Insuring Outside the Box: Non-Muni Growth on a Roll

Smith, Aaron T.
June 2003
Bond Buyer;6/19/2003, Vol. 344 Issue 31660, p1
Trade Publication
Though municipal bond insurance remains the backbone of the financial guaranty industry, guarantors in recent years have shown a greater propensity to write non-municiple bond insurance business, according to a recent report by Moody's Investors Service Inc. Moody's examination of the five most prolific triple-A rated financial guarantors shows that U.S. municipal bond insurance continues to take up the majority of net par outstanding, though this majority has gotten slimmer in recent years. Last year, U.S. municipal insurance represented 56%, or $746.2 billion, of financial guaranty business outstanding, as compared to 74%, or $331.6 billion, in 1995, according to Moody's. Moody's examination of the net par written shows that U.S. municiple bond insurance last year represented 45.6%, or $158.1 billion, while U.S. non-municiple was 35.7%, or $123.6 billion.


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