Financial Guaranty Insurance Company

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Financial Guaranty Insurance Company - Wikipedia

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Financial Guaranty Insurance Company
Industry	Monoline bond insurer
Founded	1983
Headquarters	United States

Financial Guaranty Insurance Company (FGIC) is an American monoline bond insurer established in 1983. It faced significant financial difficulties in 2008 which affected its ability to write new business.^[1] The firm was acquired in December 2003 by a consortium of investors including PMI Group, The Blackstone Group, The Cypress Group and CIVC Partners.^[2]^[3]

As of March 24, 2009, it was rated "CC" by Standard & Poor's (S&P) and "Caa3" by Moody's Investors Service. Fitch Ratings had already withdrawn its rating, while Moody's announced it would remove its rating. The ratings are negative from both Moody's and Standard & Poor's.^[4]

On November 24, 2009, it was released that the New York Insurance Department ordered FGIC to suspend payment on all claims due. On June 11, 2012, the company was placed under rehabilitation by the Department.^[5]

On April 9, 2014, the Detroit News reported that FGIC without any City of Detroit or court involvement had solicited bids for the Detroit Institute of Arts collection.^{[citation needed]} The city had previously hired Christie's to estimate the value and worked out a plan with philanthropic groups in Michigan to preserve one of the nation's best art collections.

Six months later, on October 16, lawyers for FGIC and Detroit disclosed in court that they had reached a settlement of FGIC's claims against the city. Under the deal, which must still be approved by the court along with other issues in the Detroit bankruptcy, the city and the state of Michigan would pay for the demolition of Joe Louis Arena, currently home to the Detroit Red Wings of the NHL.^{[citation needed]} The arena site is planned to be available for transfer in 2017 when the Red Wings move into Little Caesars Arena. FGIC would then receive the arena site and an adjacent parking lot, giving the company nearly 9 acres (3.6 ha) that it would then redevelop.^[6]

References

^ http://www.thedeal.com/dealscape/2008/05/fgic_still_searching_for_a_lifeline.php ^{[dead link‍]}
^ Bond Insurer Ponders Its Options. The New York Times, April 15, 2008
^ A Split-Up of Insurers of Bonds Is Considered. The New York Times, "A Split-Up of Insurers of Bonds Is Considered"
^ "Financial Guaranty Insurance Company – About FGIC". fgic.com. Retrieved April 9, 2016.
^ McLaughlin, David (June 11, 2012). "Financial Guaranty Insurance to Be Taken Over by New York". Bloomberg.
^ "Red Wings arena to be demolished". ESPN.com. Associated Press. October 16, 2014. Retrieved October 16, 2014.

External links

Official website

Blackstone

Founders

Notable executives

Current	Joseph Baratta David Blitzer Jonathan D. Gray
Former	Roger Altman Larry Fink Hamilton E. James David Stockman John J. Studzinski Laurence Tosi

Subsidiaries

Current	Blackstone Credit
Former	Blackrock PJT Partners

Investment holdings

Business services	CMS Computers RGIS SunGard (minority shareholder)
Consumer/retail	The Michaels Companies (Joint control) Pinnacle Foods United Biscuits
IT services	Mphasis (56.12%)
Financial services	BankUnited (minority stake) Corebridge Financial (minority stake) HealthMarkets (minority stake) FGIC (minority stake) Refinitiv (minority stake)
Healthcare	Biomet Emcure Pharmaceuticals (investment) Vanguard Health Systems
Industrial	Freescale (Joint Control) Klöckner Pentaplast TRW Automotive (Control) Essel Propack
Media/telecom	MNRK Music Group Dualtone Records Last Gang Records Light Records SESAC eAccess (investment) Nielsen Holdings (minority stake) Axtel (minority stake) Deutsche Telekom (minority stake) TDC Group (minority stake) The Weather Channel (minority stake) International Data Group
Travel & leisure	Hilton Worldwide (former) Casual Dining Group Center Parcs Europe (freehold) Center Parcs UK and Ireland Caesars Entertainment Corporation (former) Crown Resorts Great Wolf Resorts Merlin Entertainments (minority stake) SeaWorld Parks & Entertainment (former) Travelport Bourne Leisure Village Hotel Club
Real estate	Extended Stay America (minority stake) EQ Office La Quinta Inns & Suites Top Ryde City

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Authority control databases
International	VIAF
National	United States