Trend in the Region

Florida Weighs Intercept Program

BRADENTON, Fla. — The Florida Legislature will consider implementing the state’s first-ever intercept program designed to provide credit enhancement for municipal bonds.

Syncora Statutory Surplus Falls to $99.7 Million in 4Q

Syncora Guarantee Inc. on Tuesday reported its statutory surplus declined to $99.7 million in the fourth quarter of 2009, down from $181.8 million in the third quarter.

Somehow, MBIA Stayed Positive in ’09

Despite ongoing litigation, less than stellar ratings and continued losses on structured finance products, MBIA Inc. managed to post positive net income last year.

MBIA Inc. Posted $242M Net Loss to Shareholders in 4Q

MBIA Inc. posted a net loss to shareholders in the fourth quarter, but gains from insured credit derivatives helped its net income rise for the year despite continued losses in the mortgage market.

Buffett Barely Mentions Guarantor in Annual Letter

Municipal bond insurer Berkshire Hathaway Assurance Corp. garnered little attention in Warren Buffett’s annual letter to the shareholders of parent company Berkshire Hathaway Inc.

Assured’s Fourth-Quarter Earnings Surpass Forecasts

Assured Guaranty Ltd. posted record profits in 2009 as its fourth-quarter earnings handily beat estimates.

Assured Announces 4Q Operating Income of $156M

Assured Guaranty Ltd., the holding company of the two principal players in the bond insurance industry, on Thursday announced fourth-quarter 2009 operating income of $155.9 million, way up from $3.5 million in the fourth quarter of 2008.

Fitch Withdraws Assured’s Ratings

Fitch Ratings withdrew the insurer financial strength and debt ratings of Assured Guaranty Ltd. and its subsidiaries at the company’s request late Wednesday. Fitch no longer rates any of the bond guarantors. [FREE]

Insurer Ratings at a Glance

Radian Group Reports Smaller 4Q Loss Than Expected

Radian Group Inc., the Philadelphia-based parent of municipal bond insurer Radian Asset Assurance Inc., yesterday reported a smaller fourth-quarter 2009 net loss than anticipated, pushing its stock higher.

Enhancers Are on the Cusp, and Negative for Now: Moody’s

This year will be a pivotal one for municipal bond insurers, but so far the outlook is negative, Moody’s Investors Service said in an industry outlook released yesterday.

Another N.Y. Court Rejects MBIA's Motion to Dismiss

In the past seven days, two separate courts in New York rejected MBIA Inc.'s motions to dismiss lawsuits alleging its February 2009 restructuring was an intentionally fraudulent action and a breach of good faith that hurt policyholders.

Standard & Poor's Withdraws CIFG's Junk-Level Rating at Firm's Request

CIFG and its family of financial guaranty companies are no longer graded by any of the rating agencies, since Standard & Poor's withdrew its CC rating at the company's request on Tuesday.

Insurer Ratings at a Glance

Assured Hires Cantor’s O’Keefe to Head Muni Marketing

William O’Keefe was named senior managing director of municipal marketing for Assured Guaranty Ltd., the company said late last week. The announcement came just weeks after O’Keefe was appointed head of the municipal desk at Cantor Fitzgerald & Co.

O’Keefe Leaves Cantor, Joins Assured

William O’Keefe was named senior managing director of municipal marketing for Assured Guaranty Ltd., the company said late Thursday. The announcement came just weeks after O’Keefe was appointed head of the municipal desk at Cantor Fitzgerald & Co.

Judge Denies MBIA Motion to Dismiss Fraud Lawsuit

MBIA Inc.’s attempt to shield its public finance business from its more toxic structured finance guarantees hit a roadblock Thursday as the U.S. District Court for the Southern District of New York denied a motion to dismiss a lawsuit charging MBIA with fraud and breach of good faith.

MBIA Rebrands Unit as Cutwater Asset Management

The fixed-income management group at MBIA Inc. received new branding ­yesterday.

S&P Drops Berkshire Hathaway to AA-Plus

Berkshire Hathaway Assurance Corp. lost its lone triple-A rating when it was downgraded to AA-plus by Standard & Poor’s Thursday.

Insurer Ratings at a Glance

Ambac Unveils Plan to Bar Unapproved Change in Ownership

If anyone was thinking about buying Ambac Financial Group Inc., the process just got harder.

California Tax Allocation Deals in a Slump, Report Says

While a law passed in 1978 allowed tax-increment bond sales from redevelopment agencies in California to flourish compared to the rest of the country, in recent years new issuance has collapsed as property values have switched directions from boom to bust, according to a credit sector report issued by bond insurer National Public Finance Guarantee Corp.

Assured Names Trahan Southern Region Director

Assured Guaranty Ltd. late yesterday announced it named John Trahan managing director of the southern region for both of Assured’s municipal insurers — Assured Guaranty Corp. and Assured Guaranty Municipal Corp.

O’Keefe Named Cantor Muni Chief

Municipal bond issuance is projected by many analysts to hit record numbers this year, and Cantor Fitzgerald & Co. wants in.