Assured Tightens Grip On Remains Of Muni Insurance Industry
NEW YORK (Dow Jones) -- Assured Guaranty Ltd.'s (AGO) stronghold on the $1.1 trillion municipal-bond insurance industry just got tighter.
Assured, which runs the only two insurers still backing bonds in the $3.7 trillion municipal-finance market, boosted its insurance book by around $15 billion Tuesday by taking over a range of policies from Radian Asset, a junk-rated insurer hammered by the insurance it wrote on mortgage bonds just before the financial crisis turned them toxic.
Assured chief executive Dominic Frederico said the agreement will help Assured build a stronger franchise - he estimated it would increase the company's adjusted book ...
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