CDC IXIS Financial Guaranty (CIFG) will emerge a monoline to be reckoned with in 2004, having established licenses to provide insurance in roughly 28 U.S. jurisdictions within the last 45 days. Until now, the firm has been doing much of its business in Europe and, in the U.S., on the municipal side, specifically in New York where it was licensed in 2002.

The newly minted surety receive approval to write insurance in 40 districts by year-end, with plans for all 52 districts, including Puerto Rico and D.C., during 2004, said Jeremy Reifsnyder, managing director and head of CIFG's U.S. structured finance group. On Oct. 31, CIFG announced that it had secured an equity investment of $500 million from parent company, French conglomerate CDC IXIS.

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