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Locke Lord Bissell & Liddell formed a new financial guaranty insurers section to help financial guaranty insurers facing legal action related to the subprime mortgage market collapse. According to the firm, the insurers are in danger of losing their triple-A ratings because rating agencies like Moody’s Investors Service are concerned the companies lack capital to cover losses associated with the securities they guarantee. The interdisciplinary team includes insurance industry regulatory, corporate and litigation lawyers that can help clients with bankruptcies and restructuring, government investigations, litigation and transactions. “This new practice area allows us to draw upon our wealth of expertise in different disciplines and serve our clients in an integrated and coordinated fashion,” said Greg Casamento, who is the section leader in Locke Lord’s New York office. The market events have also prompted the National Association of Insurance Commissioners and its member insurance regulators to consider other regulatory options for bond insurers, particularly concerning the insurer’s backing of derivative financial instruments, said Brian Casey, an Atlanta-based insurance regulatory and a section leader for the new practice group.

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