CIFG

CIFG (Caisse d'amortissement et de gestion de la dette) was founded in 2001 and operated as a financial guarantor. Its primary business involved providing insurance (credit enhancement) for public finance (municipal bonds) and structured finance obligations. Like many monoline insurers, CIFG was severely impacted by the 2008 global financial crisis due to its exposure to mortgage-backed securities. Following significant credit rating downgrades, its main subsidiary, CIFG Assurance North America, Inc., was placed into "runoff" by regulators, ceasing all new business operations to focus solely on paying out claims on its existing insured portfolio until all obligations expire.