Structured Finance Reinsurance

In connection with our run-off business line, we have reinsured a number of different obligations in various sectors of structured finance, including:

Mortgage-Backed Securities:

Transactions in the mortgage-backed securities sector include transactions secured by first priority prime and sub-prime mortgage loans, and manufactured housing transactions.

Home Equity Loan:

Transactions in this sector are secured by both prime and sub-prime home equity loans.

Auto Loan:

The majority of our auto loan portfolio is composed of transactions secured by sub-prime and non-prime auto loans.

Other Consumer Asset-Backed Securities:

This sector of other consumer asset-backed securities, or ABS, includes transactions secured by credit card receivables and student loans.

Commercial Asset-Backed Securities:

The largest component of this sector is collateralized debt obligations. This sector also includes transactions secured by equipment leases, small business loans and other securitizations of corporate assets.

Bank / Financial Institutions and Other Corporate:

The majority of our exposure in this sector is to guarantees on short-term bank deposits of investment grade banks. In addition, we have a small amount of insurance company and broker/dealer exposures that are in run-off.

International:

Our international structured finance sector includes the same kinds of structured finance obligations as listed above, and also future flow and whole business securitizations.