September 8, 2022
Bond insurer Ambac Financial Group Inc. cannot prove its $2.7 billion case against Bank of America over troubled mortgage-backed securities on evidence that BofA was a “bad actor” before the 2008 financial crisis, an attorney for the bank said on …
September 27, 2019
Around noon one Wednesday in July, two school districts from California’s Central Valley auctioned off their bonds to Wall Street underwriters. Both had the same credit rating. The deals were of similar size. They were being issued for the same …
August 12, 2019
Bond insurance company MBIA Inc. sued several financial institutions on Thursday over their role in underwriting billions of dollars of Puerto Rico bonds that eventually went into default. The lawsuit filed in superior court in San Juan claimed the banks …
May 31, 2017
XL Catlin has opened its first Political Risk, Credit and Bond (PRCB) insurance practice in Canada and has appointed Marvin Azzopardi as senior underwriter. Based in Toronto, Azzopardi, will join XL Catlin on June 1 and will report to Richard …
July 9, 2015
An insurance company says Buena Vista, Virginia, could face foreclosure on its city hall and police department if a bond debt isn’t paid. The Roanoke Times reports that ACA Financial Guaranty Corp. sent a letter on Tuesday to City Council …
September 10, 2014
Detroit and Syncora Guarantee Inc. reached an agreement in their dispute over claims in the city’s $7 billion debt-reduction program that the two sides said may “profoundly alter” the city’s bankruptcy-exit plan. Detroit and Syncora today requested the postponement of …
June 26, 2014
Bond insurer Syncora Guarantee Inc has emerged as Detroit, Mich.’s chief nemesis in the city’s historic bankruptcy case and is fighting as if its financial life depends on a decent recovery on its $400 million exposure to the city. Since …
April 13, 2014
Demand for municipal bond insurance is poised to increase as rising interest rates reduce investor appetite for riskier state and local debt, according to Janney Montgomery Scott. Bond insurance accounted for 4.4 percent of new muni issuance last quarter, up …
July 29, 2013
Ironshore Inc. and Lexon Surety Group are broadening their strategic alliance by providing additional capacity for Boston Indemnity Group (BIG), a subsidiary of Lexon and a privately-held insurance holding company specializing in the business of surety bonds. Ironshore will provide …
June 26, 2013
This week, Rhode Island lawmakers are negotiating the final details of the state’s $8.2 billion budget. One controversial part of the discussion has been what Rhode Island should do with the state’s failed investment in 38 Studios, a video game …