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Under the current structure, monoline insurance companies would not be regulated by the regulators of the pension or insurance industry but by the Central Bank of Nigeria, finance ministry or the presidency.
Until 2007, no monoline insurer had ever been downgraded or failed to make a payment, according to a 2008 Wells Fargo white paper, Deterioration of Monoline Insurance Companies and the Repercussions for Municipal Bonds.
He also represented a member of the bank steering committee in several of the monoline insurance company restructurings, including Ambac, FGIC, and MBIA.
And a number of then] created state-sponsored monoline insurance companies, or competitive state funds.
ISDA also examined SEC reports and intends to do a more exhaustive paper on industry losses pertaining to monoline insurance companies in the near future.
But its investment bank continued to lose money, and further market deterioration led to writedowns and losses on previously disclosed risk positions, in particular in its monoline insurance exposures, UBS said.
The series 2007 bonds are also expected to be supported by a monoline insurance provider whose financial strength is rated as 'AAA' by Fitch.
His prior positions include vice president, underwriting at RVI Services, a monoline insurance company and project management roles at Tishman Real Estate & Construction.
Additional risks that remain include mortgage repurchase risk from private label securitizations as well as litigation risks related to legacy relationships with monoline insurance companies, notably MBIA.
It corrects the monoline insurance policy provider name to Syncora Guarantee Inc.
While Fitch recognizes that the large unrealized loss position overstates the true risk to the company, the portfolio does contain some exposure to the higher risk elements of the mortgage market, specifically those securities backed by subprime mortgages and certain higher risk investments that are wrapped by monoline insurance companies currently under stress.
The new BPL and monoline Insurance Company E&O Solutions policy forms provide a sophisticated professional liability approach to banking institutions and insurance companies," said Tom Kocaj, vice president of Underwriting, CNA.