or group of Persons acting in concert, other than the Company or any subsidiary of the Company, becomes the beneficial owner, directly or indirectly, of fifty percent (50%) or more of the Company
Common Stock then outstanding immediately following such transaction(s) or (ii)&nbsp;all or substantially all of the assets of the Company are sold, except as set forth on <U>Schedule A</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<B>Conversion Date</B>&#148; means, for any given conversion of the Warrant, the date on which the
conditions to such conversion as set forth in <U>Section</U><U></U><U>&nbsp;2</U> of this Letter Agreement shall have been satisfied at or prior to 5:00 p.m., Eastern Time, on a Business Day, including, without limitation, the receipt by the Company
of the Conversion Notice and the Warrant. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<B>Fair Market Value</B>&#148; means, (i)&nbsp;with respect to the Company Common Stock, as of any
particular date the <FONT STYLE="white-space:nowrap">20-day</FONT> VWAP for the Common Stock and (ii)&nbsp;with respect to (x)&nbsp;any other property and (y)&nbsp;if at any time the Company Common Stock is not listed on any market or exchange of
The Nasdaq Stock Market, LLC or the New York Stock Exchange, the fair market value per share as determined in good faith by the Board; <U>provided</U> that if the Holder objects in writing to the Board&#146;s calculation of Fair Market Value within
ten (10)&nbsp;days of receipt of written notice thereof, the valuation dispute resolution procedure set forth in Section&nbsp;7 hereof shall be invoked to determine Fair Market Value. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<B>Permitted Affiliates</B>&#148; means with respect to a person, any other person that directly, or
indirectly through one or more intermediaries, controls, is controlled by or is under common control with, such first person (for purposes of this definition, &#147;controls,&#148; &#147;controlled by&#148; and &#147;under common control with&#148;
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person through the ownership of fifty percent (50%) or more of the voting securities or partnership or other ownership
interests); <U>provided</U> that, Permitted Affiliates shall not include any Competitor or Activist Investor. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<B>Warrant Term</B>&#148; means any time after the date of the Warrant and prior to 5:00 p.m., Eastern
Time, on the date that is 78 months after the Closing or, if such day is not a Business Day, on the immediately following Business Day. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <B><I>Conversion Procedure. </I></B>From the <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Termination Date and until the termination of
the Warrant Term, once in the first <FONT STYLE="white-space:nowrap">six-month</FONT> period following the <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Termination Date and once in any three-month period following the end of such <FONT
STYLE="white-space:nowrap">six-month</FONT> period, the Holder may convert up to the lesser of (a)&nbsp;the amount of the unexercised and unconverted Warrant and <FONT STYLE="white-space:nowrap">(b)&nbsp;one-third</FONT> of the original amount of
the Warrant. The Warrant may be converted at the Company&#146;s option for (i)&nbsp;the number of Warrant Shares for which the Holder has elected to convert or (ii)&nbsp;a cash payment, in each case based on the Black-Scholes Value of the number of
Warrant Shares for which the Holder has elected to convert, or a combination of Warrant Shares and cash, upon surrender of the Warrant to the Company at its then principal executive offices (or an indemnification undertaking with respect to the
Warrant in the case of its loss, theft or destruction), together with a Conversion Notice in the form attached hereto as <U>Exhibit A</U> (each, a &#147;<B>Conversion Notice</B>&#148;), duly completed (including specifying the number of Warrant
Shares to be converted) and executed. Notwithstanding anything to the contrary in this Letter Agreement, the sum of all amounts paid by the Company (whether in the form of Warrant Shares or cash) to Holder or its Affiliates with respect to the
Warrant upon conversion of the Warrant (including conversions in connection with a Change of Control as set forth in Section&nbsp;5 of this Letter Agreement) shall not exceed $70&nbsp;million in the aggregate. Unless the purchase rights represented
by the Warrant shall have expired or the Warrant shall have been fully exercised or fully converted, the Company shall, at the time of delivery of the cash payment or the Warrant Shares, as applicable, deliver to the Holder a new Warrant evidencing
the rights of the Holder to purchase the unexpired and unexercised or unconverted Warrant Shares called for by the Warrant. Such new Warrant shall in all other respects be identical to the Warrant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <B><I>Cashless Conversion. </I></B>If the conversion of the Warrant shall be made by issuing Warrant Shares then issuable upon conversion
