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Friday, October 24, 2008 11:27:53 AM
10/22 1:25 am (ON)
Story 0883 (ABK, AGO, MBI, SCA)
By Lavonne Kuykendall
Of DOW JONES NEWSWIRES
CHICAGO -(Dow Jones)- Top bond insurers and their state regulators had a "productive" meeting in New York City Tuesday to discuss ways they might participate in the U.S. Treasury Department's rescue plan, said a spokesman for one of the regulators Wednesday.
Talks will continue, said Jim Guidry, an aide in the Wisconsin Department of Insurance. The second-largest bond insurer, Ambac Financial Group's (ABK) bond insurance unit is headquartered in Wisconsin, and is regulated by Wisconsin Insurance Commissioner Sean Dilweg, who said last week that major insurers would meet to discuss options for making a proposal to Treasury to participate in its rescue plans for financial services companies.
Guidry said the group, which includes at least some of the major bond insurers, Dilweg and New York Insurance Superintendent Eric Dinallo, would continue to "evaluate all the options with participants."
The largest bond insurer, MBIA Inc. (MBI) is headquartered in New York.
Some possibilities include having bond insurers sell some of their troubled assets to the Treasury, or request an equity or other investment.
In an interview on CNBC last week, Dinallo suggested that bond insurers could be substantially strengthened for $10 billion to $20 billion.
-By Lavonne Kuykendall, Dow Jones Newswires; 312 -750 -4141; lavonne.kuykendall@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=fVwNxmV 4iwvejh8GU%2FlXvA%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
10 -22 -08 1325ET
Copyright (c) 2008 Dow Jones & Company, Inc.
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