Ambac Appoints Kristi A. Matus and Michael D. Price to Its Board of Directors

Ambac Financial Group, Inc. ("Ambac") (NYSE:AMBC), a financial services holding company, announced the appointment of Kristi A. Matus and Michael D. Price as members of its Board of Directors, effective today. Ms. Matus will be a member of the Board's Audit and Compensation committees, while Mr. Price will be a member of the Audit and Strategy committees.

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Kristi A. Matus has joined the Board of Directors of Ambac Financial Group (Photo: Business Wire)

"We are pleased to welcome Kristi Matus and Michael Price to Ambac's Board of Directors," said Jeffrey S. Stein, Chairman of the Board. "Their insurance, business and leadership experience will be a tremendous asset to Ambac as we continue to enhance long-term shareholder value."

Ms. Matus has more than 30 years of insurance, risk management, and investment experience. Most recently she was the Chief Financial Officer and Chief Operating Officer of Buckle Agency LLC. from 2020 through July 2022. She was also an Executive Advisor for Thomas H. Lee Partners L.P. from 2017 to 2020, advising the senior team within the healthcare IT portfolio on strategy, talent, and team integration prior to an acquisition. She previously served as Executive Vice President and Chief Financial & Administrative Officer of athenahealth, Inc., a company partnering with healthcare organizations across the care continuum to drive clinical and financial results through technology, insight, and expertise. Prior to joining athenahealth, Ms. Matus served as Executive Vice President and Head of Government Services of Aetna, Inc., managing the Medicare, Medicaid, public and labor and Federal employee health plans. Prior to Aetna, she held several senior leadership roles at United Services Automobile Association ("USAA"), including Executive Vice President and Chief Financial Officer. She began her career at Thrivent, where she held various financial and operational roles for over a decade.

Ms. Matus is currently a member of the Board of Directors of Equitable Holdings, Inc., Cerence, Inc., and AllianceBernstein Holdings, L.P.

Mr. Price is former President and Chief Executive Officer of Platinum Underwriters Holdings, Ltd., a position he held from 2005 until the company's acquisition by RenaissanceRe Holdings Ltd. in 2015. Platinum Underwriters Holdings provided property and casualty reinsurance coverages to insurance and select reinsurers worldwide. Prior to that, Mr. Price served briefly as Platinum's Chief Operating Officer, and was President of Platinum US from 2002 until 2005. Mr. Price was Chief Underwriting Officer of Platinum's predecessor, the former reinsurance segment of The St. Paul Companies, Inc. Prior thereto, he was Chief Operating Officer of Associated Aviation Underwriters Incorporated, a subsidiary of Global Aerospace Underwriting Managers Ltd., a leading global MGU of aviation insurance and risk management solutions. Earlier in his career, he held progressively senior roles within other companies in the property and casualty insurance industry.

Mr. Price is a Fellow of the Casualty Actuarial Society and holds the Financial Risk Manager designation of the Global Association of Risk Professionals. Mr. Price was a member of the Board of Directors of The Hanover Insurance Group, Inc. from July 2017 until May 2020.

"Kristi and Michael join the Board at a pivotal time in Ambac's history," Ambac CEO Claude LeBlanc said. "Having successfully resolved our most significant legacy business challenges last year, Ambac is well positioned to accelerate its key growth initiatives. Kristi and Michael's added industry expertise to our Board will help us progress these goals and further advance our specialty P&C insurance strategy."

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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