Market participants yesterday generally agreed there is room for another municipal bond reinsurer, although the company that last week announced its intention to fill that need still has a long road to travel.

Officials at Municipal Insurers Reserve Corp. -- or MuniRe, as the new company will be called -- said yesterday they hope to have the monoline reinsurer up and running by the end of the year. But they stressed they are still early in the process of gathering the capital required, securing needed licenses, and convincing a rating agency they are worthy of a triple-A.

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