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Bond Insurers' International Business Remains Highly Profitable Jun 01
Standard & Poors, June 2001
Abstract
A recent Standard & Poor's evaluation of bond insurers' international business activities highlighted the benefits of expanded international underwriting. Principal among these benefits were increased profitability and par volume growth rates that offset declines in domestic municipal par volume. Signs point to continued growth not only due to increased activities by the bond insurers, but further development of global capital markets. In 2000, the news was not good for the bond insurers in the domestic public finance market--overall volume and insured penetration were down. However, international gross par written by the four 'AAA' rated primary insurers more than doubled. With the exception of FGIC, only the international business lines experienced significant growth in par volume for each insurer. While some...
Companies mentioned in this report are: Ambac Assurance Corp.,Financial Guaranty Insurance Co.,MBIA Insurance Corp.,Assured Guaranty (Europe) Ltd.,Syncora Guarantee 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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