of all or any part of the Warrant on a net basis such that, without payment of any cash consideration or other immediately available funds, the Holder shall surrender the Warrant in exchange for the number of Warrant Shares as is computed using the
following formula (a cashless conversion): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">X = Y * A &divide; B </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Where: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">X = the number of Warrant
Shares to be issued to the Holder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Y = the total number of Warrant Shares for which the Holder has elected to convert the Warrant pursuant
to Section&nbsp;2 of this Letter Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">A = the Black-Scholes Value of one Warrant Share as on the applicable Conversion Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">B = the Fair Market Value of one Warrant Share as of the applicable Conversion Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <B><I>Standstill.</I></B><B> </B>Without the prior written approval of the Board, from the Closing until the date on which Investor and its
Affiliates no longer beneficially owns any portion of the Warrant that remains unexercised, Investor shall not, and shall cause each of its Affiliates not to, directly or indirectly, make any public or private proposal or offer to the Company, the
Board (or any committee or member thereof) or any stockholder or group of stockholders of the Company that, if consummated, could reasonably be expected to result in a Change of Control, in each case, subject to Section&nbsp;3.01(c) of the form of
Investor Rights Agreement attached as Exhibit D to the Stock Purchase Agreement. For clarity, this Section&nbsp;4 shall not restrict Investor or its Affiliates from acquiring, selling or trading any equity or debt securities of the Company or AAC.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <B><I>Payment Upon Change of Control</I></B>. To the extent any portion of the Warrant remains unexercised and unconverted, upon a
Change of Control of the Company, the Holder shall receive from the Company, prior to or concurrently with the closing of such transaction, a cash payment equal to the Black-Scholes Value, calculated as set forth in the definition thereof, except
based on (a)&nbsp;an implied volatility that is the greater of (i)&nbsp;the BVOL value shown on Bloomberg Financial Markets at the close of the first trading day following the date of public announcement of such transaction or the date such
transaction becomes public knowledge (collectively, the &#147;<B>Announcement</B>&#148;) and (ii)&nbsp;the simple average of the BVOL values shown on Bloomberg Financial Markets for the twenty (20)&nbsp;trading days prior to the Announcement and
(b)&nbsp;a price per share of Company Common Stock equal to the greater of the <FONT STYLE="white-space:nowrap">20-day</FONT> VWAP prior to the Announcement and the value of the consideration per share of Company Common Stock payable pursuant to the
terms of the Change of Control transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <B><I>Investor Designee. </I></B>Investor and the Company hereby agree that Article 4 of
the form of Investor Rights Agreement attached as Exhibit D to the Stock Purchase Agreement is hereby deleted in its entirety and Investor shall have no right to designate or appoint any Director or observer to the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <B><I>Valuation Dispute Resolution.</I></B> In the case of any dispute as to the determination of the Fair Market Value of any Company
Common Stock or Warrant Shares to be issued, withheld or otherwise determined, the calculation of the Aggregate Exercise Price or any other computation or valuation of the Black-Scholes Value or the Fair Market Value required to be made hereunder or
in connection herewith, in the event the Holder, on the one hand, and the Company, on the other hand, are unable to settle such dispute within ten (10)&nbsp;Business Days, then either party may elect to submit the disputed matter(s) for resolution
by an accounting firm of nationally recognized standing as may be mutually agreed upon by the Holder and the Company. Such firm&#146;s determination of such disputed matter(s) shall be binding upon all parties absent demonstrable error. The fees and
expenses of the accounting firm pursuant to this Section&nbsp;7 shall be borne by the Company, on the one hand, and the Holder, on the other hand, based upon the percentage which the aggregate portion of the contested amount not awarded to each
party bears to the aggregate amount actually contested by such party. For example, if the Company claims the Fair Market </P>
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Value is $1,000 for a given property and the Holder contests that the Fair Market Value of such property is only $500 (i.e., $500 is being contested) and if the accounting firm ultimately
