Municipal bond insurers are enjoying a banner year, as low interest rates have set in motion a refunding trend that results in an earnings bonanza for the industry.

The top three financial guarantors all cited refundings as contributing heavily to their results for the nine-month period. On a statutory accounting basis, Financial Guaranty Insurance Co., AMBAC Indemnity Corp., and Municipal Bond Investors Assurance Corp. registered net income gains ranging from $11 million to $25 million.

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