Our exclusive focus on serving the debt and capital markets sets us apart from traditional insurance providers. We provide credit enhancement to issuers worldwide working with banks, issuers, finance companies, asset managers and their advisors to provide cost-effective credit enhancement for structured finance transactions in markets around the world. Our guarantees improves the creditworthiness, marketability and market liquidity of traditional consumer and commercial asset-backed securities and structured municipal financings in both new issue and secondary markets, and enables efficient risk transfer in public or private transactions for financial institutions, including banks, asset managers and insurance companies. We maintain conservative underwriting standards and work with issuers and investors to achieve high-quality, efficient executions. With our financial strength and reputation for sound underwriting, we help to broaden market access and reduce the cost of financing for qualified issues.

Asset Securitization

Asset securitization is the most efficient way for private capital to expand the buying power of consumers and businesses. Having lost traction during the global credit crisis, the asset-backed market is growing again and contributing to economic recovery. We are committed to supporting the market's revival through our active participation.

Our underwriting discipline has enabled us to maintain a high level of financial strength, and we have refined our underwriting to reflect lessons learned in the slowdown. As the market recovers, we are focusing on carefully selected asset types that generate cash flow from granular loan portfolios.

Secondary Market Positions

We guarantee qualified asset-backed securities and other structured financings in the secondary market. Our secondary-market guarantees are written directly for the benefit of specific investors and are available for both individual security positions and portfolios of structured obligations.

Transactions we guarantee in the secondary market meet the same underwriting standards we apply to obligations at origination. We selectively guarantee obligations previously insured by other guarantors. The underlying transaction must meet our standards without the existing insurance.