New York State
Eric R. Dinallo Superintendent of Insurance 25 Beaver Street New York, N.Y. 10004
|ISSUED 11/14/2008||FOR IMMEDIATE RELEASE|
STATEMENT BY NEW YORK INSURANCE SUPERINTENDENT ERIC DINALLOON THE MERGER OF ASSURED GUARANTY AND FSA
New York State Insurance Superintendent Eric Dinallo issued the following statement today following the announcement of the planned merger of Assured Guaranty and FSA.
“The merger of Assured Guaranty and FSA will bring much needed stability to these companies. That is good for their policyholders and for the municipal bond market. I am confident that the merged company will be able to issue new policies that will allow state and local governments that need bond insurance to access the credit market to raise funds for key infrastructure projects and other essential borrowing. That in turn will help restore our economy.
“I thank the Belgian and French governments for providing a much needed guarantee that was critical for this important transaction to occur.
“As part of our three point plan for the bond insurance industry, New York has now facilitated a total of about $11 billion in private sector capital to strengthen the industry. We will continue to work to ensure a healthy and competitive market for bond insurance.”
The transaction is subject to approval by the New York State Insurance Department and other regulators.
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