Financial Guarantors

  • The greatest losses would be experienced by big CDO arrangers such as Citigroup, Merrill Lynch, and UBS, and by financial guarantors such as AIG, Ambac, and MBIA.

2011 01 - FCIC - Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States - 663p

  • 2021 - LR - Regulating Financial Guarantors, Steven L. Schwarcz - 34p
  •  - LC - Assured Guaranty (UK) LTD. vs. J.P. Morgan Investment Managment Inc..
    • New York County Clerk’s Index No. 603755/08 - Court of Appeals
    • Brief of Defendant-Respondent-Appellant - 66p
      • Scottish Re
      • News Release, “Assured Guaranty Insures $382 Million Orkney II Series A-1, Its First Guaranty of a Regulation XXX Life Insurance Securitization” (Jan. 17, 2006) (R242-43).
  • Peter P. Kelly, Jr.:
    • I'd like to start by providing a bit of history about the financial guarantee industry.
      • Its first component was the municipal bond insurance industry, which began in 1971 when the American Municipal Bond Assurance Corporation (AMBAC) was founded.
    • Reinsurance basically augments primary capital.
      • It's somewhat similar to the situation of a property-casualty company reinsuring property-casualty company writings; we use reinsurance also for municipal bond and corporate bond guarantees.
    • I'd like to return now to the topic of reinsurance.
      • All financial guarantors, as I mentioned, utilize one or more of the following types of reinsurance:
        • quota share, surplus share, facilitative and excess-of-loss or stop-loss.
      • All of these are used interchangeably at one time or another by all of the financial guarantee companies.
    • MBIA and its predecessor the Municipal Bond Insurance Association, when we were a joint underwriting association, have now insured over 10,000 bond and note issues across the United States.

1988 - SOA - Financial Guarantees, Society of Actuaries - 22p

  • III. REGULATION OF FINANCIAL GUARANTY INSURERS
    • The regulation of FGIs in New York is principally governed by Article 69 of the Insurance Law, which applies exclusively to FGIs. Article 69 sets forth a series of specialized and highly technical requirements intended to safeguard the financial solvency of FGIs authorized to do business in this State.
    • These include:

2008 0922 - NYSID - Circular Letter No. 19 (2008), TO: All authorized financial guaranty insurers, RE: “Best practices” for financial guaranty insurers