Business Services Industry
Changes afoot in coverage for muni bonds.(Statistical Data Included)
Business Insurance, January, 2000 by GREENWALD, JUDY
Municipalities that buy long-term municipal bond insurance are probably paying more for coverage these days. Led by Armonk, N.Y.-based MBIA Inc., the largest monoline financial guarantee insurer, insurers of long-term municipal bonds have raised rates by 15% to 40%, depending upon the type of business, according to rating agency Fitch IBCA in New York.
Among other factors, financial guarantee insurers' increasing emphasis on the more-promising growth areas of asset-backed securities and international business has eased their reluctance to raise rates in the mature municipal bond arena. At the same time, at least in part because of the higher rates, the insured portion of the long-term municipal bond market shrank last year. Still, observers agree that this...
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