Assured Guaranty launched a municipal-only financial guaranty insurer Monday to meet investor demand for clarity in an industry that has been searching for footing since the financial crisis.

The new business, Municipal Assurance Corp, will have $1.5 billion in claims-paying resources, including $800 million in statutory capital. An additional $709 million in unearned premium reserves is associated with the $111 billion in ceded par from Assured Guaranty Municipal Corp and Assured Guaranty Corp. In its first rating of a bond insurer, Kroll Bond Rating Agency has designated MAC as AA-plus stable.

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