After two years of record performance, the bond insurance industry is now confronted by an environment with rising interest rates, declining municipal issuance, and increasing competition within the industry.

The result will likely be reduced growth or a possible decline in earnings for some insurers, as well as increased pressure to lower premium rates to maintain market share. Despite these conditions, the overall picture for the bond insurance industry is very bright, and Duff & Phelps Credit Rating Co expects the industry to maintain its high credit quality.

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