If you're new to the municipal market, you may not know what bond insurance is. And if you're a veteran in the market, you certainly don't recognize it. Bond insurance has undergone a makeover unlike any other segment of the municipal bond industry.

With the rapid dissolution of a then-$2.5 trillion business, the demise of the financial guarantors served as testament to the sprawling devastation of a financial crisis that left no asset class unscathed.

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