This is a reinsurance company in runoff. They have 1 employee. They issued reinsurance contracts to share in insurance contracts. Those insurance contract guaranteed bonds, debt contracts. Some of those debt contracts are backed by other debt contracts such as mortgage contracts. Some of those mortgage contracts are warranted to meet certain representations in seller/servicer contracts.
The firm has over $19B Net Par Outstanding of guaranties, a $330M investment portfolio, about as many contractors as I have fingers and David Steel.
I'm not sure if Nexus really captured the essense of this one. Maybe Easterbrook/Jensen/Meckling should have gone with "cluser ****" of contracts.
(I'm not being critical, I just think it's a fun idea.)
(I'm not being critical, I just think it's a fun idea.)
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