resolves the dispute by determining a Fair Market Value of $800 for such property, then the costs and expenses of the accounting firm will be allocated 60% (i.e., 300 &divide; 500) to the Holder and 40% (i.e., 200 &divide; 500) to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <B><I>State Street Lease.</I></B> Notwithstanding anything set forth in the Stock Purchase Agreement, at or prior to the Closing, the
Company may, at its option and subject to the terms therein, assign to Investor its right, title and interest in and to the Lease, dated March&nbsp;1, 2011, by and between One State Street, LLC and the Company (as <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">successor-in-interest</FONT></FONT> to AAC), as amended by the Modification of Lease, dated September&nbsp;8, 2015 (collectively, the &#147;<B>State Street Lease</B>&#148;); <U>provided</U> that, prior to such assignment,
Investor has received approval from the Wisconsin Office of the Commissioner of Insurance (&#147;<B>OCI</B>&#148;) to assign the State Street Lease to AAC following the Closing; <U>provided</U> <U>further</U>, that the Company shall promptly deliver
to Investor written notice of any such proposed assignment, but in no event less than five (5)&nbsp;Business Days prior to the effective date of such assignment. Investor shall use reasonable best efforts to obtain the approval from OCI referred to
in the proviso of the immediately preceding sentence. If the Company exercises its option to assign the State Street Lease pursuant to this Section&nbsp;8, then (i)&nbsp;Investor shall accept and assume all of the Company&#146;s right, title and
interest in and to, and assume all of the Company&#146;s obligations and liabilities under, the State Street Lease and (ii)&nbsp;the Company shall, on the effective date of such assignment, pay to Investor an amount equal to the sum of the
cumulative net dollar value (after taking into account the payments to be made by the sublessee) of (i)&nbsp;all remaining lease payments, (ii)&nbsp;the projected New York City Commercial Rent Tax (&#147;<B>CRT</B>&#148;), (iii) the cost to maintain
the insurance coverages required under the lease and (iv)&nbsp;projected net expenses, including porter fees and new condenser water charges, in each case, for the duration of the applicable term. In addition, the Company agrees (a)&nbsp;to pay for
any restoration works or furniture removal required under the State Street Lease and (b)&nbsp;to indemnify Investor and its Affiliates, to the fullest extent permitted by applicable law, for any costs and expenses under the State Street Lease, if
assigned, in excess of the amount prepaid by the Company to Investor pursuant to this Section&nbsp;8; <U>provided</U> that such indemnity shall not apply to any costs and expenses under the State Street Lease incurred to the extent as a direct
result of (i)&nbsp;Investor&#146;s failure to pay when due the amounts described in this Section&nbsp;8 as required by the State Street Lease and (ii)&nbsp;Investor&#146;s failure to comply with the terms of the State Street Lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <B><I>One World Sublease. </I></B>Notwithstanding anything set forth in the Stock Purchase Agreement, at or prior to the Closing, the
Company may, at its option and subject to the terms therein, assign to Investor its right, title and interest in and to the Sublease, dated January&nbsp;30, 2019, by and between Advance Magazine Publishers Inc. d/b/a Conde Nast and the Company (as <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">successor-in-interest</FONT></FONT> to AAC) (the &#147;<B>One World Sublease</B>&#148;); <U>provided</U> that, prior to such assignment, Investor has received approval from OCI to assign
the One World Sublease to AAC following the Closing; <U>provided</U> <U>further</U> that, if requested by the Company, the Parties will negotiate in good faith an alternative arrangement to effect an assignment, whereby the Investor is assigned the
rights and obligations of the Company under such sublease and the Company is relieved of its lease obligations thereunder; <U>provided</U> <U>further</U>, that the Company shall promptly deliver to Investor written notice of any such proposed
assignment or alternative arrangement, as applicable, but in no event less than five (5)&nbsp;business days prior to the effective date of such assignment or alternative arrangement. Investor shall use reasonable best efforts to obtain the
</P>
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approval from OCI referred to in the proviso of the immediately preceding sentence. If the Company exercises its option to assign the One World Sublease pursuant to this Section&nbsp;9, then
(i)&nbsp;Investor shall accept and assume all of the Company&#146;s right, title and interest in and to, and assume all of the Company&#146;s obligations and liabilities under, the One World Sublease and (ii)&nbsp;the Company shall, on the effective
