RAM Reinsurance Company Ltd. (RAM Re) is a Bermuda-based monoline financial guaranty reinsurance company that was capitalized through a $90 private placement in February, 1998. In July 1999, a second round of capital funding totaling more than $57 million, was completed.

RAM Re is dedicated to serving the U.S. and international financial guaranty insurance markets. The company's primary goal is to provide incremental single risk reinsurance capacity for investment grade debt obligations and increased reinsurance diversification to the Triple-A rated financial guaranty insurers. RAM Re's financial strength ratings are AAA from Standard & Poor's and Aa3 from Moody's Investors Service.

RAM Re's largest shareholders are The PMI Group, Transatlantic Re, High Ridge Capital Partners, Greenwich Street Capital Partners, BankAmerica International, Bermuda International Finance Limited, Canaan Partners, Western General Insurance Company, and MBIA Insurance Corporation.

In serving the financial guaranty market, RAM Re concentrates on those market segments that offer the most potential for rapid growth and for generating an attractive risk-adjusted rate of return on utilized capital including:

• Large, well-known U.S. issuers of municipal bonds that have limited access to new insurance coverage as a result of substantial existing positions by insurers in the borrowers' prior debt offerings;
• U.S.-originated asset-backed securities and, to a lesser extent;
• Internationally-originated asset-backed and infrastructure development debt issues.

RAM Re also focuses on more specialized and general higher margin facultative reinsurance, which enables the Company to exercise greater control over risks assumed, as submissions are accepted on a risk-by-basis. As a result, RAM Re is better able to maintain portfolio diversification, pricing discipline and conformity to its underwriting policies.