Ambac Announces a Board Change

Ambac Financial Group, Inc. (NYSE: AMBC), a financial services holding company, today announces that C. James Prieur, a member of the Board of Directors, has made the decision to resign from the Board for personal reasons, effective February 22, 2023.

"On behalf of the Board, the Ambac management team and our shareholders, I would like to thank Jim for his service on our Board of Directors," said Jeffrey S. Stein, Chairman of the Board of Ambac. “Since joining the Board in 2016, Jim has provided valuable counsel and guidance through the completion of AAC’s segregated account rehabilitation, legacy litigations, and a global pandemic, among other challenges. We wish him well in his future endeavors.”

Mr. Prieur stated, “Given the company’s significant successes in 2022 underscored by the settlement of its largest legacy litigations and Puerto Rico exit, as well as the successful expansion of the specialty P&C business, I felt it was the right time for me to step down from the Board. I want to wish the Board and management all the very best as the company continues its successful transition into the specialty P&C business.”

About Ambac

Ambac Financial Group, Inc. (“Ambac” or “AFG”) is a financial services holding company headquartered in New York City. Ambac’s core business is a growing specialty P&C distribution and underwriting platform. Ambac also has a legacy financial guaranty business in run off. Ambac’s common stock trades on the New York Stock Exchange under the symbol “AMBC”. 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 www.ambac.com.

The Amended and Restated Certificate of Incorporation of Ambac contains substantial restrictions on the ability to transfer Ambac’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’s common stock or a holder of 5% or more of Ambac’s common stock increases its ownership interest.

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