date of such assignment or alternative arrangement, pay to Investor an amount equal to the sum of (as applicable) the cumulative dollar value of (i)&nbsp;all remaining lease payments through January&nbsp;23, 2027, (ii) the Termination Payment (as
defined in the One World Sublease), (iii) the projected CRT, (iv)&nbsp;the projected remaining Overhead Allocation Amount (as defined in the Lease (as such term is defined in the One World Sublease)), (v) the cost to maintain the insurance coverages
required under the sublease and (vi)&nbsp;all projected remaining variable costs, including electrical, condenser water and tax allocation, in each case, for the duration of the applicable term. In addition, the Company agrees (a)&nbsp;to pay for
any restoration or furniture removal works required under the One World Sublease upon termination of the One World Sublease and (b)&nbsp;to indemnify Investor and its Affiliates, to the fullest extent permitted by applicable law, for any costs and
expenses under the One World Sublease, if assigned, in excess of the amount prepaid by the Company to Investor pursuant to this Section&nbsp;9; <U>provided</U>, that such indemnity shall not apply to any costs and expenses under the One World
Sublease or the State Street Lease incurred to the extent as a direct result of (i)&nbsp;Investor&#146;s failure to pay when due the amounts described in this Section&nbsp;9 as required by the One World Sublease and (ii)&nbsp;Investor&#146;s failure
to comply with the terms of the One World Sublease 9. In addition, if the landlord under the One World Sublease agrees to accept a letter of credit from the Company in lieu of Investor or AAC, as applicable, and if permitted by the provider of the
existing letter of credit under the One World Sublease, the Company will maintain its existing letter of credit for the benefit of Advance Magazine Publishers, Inc., D/B/A Conde Nast, until the later of (i)&nbsp;the termination effective date of the
One World Sublease and (ii)&nbsp;the completion of any required restoration works thereunder; <U>provided</U> that, in the event that (a)&nbsp;the landlord does not accept a letter of credit from the Company or (b)&nbsp;the letter of credit provider
does not permit the Company to maintain its existing letter of credit and, Investor or AAC , as applicable, is required to provide a letter of credit as a result of assignment of the One World Sublease or the alternative arrangement, as applicable,
the Company shall provide any collateral required to be posted to support the provision of such letter of credit. The Company and Investor agree to work together in good faith to structure the prepayment to Investor with respect to the One World
Sublease in a tax efficient manner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <B><I>Indemnification re Sublease. </I></B>If the Company exercises its option to assign the
State Street Lease pursuant to Section&nbsp;8, then the Company shall indemnify and hold harmless Investor, to the fullest extent permitted by applicable law, for any default in payment of rent by the sublessee under the Agreement of Sublease, dated
January&nbsp;30, 2019, by and between the Company (as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">successor-in-interest</FONT></FONT> to AAC) and Women in Need, Inc. (the &#147;<B>Agreement of Sublease</B>&#148;);
<U>provided</U> that, such indemnification shall not survive the expiration (as of the date hereof) or earlier termination of the State Street Lease. The amount payable by the Company pursuant to this Section&nbsp;10 shall not exceed the amount of
the default in payment of rent by the sublessee under the Agreement of Sublease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <B><I>Company Payments.</I></B> Notwithstanding
anything set forth in the Stock Purchase Agreement, Investor (a)&nbsp;waives (i) any rights or remedies it may have relating to Company Payments (as defined in the Stock Purchase Agreement) paid, accrued or incurred with respect to all periods
beginning on April&nbsp;1, 2024 and ending on March&nbsp;31, 2025, in each case, that have been </P>
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recorded in Ambac&#146;s books and records as of March&nbsp;31, 2025, an accurate copy of which has been made available to Investor; <U>provided</U> that with respect to any such paid, accrued or
incurred amounts that are Specified Expenses, any amount in excess of the amount properly allocated to AAC or its Subsidiaries in accordance with <U>Schedule B</U> is not waived and shall be Company Payments and (b)&nbsp;agrees that (i)&nbsp;the
Adjustment Amount (as defined in the Stock Purchase Agreement) shall not include the foregoing waived Company Payments and (ii)&nbsp;the penultimate sentence of Section&nbsp;1.2(c)(ii) of the Stock Purchase Agreement shall not apply to the foregoing
