Expect "partly cloudy skies" for bond insurers over the next five years, Kemper Securities Corp. said this week in its annual report on the industry.

"The industry itself is healthy at the moment, but there are some conditions in place that do have to be addressed by the industry to maintain that good health," said Richard Ciccarone, director of tax-exempt research at Kemper. "We do this annually. The objective is to not get caught by surprise by a deteriorating condition for the industry or an individual insurer."

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