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Bond Insurers Tackle Challenges and Emerge With Increased Strength
Standard & Poors, May 2001
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
Takeovers, highly visible defaults, a last minute reprieve, new participants, and continued strong international growth are all highlights of the past year for the bond insurance industry. On balance, despite the potentially unsettling nature of many of these events, the industry is perhaps even stronger than a year ago. Industry performance in 2000 varied from segment to segment. The four established 'AAA' rated primary bond insurers-- Ambac Assurance Corp. (Ambac), Financial Guaranty Insurance Co. (FGIC), Financial Security Assurance Inc. (FSA), and MBIA Insurance Corp. (MBIA)--sailed through 2000 on the strength of strong volume growth in the international sector, disciplined pricing and underwriting, and low losses as healthy economies fostered favorable credit quality. The acquisition of FSA by Dexia had little...
Companies mentioned in this report are: Pacific Gas & Electric Co.,Ambac Assurance Corp.,Financial Guaranty Insurance Co.,Assured Guaranty Municipal Corp.,Radian Reinsurance Inc.,MBIA Insurance Corp.,Assured Guaranty Corp,XL Group Ltd.,Radian Asset Assurance Inc.,RAM Reinsurance Co Ltd.,ACA Financial Guaranty Corp.,Syncora Guarantee Inc.,Syncora Guarantee Re Ltd.,Sompo Japan Financial Guarantee Insurance Co. Ltd.
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