Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers
(b) In light of Ambac's decision to postpone the launching of Everspan Financial
Guarantee Corp. Robert Shoback , a Senior Managing Director of Ambac Financial
Group, Inc. ("Ambac") and Ambac Assurance Corporation ("Ambac Assurance"),
informed Ambac that he would be resigning from Ambac and Ambac Assurance
effective January 1, 2010. Between now and December 31, 2009, Mr. Shoback will
provide support and consultation to the Company.
