Ambac Financial Group, Inc. (Ambac), is a financial services holding company. The Company provides financial guarantees, which includes insurance policies and credit derivative contracts. It provides financial guarantee insurance policies through its subsidiaries, including Ambac Assurance Corporation and Ambac Assurance UK Limited. It provides a guarantee that protects the holder of a debt obligation against non-payment when due. Its subsidiaries include Ambac Assurance Corporation (Ambac Assurance), Everspan Financial Guarantee Corp. and Ambac Assurance UK Limited (Ambac UK). Insurance policies insured by Ambac Assurance and Ambac UK guarantee payment when due of the principal and interest on the obligations guaranteed. Ambac Assurance also has another financial guarantee subsidiary, Everspan Financial Guarantee Corp.