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Ambac Announces Update at the Segregated Account

NEW YORK, May 13, 2016 (GLOBE NEWSWIRE via COMTEX) --

Ambac Financial Group, Inc. AMBC, +3.05% ("Ambac"), a holding company whose subsidiaries, including Ambac Assurance Corporation ("AAC"), provide financial guarantees and other financial services, today announced that the Wisconsin Commissioner of Insurance, as the court-appointed Rehabilitator of the Segregated Account of AAC (the "Segregated Account"), has submitted to the Dane County Circuit Court an application for approval of the engagement of Daniel J. Schwartzer as a consultant to serve as the Special Deputy Commissioner of the Segregated Account ("SDC").

Mr. Schwartzer currently acts as the SDC in his capacity as the Wisconsin Deputy Commissioner of Insurance. If the application is approved, Mr. Schwartzer will resign his position as the Wisconsin Deputy Commissioner of Insurance and will act as the SDC through an independent consulting agreement. He will continue to be based in Wisconsin.

Ambac anticipates that his new role will allow Mr. Schwartzer more time to work closely with company management to advance the next steps in the successful rehabilitation of the Segregated Account.

Commenting on today's development, Nader Tavakoli, Ambac's President and Chief Executive Officer, said, "We are pleased that Mr. Schwartzer is willing to make an increased commitment to the ongoing efforts to resolve Segregated Account matters in ways that benefit AAC and all policyholders."

The court filing will be available on the Wisconsin Office of the Commissioner of Insurance website at ambacpolicyholders.com.

Important Information

Ambac Financial Group, Inc., ("Ambac") filed a definitive proxy statement with the Securities and Exchange Commission ("SEC") on April 20, 2016 in connection with its 2016 Annual Meeting. STOCKHOLDERS ARE URGED TO READ THIS PROXY STATEMENT, THE ACCOMPANYING WHITE PROXY CARD AND OTHER RELEVANT DOCUMENTS FILED BY AMBAC WITH THE SEC IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain free copies of these documents through the website maintained by the SEC at http://www.sec.gov and through the website maintained by Ambac at http://ir.ambac.com.

Certain Information Regarding Participants

Ambac, its directors and certain of its officers and other employees may be deemed to be participants in the solicitation of Ambac's stockholders in connection with its 2016 annual meeting. Information regarding the names, affiliations and direct and indirect interests (by security holdings or otherwise) of these persons can be found in Ambac's definitive proxy statement for its 2016 Annual Meeting, which was filed with the SEC on April 20, 2016. To the extent holdings of Ambac's securities by such persons have changed since the amounts printed in the 2016 definitive proxy statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or on Statements of Change in Ownership on Form 4 filed with the SEC. More detailed information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, is set forth in the definitive proxy statement and, to the extent applicable, will be updated in other materials to be filed with the SEC in connection with Ambac's 2016 Annual Meeting. Stockholders may obtain a free copy of the proxy statement and other documents filed by Ambac with the SEC from the sources listed...


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