waived Company Payments. Further, notwithstanding anything set forth in the Stock Purchase Agreement, the Parties agree that, for all purposes under the Stock Purchase Agreement, (a)&nbsp;any net amounts related to compensation paid, accrued or
incurred by or otherwise allocated to AAC or any of its Subsidiaries consistent with prior practice from and after March&nbsp;31, 2025 through the Closing under the Intercompany Allocation Agreement (as defined in the Stock Purchase Agreement), and
not exceeding the Monthly Cap (as defined below), shall not be Company Payments under the Stock Purchase Agreement, (b)&nbsp;any such net amounts paid, accrued or incurred by or otherwise allocated to AAC or any of its Subsidiaries for the foregoing
period in excess of the Monthly Cap shall be Company Payments and (c)&nbsp;with respect to any Specified Expenses paid, accrued or incurred by or otherwise allocated to AAC or any of its Subsidiaries from and after March&nbsp;31, 2025 through the
Closing Date, any amount in excess of the amount properly allocated to AAC or its Subsidiaries in accordance with <U>Schedule B</U> shall be Company Payments. For purposes of this Section&nbsp;11, &#147;<B>Monthly Cap</B>&#148; means an average of
$650,000 per month over the applicable period for net amounts related to compensation as allocated under the Intercompany Allocation Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <B><I>Tameside Side Letter. </I></B>Reference is made to that certain Side Letter, dated September&nbsp;12, 2024, by and between the
Parties relating to the Stock Purchase Agreement (the &#147;<B>Tameside Side Letter</B>&#148;), the Parties hereby agree that Section&nbsp;3(iii) of the Tameside Side Letter shall hereby be amended at restated as the follows: &#147;The Parties agree
that NewCo will be transferred to Buyer or its designee automatically and concurrently with the Closing for an aggregate sum of &pound;1.00.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <B><I>Successors and Assigns. </I></B>This Letter Agreement shall be binding upon and inure to the benefit of the parties and their
respective heirs, successors and permitted assigns; <U>provided</U> that, this Letter Agreement and the rights and obligations hereunder shall not be assignable or otherwise transferable by Holder to any third party without the prior written consent
of the Company. For the purposes of this Section&nbsp;13, &#147;third party&#148; means any Person other than a Permitted Affiliate. Upon transfer to a third party, this Letter Agreement shall no longer apply to the portion of the Warrant so
transferred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <B><I>Miscellaneous. </I></B>The provisions of Sections 9.2 (<I>Notices</I>), 9.3 (<I>Amendments, Waivers, etc.</I>),
9.4 (<I>Expenses</I>), 9.5 (<I>Governing Law, etc.</I>), 9.8 (<I>Severability</I>) and 9.9 (<I>Counterparts; Effectiveness; Third-Party Beneficiaries</I>) of the Stock Purchase Agreement are hereby incorporated by reference into this Letter
Agreement, <I>mutatis mutandis</I>, as if fully set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[signature page follows] </I></P>
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<TD VALIGN="bottom" COLSPAN="3">Very truly yours,</TD></TR>
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<TD VALIGN="bottom" COLSPAN="3">AMBAC FINANCIAL GROUP, INC.</TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Claude LeBlanc</TD></TR>
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<TD VALIGN="bottom" COLSPAN="3">Name: Claude LeBlanc</TD></TR>
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<TD VALIGN="bottom" COLSPAN="3">Title: President and Chief Executive Officer</TD></TR>
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<TD VALIGN="top" COLSPAN="3">AGREED AND ACCEPTED:</TD></TR>
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<TD VALIGN="top" COLSPAN="3">AMERICAN ACORN CORPORATION</TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Greg Share</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Name: Greg Share</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Title: President</TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Patrick George</TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:10pt">Name: Patrick George</FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:10pt">Title: Vice President and Secretary</FONT></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ambac Financial Group and Oaktree announce an extension to the stock purchase agreement for the Financial Guarantee business </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NEW YORK &#150; July</B><B></B><B>&nbsp;7, 2025</B> &#150; Ambac Financial Group, Inc. (NYSE: AMBC) (&#147;Ambac&#148;) today announced the extension from
July&nbsp;3, 2025, to December&nbsp;31, 2025 of the term of the stock purchase agreement relating to the sale of its legacy financial guarantee businesses&#151;Ambac Assurance Corporation (&#147;AAC&#148;) and Ambac UK (&#147;AUK&#148;)&#151;to
funds managed by Oaktree Capital Management, L.P. (&#147;Oaktree&#148;) for $420&nbsp;million in cash. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Both Ambac and Oaktree remain fully committed to
