The Changing Competitive Landscape for Bond Insurance

Richard Smith, Frank Bivona, Michael Schozer and Terry Trim

Municipal Finance Journal, 2006, vol. 26, issue 4, 65 - 79

Abstract: This article discusses the issues raised by the increased competition on the municipal bond insurance playing field. What market forces are driving the newer entrants in the bond insurance market? Is there a viable slice of the market that can be sustained for these competitors or is the market headed for eventual consolidation? What are the implications for the long-established players in this market? How do capital structure, staffing, the quality of business planning, and changes in both the municipal and structured markets affect the future prospects of each of the financial guaranty companies?

Date: 2006
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