Municipal bond insurers backed 31.3% of all new tax-exempt issues sold in the first nine months of 1991, a pace that puts the industry on track for its biggest year in history.

The five major firms, all rated triple-A, insured a total of $36.77 billion during the nine-month period, while the market issued $117.66 billion. In 1985, biggest year to date, $44.38 billion was insured. This year, volume is set to hit almost $50 billion.

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