Ambac Names Naveen Anand President of Cirrata Group

Newly created position established to expand Ambac’s insurance distribution division

NEW YORK--(BUSINESS WIRE)-- Ambac Financial Group (NYSE: AMBC) (“Ambac”), a financial services holding company, today announced the appointment of Naveen Anand as President of Cirrata Group, Ambac’s insurance distribution division. Anand, the former Group President of Players Health, will be responsible for expanding Cirrata Group and building its profile in the specialty property and casualty insurance market. This is a newly created position reporting to Claude LeBlanc, President and CEO of Ambac.

Ambac has named Naveen Anand president of Cirrata Group, its insurance distribution division (Photo: Business Wire)

“Naveen is a seasoned P&C executive with extensive specialty lines expertise and strong industry relationships, making him an ideal choice for President of Cirrata,” LeBlanc said. “We are excited to welcome him to the team.”

Anand, who is based in New York, has more than 30 years of experience in the insurance industry. For the past two years, he was Group President at Players Health. He also served as a member of the company’s Board of Directors. Prior to that, he spent six years as President and CEO of Hallmark Financial Services and four years as Torus Insurance’s CEO of Americas and Global Chief Operating Officer. Additionally, Anand spent seven years at CNA in roles of increasing responsibility. In his final three years there, he was President and Chief Underwriting Officer of Commercial Lines, where he was responsible for $3.3 billion of commercial lines business focused on Middle Markets, Excess Casualty, Large Property, Marine, Boiler & Machinery, International P&C, Risk Management Casualty and Engineering. Early in his career, Anand worked for Chubb in various commercial underwriting roles, including Vice President of Commercial Lines for the New York region.

Anand holds a bachelor’s degree in finance from Rider University and is a graduate of the Executive Education Program at the University of Pennsylvania’s Wharton School of Business.

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 runoff. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230509005342/en/

Investors:

Charles Sebaski

Managing Director, Investor Relations

csebaski@ambac.com



Media:

Kate Smith

Director, Corporate Communications

ksmith@ambac.com

Source: Ambac Financial Group, Inc.