Municipal Assurance Corp. offers municipal bond insurance to meet the demand of certain investors who prefer a guarantor whose insured portfolio is 100% U.S. municipal bonds in the most well-understood bond sectors, such as general obligations, tax-backed issues and public electric, water, sewer and transportation revenue bonds.
MAC was initially capitalized in 2013 to $800 million contributed by AGM and AGC, and unlike a typical start-up, it began with significant investment income and predictable future earned revenue built in. At inception, it assumed a $111 billion book of high-quality insured U.S. Municipal business from AGM and AGC and immediately began earning its share of the premiums from those insured transactions. MAC is owned jointly by AGM and AGC.
MAC is domiciled in New York and is licensed and authorized to conduct business in all 50 states and the District of Columbia.
Bonds insured by MAC are obligations of MAC solely, and are not obligations of, or guaranteed or otherwise supported by, AGM, AGC, Assured Guaranty Ltd. or any of their other subsidiaries.