Bond insurance

MBIA Inc. used National Public Finance Guarantee and MBIA Insurance to "perpetrate a fraud on investors," the COFINA bondholders said.

Moos, who was most recently a managing director of municipal bond sales at Wells Fargo, will report to Bryan Baebler, BAM's head of municipal capital markets.

A federal judge dismissed a case against Ambac Financial, Ambac Assurance, National Public Finance Guarantee and MBIA Insurance but allowed the case against MBIA Inc. to continue.

The top two municipal bond insurers wrapped over $42.828 billion in 2025, up slightly from $41.166 billion in 2024, according to LSEG data.

The top two municipal bond insurers wrapped over $41.828 billion in 2025, up from $41.166 billion in 2024, data shows.

In this third of a three-part 2026 municipal bond outlook series, Market Intelligence analyst Jeff Lipton explains how another year of heavy supply, surging ETF and SMA assets, climate and cyber risk, and growing use of bond insurance will drive muni market structure and strategy for both sell-side and buy-side stakeholders.

Assured Guaranty commented on Brightline and PREPA during its third-quarter earnings call, on which the company reported a 46% increase in third quarter gross par written year over year, to $7.85 billion from $5.38 billion.

Municipal bond insurance volume grew 17.7% year-over-year in the first three quarters of 2025, according to LSEG, outpacing the municipal market as a whole.

Bondholders say the insurers reneged on the bond insurance terms, which both firms deny in filings for the case, filed six years after the COFINA restucturing.

The hire comes as more BAM clients are considering public-private partnership financing structures.

"Nothing could delay a restructuring or a consensual deal [more] than the existing board was doing," said Assured Guaranty CEO Dominic Frederico of the Trump administration's removal of Puerto Rico oversight board members.

The top two municipal bond insurers wrapped $22.121 billion in 1H 2025, up from $19.4 billion in 1H 2024, the data shows.

Municipal bond insurers wrapped $7.316 billion in the first quarter of 2025, a 2.6% increase from the $7.132 billion insured in the first quarter of 2024, according to LSEG data.

In the coming year, we'll find out if public pension disclosure and transparency have improved enough to protect municipal bond investors.

In total, municipal bond insurers wrapped $41.09 billion of debt in 2024, an increase from the $35.38 billion insured in 2023, according to LSEG data.

Walrath will support BAM's underwriting and credit departments in executing every credit BAM insures and advise the bond insurer on other legal matters.

The central Texas city of Clyde said it issued tax and revenue anticipation notes with a 9.5% interest rate to repay its insurers after an Aug. 1 bond default.

Vales is currently a director for fixed-income focused broker-dealer InspereX and an independent trustee for the Axonic Funds, having previously served as the CEO of electronic trading platform TMC Bonds, which ICE acquired in 2019.

Build America Mutual insured the majority of the maturities in the West Contra Costa Unified School District GO deal.

Municipal bond insurers wrapped $28.921 billion in the first three quarters 2024, a 26.8% increase from the $22.814 billion insured in the first three quarters of 2023, according to LSEG data.