Financial Security Assurance

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Financial Security Assurance

Financial Security Assurance

  • Ownership Period: 1994 – 2006
  • Headquarters: New York, New York
  • Sector: Financial Guaranty Insurance

    • Financial Security Assurance (FSA) was a financial guaranty insurance company. FSA primarily insured municipal bonds, asset-backed securities and mortgage-backed securities. FSA was acquired by Dexia Credit in 2000.

    Investment highlights:

  • Sponsored IPO in 1994; built larger position over time
  • Grew U.S. asset-based premiums and international premiums significantly
  • Sold substantial position to Dexia Credit Local de France S.A. in 2000; remainder sold back to FSA in 2006