FGIC in reinsurance agreement with Assured

Stock insurance company Financial Guaranty Insurance Company (FGIC) has entered into a reinsurance commutation agreement with Assured Guaranty Re.

All reinsurance provided to FGIC by Assured Guaranty Re, with respect to Detroit Retirement Systems Funding Trust Certificates of Participation, will be commuted in consideration of a commutation payment by AG Re.

This reinsurance commutation will become effective if applicable regulatory approvals and waivers are obtained by FGIC and the effective date of the City of Detroit's chapter 9 plan of adjustment occurs.