Insurance department approves MBIA agreement
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- September
- 29
An agreement under which Armonk-based MBIA Inc. will reinsure policies covering $184 billion of municipal bonds backed by FGIC Corp. has been approved by the New York State Insurance Department.
The agreement is expected to help the financial outlook for FGIC, a New York-based bond insurer that has been hit hard by the subprime mortgage crisis.
“The reinsurance transaction is in the best interest of the people of the state of New York and will help stabilize the monoline insurance industry,†read a document signed by Michael Moriarty, deputy superintendent of the insurance department posted on FGIC’s Web site.
This entry was posted
on Monday, September 29th, 2008 at 4:33 pm by Jay Loomis.
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