Radian Asset Assurance announced the successful acquisition of Municipal and Infrastructure Assurance Corp. (MIAC) on Thursday, following the approval of its regulator, the New York Insurance Department.

Radian’s purchase agreement was originally announced Feb. 1. MIAC is a New York-based shell company that Macquarie Group, an Australian investment firm, struggled to launch as a municipal bond insurer from late 2008 until earlier this year. It has not written any business but obtained licenses to do so in 36 states and the District of Columbia.

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