Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

	Summary Compensation Table Total for PEO (1)		Compensation Actually Paid to PEO (2)		Average Summary Compensation Table Total for Non-PEO NEOs(1)		Average Compensation Actually Paid to Non-PEO NEOs (2)		Value of Initial Fixed $100 Investment Based On:				Net Income (Loss) (in millions)		Company-Selected Performance Measure - rTSR percentile rank(4)
Year									Total Shareholder Return		Peer Group Total Shareholder Return(3)
2023	$	6,917,719	$	7,049,544	$	2,200,003	$	2,229,021	$	76	$	130	$	5	39th
2022	$	6,185,762	$	9,867,444	$	2,058,411	$	2,882,417	$	81	$	105	$	522	45th
2021	$	6,979,315	$	8,273,439	$	2,190,289	$	2,413,753	$	75	$	145	$	(17)	7th
2020	$	6,011,501	$	2,777,279	$	1,989,183	$	1,431,419	$	71	$	131	$	(437)	20th

Company Selected Measure Name

relative total shareholder return ("rTSR")

Named Executive Officers, Footnote

The registrant's Principle Executive Officer ("PEO") for the years 2020, 2021, 2022, and 2023 was Claude LeBlanc. Non-PEO NEOs for the years 2020, 2021, 2022, and 2023 were Messrs. Trick, Barranco, and Ksenak, and Ms. Smith.

Peer Group Issuers, Footnote

Peer group total shareholder return represents the performance of the S&P Completion index (SPCMI).

PEO Total Compensation Amount

$ 6,917,719

$ 6,185,762

$ 6,979,315

$ 6,011,501

PEO Actually Paid Compensation Amount

$ 7,049,544

9,867,444

8,273,439

2,777,279

Adjustment To PEO Compensation, Footnote

Compensation Actually Paid ("CAP") equals the Summary Compensation Table total, adjusted to replace the grant date value of stock unit awards with the sum of: (i) the fair value of all equity grants made during the year valued as of the last day of the year; (ii) the year over year changes in fair value of prior year awards that remain outstanding at the end of the year presented; and (iii) for awards that vested in the year presented, the changes in fair value of from prior year end to the vesting date. There were no equity awards that were granted and vested in the same year during the years presented. There were no dividends paid on unvested stock awards during the years presented. The assumptions used to calculate an awards fair value do not materially differ from the disclosed valuation assumptions used to calculate grant date fair value.

The following tables contain a reconciliation of the amounts reported for (i) total compensation in the Summary Compensation Table with the amounts reported for Compensation Actually Paid in each of the years indicated for the PEO, and (ii) an average of the total compensation in the Summary Compensation Table with the amounts reported for the average Compensation Actually Paid to the Non-PEO NEOs, respectively.

	Reconciliation of Summary Compensation Table Total to Compensation Actually Paid for the PEO
Year	Summary Compensation Table Total		Deduct Grant Date Fair Value of Stock Unit Awards		Add Year-end fair value of stock unit awards granted		Add change in fair value of prior year outstanding awards		Add change in fair value of prior year vested awards		Compensation Actually Paid
2023	$	6,917,719	$	(4,125,142)	$	4,396,779	$	461,933	$	(601,745)	$	7,049,544
2022	$	6,185,762	$	(3,420,095)	$	4,906,825	$	2,649,464	$	(454,512)	$	9,867,444
2021	$	6,979,315	$	(4,358,942)	$	3,779,167	$	1,335,745	$	538,154	$	8,273,439
2020	$	6,011,501	$	(3,285,787)	$	2,534,939	$	(2,206,007)	$	(277,367)	$	2,777,279

	Reconciliation of the Average Summary Compensation Table Total to the Average Compensation Actually Paid to the non-PEO NEOs
Year	Average Summary Compensation Table Total		Deduct Grant Date Average Fair Value of Stock Unit Awards		Add Year-end average fair value of stock unit awards granted		Add change in average fair value of prior year outstanding awards		Add change in average fair value of prior year vested awards		Average Compensation Actually Paid
2023	$	2,200,003	$	(903,227)	$	962,697	$	102,449	$	(132,901)	$	2,229,021
2022	$	2,058,411	$	(748,853)	$	1,074,383	$	577,697	$	(79,221)	$	2,882,417
2021	$	2,190,289	$	(947,297)	$	821,299	$	281,351	$	68,111	$	2,413,753
2020	$	1,989,183	$	(725,939)	$	560,051	$	(303,616)	$	(88,260)	$	1,431,419

