AMBAC SPENDING $2 MIL ON FIRST CORPORATE CAMPAIGN

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Ambac Financial Group, the second-largest insurer of municipal bonds, is portraying itself as a wide-ranging financial service provider in its first corporate ad campaign.

Ambac's principal business is insuring bonds issued to finance public projects, but the company has branched into such areas as investment advisory services and cash management. The campaign, budgeted at $2 million through 1997, is to promote that range of services.

"We want to show we are a diversified financial services company," said Janice Reals Ellig, director of communications.

DAHLEN & CO.'S CAMPAIGN

The campaign, from Dahlen & Co., Bloomfield, N.J., is running in The Wall Street Journal and Barron's, trumpeting Ambac's insurance products as well as its risk management and investment services. Copy reads, "Diverse products with one thing in common: Financial peace of mind."

At the same time, the company is promoting its core business in ads that run in

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