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In the booming business of insuring municipal bonds, Ambac was well-respected – the Rolls Royce of the industry – but always ran number two behind MBIA. And its sedate advertising followed MBIA’s lead. Our campaign changed that, with an aggressive, assertive stance. By creating the word AMBACKED, we implied that this was now the standard. If a municipal bond isn’t AMBACKED...well, be careful. So Ambac closed much of the gap between itself and MBIA.