New York Insurance licenses Municipal and Infrastructure Assurance as new bond insurer

By Cristal Cody

Tupelo, Miss., Oct. 21 - The New York State Insurance Department swiftly licensed new bond insurer Municipal and Infrastructure Assurance Corp. to write financial guaranty insurance policies, Superintendent of Insurance Eric R. Dinallo announced Tuesday.

The insurance department expedited the application process to approve the new insurer for municipal and infrastructure bond coverage, Dinallo said in a release.

The option should help save money for New York taxpayers.

"MIAC's entry helps keep the bond insurance market vibrant and competitive, and that helps our cities and towns lower the cost of issuing bonds," Dinallo said. "We expedited MIAC's application for licensing and we welcome its entry into the bond insurance market."

Municipal and Infrastructure Assurance is sponsored by the Macquarie Group, a global financial services firm. Macquarie has told the insurance department it has entered into a joint sponsorship agreement with Citadel Investment Group, which will co-sponsor MIAC after being licensed.

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