NU Online News Service, July 13, 9:00 a.m. EDT

National Public Finance Guarantee Corp. says it has $33 million in municipal bond exposure to the city of San Bernardino, Calif., as the city becomes the third in the state this year to file for bankruptcy protection.

The company, a subsidiary of financial guarantee insurer Armonk, N.Y.-based MBIA, Inc., says its exposure consists of more than $18.5 million to the San Bernardino City Joint Powers Financing Authority leases for municipal properties and less than $15 million to San Bernardino city sewer.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Commercial Lines
Loss Control
Public Sector Risk