Insurers FGIC, XLCA Record First-Quarter Increases in Net Income

Smith, Aaron T.
May 2003
Bond Buyer;5/6/2003, Vol. 344 Issue 31629, p32
Trade Publication
Financial Guaranty Insurance Co. (FGIC), a New York-based bond insurer and subsidiary of General Electric Capital Corp., reported net income of 66.9 million dollars for the first quarter of 2003, up 40 percent from 47.8 million dollars in 2002. “Our performance reflects our continued focus on profitability and exceptional capital strength,” said FGIC chief executive officer Deborah M. Reif, in a prepared statement. The firm, triple-A rated by Moody's Investors Service Inc., Standard & Poor's, and Fitch Ratings — insured 7.5 billion dollars in the municipal finance sector in the first quarter 2003, as well as 3.6 billion dollars of structured-finance securitizations.


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