closing the transaction. Oaktree continues to work with the Wisconsin Office of the Commissioner of Insurance (the &#147;OCI&#148;) to satisfy its remaining closing conditions and obtain final regulatory approval. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We continue to await final regulatory approval for this strategic transaction and remain aligned with Oaktree and confident in completing the
sale,&#148; said Claude LeBlanc, President and CEO of Ambac. &#147;This transaction remains the capstone to our transformation into a pure-play specialty P&amp;C insurance platform, and we look forward to closing it as soon as practicable.&#148;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Oaktree has been actively working towards, and is committed to, obtaining the final regulatory approval from the OCI to close on the acquisition of
AAC and AUK,&#148; said Oaktree Managing Director Greg Share. &#147;We look forward to closing this transaction once such approval is received.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
addition to the extension, Ambac and Oaktree have agreed to a conversion right for the warrant to purchase Ambac common stock that Oaktree is receiving at the closing of the transaction. Ambac and Oaktree have also agreed to arrangements with
respect to Ambac&#146;s existing lease obligations and on the treatment of certain expenses allocated to AAC prior to the closing of the transaction. Full details of the amendment will be disclosed in a Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> to be filed by Ambac with the SEC today. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Ambac </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ambac Financial Group, Inc. (&#147;Ambac&#148;) is an insurance holding company headquartered in New York City. Ambac&#146;s core business is a growing
specialty P&amp;C distribution and underwriting platform. Ambac&#146;s common stock trades on the New York Stock Exchange under the symbol &#147;AMBC&#148;. Ambac is committed to providing timely and accurate information to the investing public,
consistent with our legal and regulatory obligations. To that end, we use our website to convey information about our businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical, and
business-related information. For more information, please go to&nbsp;www.ambac.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Amended and Restated Certificate of Incorporation of Ambac
contains substantial restrictions on the ability to transfer Ambac&#146;s common stock. Subject to limited exceptions, any attempted transfer of common stock shall be prohibited and void to the extent that, as a result of such transfer (or any
series of transfers of which such transfer is a part), any person or group of persons shall become a holder of 5% or more of Ambac&#146;s common stock or a holder of 5% or more of Ambac&#146;s common stock increases its ownership interest. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Oaktree </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Oaktree is a leader among global investment managers specializing in alternative investments, with $203&nbsp;billion in assets under management as of
March&nbsp;31, 2025. The firm emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in credit, equity, and real estate. The firm has more than 1,200 employees and offices in 25 cities worldwide. For additional
information, please visit Oaktree&#146;s website at&nbsp;http://www.oaktreecapital.com/. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In this press release, statements that may constitute &#147;forward-looking statements&#148; within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Words such as &#147;estimate,&#148; &#147;project,&#148; &#147;plan,&#148; &#147;believe,&#148; &#147;anticipate,&#148; &#147;intend,&#148; &#147;planned,&#148; &#147;potential&#148; and similar expressions,
or future or conditional verbs such as &#147;will,&#148; &#147;should,&#148; &#147;would,&#148; &#147;could,&#148; and &#147;may,&#148; or the negative of those expressions or verbs, identify forward-looking statements. We caution readers that these
statements are not guarantees of future performance. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, which may by their nature be inherently uncertain and some of which may be
outside our control. These statements may relate to plans and objectives with respect to the future, among other things which may change. We are alerting you to the possibility that our actual results may differ, possibly materially, from the
expected objectives or anticipated results that may be suggested, expressed or implied by these forward-looking statements. Important factors that could cause our results to differ, possibly materially, from those indicated in the forward-looking
statements include, among others, those discussed under &#147;Risk Factors&#148; in our most recent SEC filed quarterly or annual report. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>CONTACTS
