Ambac Financial Group Inc. (NYSE: ABK) is a holding company engaged in providing financial services in public and private sectors around the world. The company today announced Paul DeRosa, of hedge-fund management firm Mt. Lucas Management Corp., will join Ambac’s board of directors July 7, 2008.

DeRosa is the seventh member of the board, and Ambac president and CEO Michael Callen said he believes DeRosa will prove beneficial to the company and its future endeavors.

“The addition of Mr. DeRosa to our board further enhances its depth and expertise. His skills will be particularly valuable to Ambac at this time. I’ve known Paul for more than 30 years and I look forward to working with him on the challenges facing Ambac,” Callen stated in the press release.

DeRosa began his career as a research economist at the Federal Reserve Bank of New York; was responsible for the development of financial derivatives for Citibank for more than five years, headed the bank’s proprietary bond trading, and authored Citibank’s interest rate risk management system. He also co-founded Eastbridge Capital Inc., a bond trading company and primary dealer in United Treasury bonds, and became CEO of the holding company in 1995; finally joining Mt. Lucas in 1998.

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