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Finance 431: Property-Liability Insurance - page 29 / 35

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Slowing of Business

Insured municipal bond issuance decreased by about half in the first quarter of 2008.

The issuance of insured debt in the first quarter from last year to this year fell from $55.1 billion to $21.7 billion.

Ambac Assurance Corporation’s first quarter market share dropped from 24.7% a year a go to 1% this year.

MBIA Insurance Corp. first quarter market share went from 19.4% a year ago to 2.1% this year.

Financial Guaranty Insurance Company did not insure any new municipal bonds during the first quarter of 2008.

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