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Our customers are the primary monoline financial guaranty insurers. Currently our portfolio is in run-off.
Reinsurance was assumed under quota share reinsurance treaties and facultative reinsurance treaties. Under our quota share reinsurance treaties, our customers were required to cede, and we were required to assume, specific obligations underwritten by our customers over a period of time, typically one year. In facultative transactions we assumed, and the primary insurers ceded, part or all of one or more specific financial guarantees on a case-by-case basis. Under our facultative arrangements, we had the ability to accept or reject individual transactions submitted to us by our customers.
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