Municipal bond insurance is a good example of credit enhancement; using a bank letter of credit or state intercept program is another." JOE MYSAK, ENCYCLOPEDIA OF MUNICIPAL BONDS 42 (2012).
In addition to Build America Mutual Assurance Company, the first and only mutual
municipal bond insurance company in the United States--which White Mountain kicked off through its subsidiary HG Global in 2012--it has acquired NSM Insurance HoldCo for $274 million and, indirectly, the British Fresh Insurance Service Group for nearly $50 million and DavidShield for $41.8 million.
AGM is a
municipal bond insurance subsidiary of Assured Guaranty Ltd.
When Robert R Cochran and Sean McCarthy founded Build America Mutual in 2012, they were determined to follow a different course than the one that doomed many of their
municipal bond insurance predecessors.
When Ambac and MBIA pioneered the
municipal bond insurance business
She follows Ackman from day to day as over several years he tormented--as in Hugo's book police inspector Javert stayed on the tail of Jean Valjean--a giant quarry known as the
Municipal Bond Insurance Association (MBIA).
Tax-induced market segmentation of the municipal bond market provides a rationale for
municipal bond insurance. (2) The tax-induced local bias of municipal bond investors results in an allocation that is suboptimal from a risk-sharing perspective.
* We will continue efforts to create a new
municipal bond insurance company that will improve cities' access to the credit markets.
JPMorgan Chase and Barclays have reported their decision not to oppose MBIA's plan to split its
municipal bond insurance business from its structured finance operations in a filing with the New York State Supreme Court in Manhattan.
Richard, a journalist with Bloomberg News, recounts how Bill Ackman, co-founder of a hedge fund firm in New York, headed a campaign to warn rating companies, regulators, reporters, and investors that the bond insurer
Municipal Bond Insurance Association was in danger of failing, then placed a bet against MBIA that would earn his investors billions of dollars if the company filed for bankruptcy.
Despite the win, the industry failed to gain a federal regulator, which it had hoped it would get in the wake of speculation last year from lawmakers that reinsurance and
municipal bond insurance could break free of the burdens of 50-state oversight.
