irs program accomplishments · form 990 part iii · fy2024
What they reported doing
- #1 primary $14KAFGI Program Expenses for Industry Affairs related to educating the public and investor community.
named programs · 2 · from sources
What they call their work
Data Sharing
Maintains a proprietary system facilitating data transmission between member companies on reinsured transactions.
Industry Affairs
Educates the public and investor community about financial guaranty insurance and industry developments.
activities · 4 groups
What they do
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Insurance Industry Trade Association 1 activity
- Advocacy for financial guaranty insurersRepresents financial guaranty insurers and reinsurers in the context of municipal bonds and other public and private debt instruments, advocating for their role in the capital markets.
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Insurance & Risk Management Professional Development 1 activity
- Capacity building through data-sharing infrastructureDeveloped and maintains a proprietary data-sharing system that facilitates the transmission of information on reinsured transactions among member companies to improve coordination and transparency.
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Public Awareness and Educational Outreach 1 activity
- Public and investor education on financial guaranty issuesConducted educational activities to inform the public and investor community about financial guaranty industry issues, including risks and protections.
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Uncategorized 4 activities
- Facilitation of capital market access and cost savingsSupports improved access to capital markets and cost savings for debt issuers while protecting investors from non-payment risk and administrative burdens, including during municipal bankruptcy.
- Financial guaranty insurance and claims paymentProvides financial guaranty insurance that ensures timely payment of principal and interest on bonds and other insured securities; pays bondholders any shortfalls when issuers default, including on RMBS, CDOs of ABS, and other securities.
- Operation as a monoline financial guaranty insurerOperates exclusively in financial guaranty insurance and related lines such as surety, residual value, and credit insurance, without engaging in other forms of insurance.
- Post-default recovery and remediationAssumes bondholders’ rights and remedies to recover losses after making payments on defaulted insured bonds; has recovered billions through litigation and settlements from representations and warranties providers.
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financials · form 990 · fy2024
revenue
Total revenue$163K
Contributions & grants$155K95%
Program service revenue$00%
Investment income$8K5%
Other revenue$0
expenses
Total expenses$274K
Program expenses77%
Admin / overhead23%
Fundraising0%
Salaries & benefits$0
Grants paid out$0
Largest expense lineProfessional Fees
balance sheet
Total assets$194K
Cash$194K
Investments$0
Liabilities$0
Net assets$194K
Liquid reserves8.5 mo
5 years on record · 2020–2024 · YoY revenue -12.8%
leadership · form 990 part vii · fy2024
Who runs it
board members · 6
- A Edward Turi III — Director of AFGI
- Adam Bergonzi — Chair Director of AFGI
- David Barranco — Secretary Treasurer Director of AFGI
- David Steel — Director Emeritus of AFGI
- Gary Saunders — Director of AFGI
- Jorge Gana — Vice Chair Director of AFGI
relationships · 8
Who they work with
- Ambac Assurance Corporation Network — Member company of AFGI
- Assured Guaranty Network — Member company of AFGI
- Financial Guaranty Insurance Company Network — Member company of AFGI
- MBIA Inc. Network — Member company of AFGI
- MBIA Insurance Corp Network — Member company of AFGI
- National Public Finance Guarantee Corp Network — Member company of AFGI
- New York State Department of Financial Services Government — Primary regulator under Article 69 of the Insurance Law of New York State.
- federal and state legislators and regulators Government — Engages in direct communication with federal and state legislators and regulators on financial guaranty industry issues.
strategies · 4
How they approach the work
Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.
- Capital Efficiency Through Portfolio Amortizationmethodology: capital efficiency through portfolio amortizationBy reducing the size of the insured portfolio through amortization of legacy exposures, we increase capital available per dollar of risk, enhancing the strength and reliability of guarantee protection because capital is more efficiently allocated to remaining obligations.
- Credit Enhancement Through Insurancemethodology: credit enhancement through insuranceBy insuring debt obligations, we improve issuer creditworthiness and market access while reducing investor risk and administrative costs during defaults, because the guarantee lowers perceived risk and streamlines resolution processes, especially in complex cases like municipal bankruptcies.
- Policy Advocacy and Public Educationmethodology: policy-advocacy-and-public-educationBy monitoring regulatory and market developments and communicating directly with members, policymakers, and the public, we advance understanding of the financial guaranty industry, because informed stakeholders make better decisions about credit, regulation, and market structure.
- Proactive Credit Surveillance and Interventionmethodology: proactive_credit_surveillance_and_interventionBy conducting ongoing surveillance and early intervention, we resolve credit issues before they escalate, because continuous monitoring enables timely restructuring and maintains issuer confidence through a single, coordinated point of contact.