Non-PEO NEO Average Total Compensation Amount

$ 2,200,003

2,058,411

2,190,289

1,989,183

Non-PEO NEO Average Compensation Actually Paid Amount

$ 2,229,021

2,882,417

2,413,753

1,431,419

Adjustment to Non-PEO NEO Compensation Footnote

Compensation Actually Paid ("CAP") equals the Summary Compensation Table total, adjusted to replace the grant date value of stock unit awards with the sum of: (i) the fair value of all equity grants made during the year valued as of the last day of the year; (ii) the year over year changes in fair value of prior year awards that remain outstanding at the end of the year presented; and (iii) for awards that vested in the year presented, the changes in fair value of from prior year end to the vesting date. There were no equity awards that were granted and vested in the same year during the years presented. There were no dividends paid on unvested stock awards during the years presented. The assumptions used to calculate an awards fair value do not materially differ from the disclosed valuation assumptions used to calculate grant date fair value.

The following tables contain a reconciliation of the amounts reported for (i) total compensation in the Summary Compensation Table with the amounts reported for Compensation Actually Paid in each of the years indicated for the PEO, and (ii) an average of the total compensation in the Summary Compensation Table with the amounts reported for the average Compensation Actually Paid to the Non-PEO NEOs, respectively.

	Reconciliation of Summary Compensation Table Total to Compensation Actually Paid for the PEO
Year	Summary Compensation Table Total		Deduct Grant Date Fair Value of Stock Unit Awards		Add Year-end fair value of stock unit awards granted		Add change in fair value of prior year outstanding awards		Add change in fair value of prior year vested awards		Compensation Actually Paid
2023	$	6,917,719	$	(4,125,142)	$	4,396,779	$	461,933	$	(601,745)	$	7,049,544
2022	$	6,185,762	$	(3,420,095)	$	4,906,825	$	2,649,464	$	(454,512)	$	9,867,444
2021	$	6,979,315	$	(4,358,942)	$	3,779,167	$	1,335,745	$	538,154	$	8,273,439
2020	$	6,011,501	$	(3,285,787)	$	2,534,939	$	(2,206,007)	$	(277,367)	$	2,777,279

	Reconciliation of the Average Summary Compensation Table Total to the Average Compensation Actually Paid to the non-PEO NEOs
Year	Average Summary Compensation Table Total		Deduct Grant Date Average Fair Value of Stock Unit Awards		Add Year-end average fair value of stock unit awards granted		Add change in average fair value of prior year outstanding awards		Add change in average fair value of prior year vested awards		Average Compensation Actually Paid
2023	$	2,200,003	$	(903,227)	$	962,697	$	102,449	$	(132,901)	$	2,229,021
2022	$	2,058,411	$	(748,853)	$	1,074,383	$	577,697	$	(79,221)	$	2,882,417
2021	$	2,190,289	$	(947,297)	$	821,299	$	281,351	$	68,111	$	2,413,753
2020	$	1,989,183	$	(725,939)	$	560,051	$	(303,616)	$	(88,260)	$	1,431,419

Compensation Actually Paid vs. Total Shareholder Return

The following graph describes the relationship between Compensation Actually Paid ("CAP") to the principal executive officer and the Average Compensation Actually Paid to the Non-PEO NEOs and Ambac's cumulative total shareholder return ("Ambac TSR") over the last four fiscal years.

Compensation Actually Paid vs. Net Income

The following graph describes the relationship between CAP to our named executive officers and Ambac's Net Income over the last four fiscal years.

Compensation Actually Paid vs. Company Selected Measure

Ambac has selected rTSR as its CSM. The rTSR measure is the percentile rank of Ambac's TSR as compared to the TSR of all members of the peer group within each LTIP issuance, ranked in descending order (including Ambac). This measure was first approved by Ambac's Compensation Committee for the 2019 LTIP issuance with a three year performance period, therefore, the rTSR reported in the below chart for 2020 represents two outstanding LTIP award issuances while 2021, 2022 and 2023 represent three outstanding LTIP award issuances, respectively.

The following graph shows the relationship of CAP compared with percentile rank rTSR, over the last four fiscal years.

Total Shareholder Return Vs Peer Group

Ambac's TSR and the S&P Completion index cumulative TSR over the last three fiscal years. The comparison assumes $100 was invested in the Company and in the S&P Completion index for the period starting December 31, 2019 and was held through the end of each fiscal year listed in the first table set forth above. Historical stock performance is not necessarily indicative of future stock performance.

