The ailing Ambac Financial Group Inc. said last week that it will add Paul DeRosa, a principal with the hedge fund group Mount Lucas Management Corp., to its board today.

The New York bond insurer said the appointment of Mr. DeRosa would expand its board to seven members. The only board member who is an Ambac employee is Michael A. Callen, its chief executive.

Mr. DeRosa has worked for the Federal Reserve Bank of New York and Citibank and co-founded a bond trading firm.

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