Exhibit 23.1

                         INDEPENDENT AUDITORS' CONSENT



The Board of Directors
Ambac Financial Group, Inc.:

We consent to the use of our reports on Ambac Financial Group, Inc. and Ambac
Assurance Corporation incorporated by reference in the Registration Statement on
Form S-3 and related Prospectus of Ambac Financial Group, Inc. and to the
reference to our firm under the heading "Experts" in the Prospectus.



                                      /s/ KPMG LLP


New York, New York

August 27, 2001