FGIC completes $166bn MBIA reinsurance transaction
FGIC Corporation, the parent company of Financial Guaranty Insurance Company (FGIC), said FGIC has closed the previously announced reinsurance transaction with MBIA Insurance Corporation (MBIA).
Under the reinsurance agreement MBIA has reinsured certain policies covering approximately $166bn of FGIC’s U.S. public finance insured par outstanding.
The reinsurance provided by MBIA enables
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