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Ambac Reorganizes Credit Risk Ops; Names Wallis To New Post

Last Update: 2/15/2008 12:35:10 PM

DOW JONES NEWSWIRES

Ambac Financial Group Inc. (ABK) named David W. Wallis to the post of chief risk
officer, in a move the company said was to strengthen its underwriting process
and meet the challenging credit landscape.

The New York holding company said Wallis will be responsible for capital and risk
analysis, portfolio risk management and credit risk management. Wallis was most
recently senior managing director and head of portfolio and market risk
management.

Ambac said Bob D. Selvaggio will head capital and risk analysis, while Cathy J.
Matanle will head portfolio risk management.

The company said the credit risk management group will be split into two units:
U.S. public finance credit risk management lead by Peter J. Cain and structure
and international finance, which will be co-headed by Bob R. Bose and Rick
Persaud.

The whole team will report to Wallis.

William T. McKinnon, who previously headed credit risk management, has retired
from the firm.

-Karen M. Lee; 201-938-5400; Asknewswires@dowjones.com

(END) Dow Jones Newswires

February 15, 2008 12:35 ET (17:35 GMT)

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