</U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investors: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Charles J. Sebaski </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Managing Director, Investor Relations </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(212) <FONT
STYLE="white-space:nowrap">208-3177</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>csebaski@ambac.com</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Media: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ambac </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kate Smith </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Director, Corporate Communications </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(212) <FONT STYLE="white-space:nowrap">208-3452</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>ksmith@ambac.com</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Source: Ambac Financial Group, Inc.
</P>
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<TYPE>EX-101.SCH
<SEQUENCE>5
<FILENAME>ambc-20250703.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
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<!-- CTU Version: Release master Build:20241122.1 -->
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<xsd:schema
  xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric"
  xmlns:num="http://www.xbrl.org/dtr/type/numeric"
  xmlns:us-types="http://fasb.org/us-types/2024"
  xmlns:ambc="http://www.ambac.com/20250703"
  xmlns:dei="http://xbrl.sec.gov/dei/2024"
  xmlns:xbrli="http://www.xbrl.org/2003/instance"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
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  xmlns:xsd="http://www.w3.org/2001/XMLSchema">
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    <xsd:import schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" namespace="http://www.xbrl.org/2003/linkbase" />
    <xsd:import schemaLocation="https://xbrl.sec.gov/dei/2024/dei-2024.xsd" namespace="http://xbrl.sec.gov/dei/2024" />
    <xsd:import schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/numeric" />
    <xsd:import schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/non-numeric" />
    <xsd:import schemaLocation="https://xbrl.sec.gov/naics/2024/naics-2024.xsd" namespace="http://xbrl.sec.gov/naics/2024" />
    <xsd:import schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" namespace="http://xbrl.org/2005/xbrldt" />
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      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="ambc-20250703_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:title="Label Links, all" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="ambc-20250703_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:title="Presentation Links, all" xlink:type="simple" />
      <link:roleType roleURI="http://www.ambac.com//20250703/taxonomy/role/DocumentDocumentAndEntityInformation" id="Role_DocumentDocumentAndEntityInformation">
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>ambc-20250703_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
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<link:linkbase
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amendment Flag</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation State Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Written Communications</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Soliciting Material</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Issuer Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
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    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Emerging Growth Company</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Emerging Growth Company</link:label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>ambc-20250703_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_PreCommencementIssuerTenderOffer" order="40.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
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							}</script>
</head>
<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Jul. 03, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">AMBAC FINANCIAL GROUP INC<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000874501<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jul.  03,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-10777<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">13-3621676<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">One World Trade Center<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10007<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(212)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">658-7470<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Common stock, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AMBC<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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