After a two-year struggle to launch Municipal and Infrastructure Assurance Corp., a muni-only bond guarantor, key investor Macquarie Group is exiting the bond insurance business or selling its stake.

A source familiar with the start-up bond insurer said Macquarie, an Australian investment firm, has been unable to find fresh capital since co-sponsor Citadel LLC, the Chicago-based hedge fund, dropped out nearly a year ago.

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