Financial Guaranty Insurance Company (FGIC) is a monoline bond insurer established in 1983. It faced significant financial difficulties in 2008 which affected its ability to write new business. The firm was acquired in December 2003 by a consortium of investors including PMI Group, The Blackstone Group, The Cypress Group and CIVC Partners.
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 Fitch Ratings had already withdrawn its rating, while Moody's announced it would remove its rating.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
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, 2011, the company was taken over by New York State.
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