Ambac Financial Group, Inc., through its subsidiaries, provides financial guarantee products and financial services to clients in public and private sectors worldwide. The company operates in two segments, Financial Guarantee and Financial Service. The Financial Guarantee segment offers financial guarantees, including structured credit derivatives for public finance, structured finance, and other obligations. It serves primarily the U.S. public finance market, the U.S. structured finance and asset-backed market, and the international finance market. The Financial Service segment provides financial and investment products, including investment agreements, funding conduits, interest rate, currency, and total return swaps principally to states, municipalities and other public entities, health care organizations, and asset-backed and structured finance issuers. Ambac Financial Group was founded in 1971. It was formerly known as Ambac, Inc. and changed its name to Ambac Financial Group, Inc. in 1997. The company is headquartered in New York City.