Bond insurance

After leaving Assured Guaranty in 2011, Randy Gerardes is now back with the firm.

The two active municipal bond insurers wrapped $25.22 billion in the first three quarters of 2020, a 62% surge from the $15.57 billion of deals done in the first nine months of 2019.

Build America Mutual has extended its GreenStar program to include non-insured deals as well as also being placed on the Nasdaq Sustainable Bond Network.

The impact of COVID-19 has had a positive outcome for the bond insurers, as use of municipal bond insurance has surged 44.2% year-over-year for the first half of 2020.

The COVID-19 pandemic is helping the bond insurance industry grow, a report from Kroll says.

Their suit against 11 bond underwriters will be heard in a local, rather than federal, court, the lead judge said Wednesday.

S&P conducted its review of Assured Guaranty and views the firm's approach to writing business in current market conditions as well thought out and measured.

COVID-19 has put large burdens on state and local coffers and new business for the municipal bond insurers, generally, has increased.

Build America Mutual's underwriting and risk-management guidelines have an insured portfolio that does not reflect the overall U.S. municipal market and may perform better in a stressful economic scenario, S&P said.

So far this year, the bond insurance industry is on a better pace than it was last year. As of May 9, both Assured Guaranty and Build America Mutual have accounted for $7.30 billion in 563 deals, up from the $5.99 billion spanning 490 transactions as of May 9, 2019.