AGFI Head: Diversified Insurers Prepared for Falling Volume

Smith, Aaron T.
April 2003
Bond Buyer;4/29/2003, Vol. 344 Issue 31624, p28
Trade Publication
The diversification of municipal monoline bond insurers has prepared the sector well for a possible downturn in issuance volume, according to David L. Boyle, chairman of the Association of Financial Guaranty Insurors. Meanwhile, in the U.S., bond insurance volume hit a record 176.75 billion dollar in 2002, achieving 49.4 percent penetration of the total issuance of 357.87 billion dollar, according to Thomson Financial Inc. If volume begins to drop there is a possibility of slide in fresh income, because the payment for insuring bonds is secured up-front but recorded only over the duration of the bond. Reinsurance has also been incorporated in the diversification of the bond insurers.


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