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Bond Insurers' Capital Adequacy Remains Stable in a Challenging Environment Jun 03
Standard & Poors, June 2003
Abstract
The watchword for overall capital adequacy results in 2002 was stability although individual company results showed some variability due to company-specific factors. In an environment that harbored many potential threats to a bond insurer's financial strength, the insurers completed the year with their capital adequacy in the aggregate essentially unchanged from the prior year. Among the more potent threats that could have damaged capital adequacy were global economic weakness that challenged credit quality across many sectors of the economy, record levels of corporate defaults, and significant changes in the availability of reinsurance and in Standard & Poor's Ratings Services criteria for valuing the benefit of reinsurance to the ceding company. In each case, the insurers' prudent underwriting and risk-management controls...
Companies mentioned in this report are: Ambac Assurance Corp.,Financial Guaranty Insurance Co.,Assured Guaranty Municipal Corp.,Radian Reinsurance Inc.,MBIA Insurance Corp.,Assured Guaranty Corp,Munich Reinsurance Co.,Munich Re America Corp.,Radian Asset Assurance Inc.,Axa Re Finance S.A.,RAM Reinsurance Co Ltd.,ACA Financial Guaranty Corp.,Syncora Guarantee Inc.,Syncora Guarantee Re Ltd.,Sompo Japan Financial Guarantee Insurance Co. Ltd.,CIFG GUARANTY,CIFG Europe,CIFG Assurance North America Inc.
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.
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