Tabular List, Table

l	Reductions in Net Par Outstanding in the insured portfolio	l	Number of underwritten programs at Everspan
l	Reductions in Gross Operating Run Rate Expenses	l	EBITDA margins at Cirrata
l	Earned premium and program fees at Everspan	l	Number of new MGAs and non-program business at Cirrata
l	Reductions in Watch List and Adversely Classified Credits	l	Relative Total Shareholder Return

Total Shareholder Return Amount

$ 76

81

75

71

Peer Group Total Shareholder Return Amount

130

105

145

131

Net Income (Loss)

$ 5,000,000

$ 522,000,000

$ (17,000,000)

$ (437,000,000)

Company Selected Measure Amount

0.39

0.45

0.07

0.20

PEO Name

Claude LeBlanc

Additional 402(v) Disclosure

This “Pay Versus Performance” section provides information concerning executive pay ("compensation actually paid" as defined by the SEC) and Company performance for each of the fiscal years ending December 31, 2020, 2021, 2022, and 2023. The Compensation Committee did not consider this pay versus performance disclosure when making compensation decisions. These amounts have been calculated as required by SEC rules and do not reflect the actual amounts of compensation earned or realized by our NEOs. The following table below provides information concerning executive pay and Company performance as required under SEC Regulation S-K Item 402(v).

The following table contains a list that shows the most important financial performance measures used by Ambac's Compensation Committee to link compensation actually paid to the named executive officers to Company performance for the most recently completed fiscal year.

Measure:: 1

Pay vs Performance Disclosure

Name

Reductions in Net Par Outstanding in the insured portfolio

Measure:: 2

Pay vs Performance Disclosure

Name

Reductions in Gross Operating Run Rate Expenses

Measure:: 3

Pay vs Performance Disclosure

Name

Earned premium and program fees at Everspan

Measure:: 4

Pay vs Performance Disclosure

Name

Reductions in Watch List and Adversely Classified Credits

Measure:: 5

Pay vs Performance Disclosure

Name

Number of underwritten programs at Everspan

Measure:: 6

Pay vs Performance Disclosure

Name

EBITDA margins at Cirrata

Measure:: 7

Pay vs Performance Disclosure

Name

Number of new MGAs and non-program business at Cirrata

Measure:: 8

Pay vs Performance Disclosure

Name

Relative Total Shareholder Return

Non-GAAP Measure Description

Ambac selected relative total shareholder return ("rTSR") as the company-selected measure ("CSM") for 2023 as reflected in the table above. rTSR is presented as the percentile rank of Ambac's Total Shareholder Return ("TSR") as compared to the TSR of all members of the peer group. SEC regulations require Ambac to designate a CSM that in its assessment represents the most important financial performance measure (that is not total shareholder return or net income) used by Ambac to link CAP of our NEOs, for the most recently completed fiscal year, to performance. This measure was first approved by Ambac's Compensation Committee for the 2019 LTIP issuance with a three year performance period, therefore, the rTSR reported in the above chart for 2020 represents two outstanding LTIP award issuances while 2021, 2022 and 2023 represent three outstanding LTIP award issuances, respectively. While rTSR has been selected as Ambac's CSM it is not the most important measure used by the board in determination of compensation. For the most recent year, reductions in net par outstanding were given more weight in determining compensation but under SEC regulations this measure does not meet the criteria of a CSM. rTSR may not have been the most important financial performance measure for years 2020 and 2021 and Ambac may determine a different CSM to be the most important financial performance measure in future years.

PEO | Stock Awards Adjustments [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (4,125,142)

$ (3,420,095)

$ (4,358,942)

$ (3,285,787)

PEO | Equity Awards Reported Value [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

4,396,779

4,906,825

3,779,167

2,534,939

PEO | Equity Awards Granted in Prior Years, Unvested [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

461,933

2,649,464

1,335,745

(2,206,007)

PEO | Equity Awards Granted in Prior Years, Vested [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(601,745)

(454,512)

538,154

(277,367)

Non-PEO NEO | Stock Awards Adjustments [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(903,227)

(748,853)

(947,297)

(725,939)

Non-PEO NEO | Equity Awards Reported Value [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

962,697

1,074,383

821,299

560,051

Non-PEO NEO | Equity Awards Granted in Prior Years, Unvested [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

102,449

577,697

281,351

(303,616)

Non-PEO NEO | Equity Awards Granted in Prior Years, Vested [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (132,901)

$ (79,221)

$ 68,111

$ (88,260)