Business Description

6 Overview 6 Insurance 7 Insurance Business 7 Exposure Limits, Underwriting Process, and Credit Policy 9 Importance of Financial Strength Ratings 11 Market Demand and Competition 12 Financial Guaranty Insurance Acquisitions 14 Insurance Subsidiaries 14 Support of the European Insurance Subsidiaries 15 Asset Management 16 Asset Management Strategies 17 Market Demand and Competition 17 Investments 18 Risk Management 19 Regulation 23 Human Capital Management 33 Tax Matters 34