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We reinsure a number of different sectors of structured finance obligations, including:
- Mortgage-Backed Securities: Transactions in the mortgage-backed securities sector include transactions secured by first priority prime and sub-prime mortgage loans, and manufactured housing transactions.
- Home Equity Loan: Transactions in this sector are secured by both prime and sub-prime home equity loans.
- Auto Loan: The majority of our auto loan portfolio is composed of transactions secured by sub-prime and non-prime auto loans.
- Other Consumer Asset-Backed Securities: This sector of other consumer asset-backed securities, or ABS, includes transactions secured by credit card receivables and student loans.
- Commercial Asset-Backed Securities: The largest component of this sector are collateralized debt obligations, with the sector also including transactions secured by equipment leases, small business loans and other securitizations of corporate assets.
- Bank / Financial Institutions and Other Corporate: The majority of our exposure in this sector is guarantees on short-term bank deposits of investment grade banks. In addition, we have a small amount of insurance company and broker/dealer exposures that are in run-off.
- International: Our international structured finance sector includes the same kinds of structured finance obligations as listed above, and also future flow and whole business securitizations.
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