Movers: MBIA, Fannie Mae, Williams-Sonoma, Tiffany
MBIA Inc. (MBI) announces that its insurance subsidiary, MBIA Insurance Corp., has agreed to reinsure a portfolio of U.S. public finance bonds insured by Financial Guaranty Insurance Company with total net par outstanding estimated to be approximately $184 billion as of Sept. 30, 2008. MBIA will receive unearned upfront premiums, net of a ceding commission paid to FGIC, of about $741 million in connection with the reinsurance.
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