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Bond insurers scramble amid subprime woes; Top-rated companies seek capital options to avoid downgrades.

Publication: Business Insurance
Publication Date: 17-DEC-07 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Bond insurers scramble amid subprime woes; Top-rated companies seek capital options to avoid downgrades.(News)(Security Capital Assurance Ltd. and Ambac Assurance Corp.)

Article Excerpt
Byline: DOUGLAS McLEOD

NEW YORK-Several financial guarantee insurers are hustling to shore up their capital as rating agencies review their ratings in the face of steadily worsening subprime mortgage exposures.

Security Capital Assurance Ltd., XL Capital Ltd.'s former financial guarantee unit, said last week that it is pursuing options to raise capital after Fitch Ratings determined that the insurer needs more than $2 billion in added capital to maintain its AAA rating.

Ambac Assurance Corp. separately announced a deal to cede $29 billion of its business to Bermuda-based Assured Guaranty Re Ltd. AG...

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