Financial Security Assurance yesterday filed a registration statement for 12 million shares of common stock, confirming longstanding rumors that an initial public offering was in the works.

The statement, filed with the Securities and Exchange Commission, also details a major corporate restructuring that will accompany the stock sale, in a move designed to segregate FSA's commercial real estate exposure from the new, publicly owned company. The company has paid out $110 million over the past several years on commercial real estate claims.

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