You pose the question as to who are the reinsurers of CAPCO’s excess SIPC protection coverage that assists the marketing program of ABC broker dealer. It is certainly not MBIA, who has not provided reinsurance to CAPCO at any time, and who does not cover any excess SIPIC coverage program. As you point out, these are low probability risks with potentially high severities, which don’t fall within our targeted insurance business, despite the low loss history of such programs to date.

Ruth Whaley
Chief Risk Officer
MBIA