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 April 27, 2001