insurance company fgic is a monoline bond insurer established in 1983 . it faced significant financial difficulties in 2008 which affected its ability to write new business . 1 the firm was acquired in december 2003 by a consortium of investors including pmi group blackstone group the cypress group and civc partners . 2 3 as of march 24 2009 it was rated cc by standard & poor s s & p and caa3 by moody s investors service . fitch ratings had already withdrawn its rating while moody s announced it would remove its rating . the ratings are negative from both moody s and standard & poor s. 4 on november 24 2009 it was released that the new york insurance department ordered fgic to suspend payment on all claims due . on june 11 2012 the company was placed under rehabilitation by the department . 5 on april 9 2014 the detroit news reported that fgic without any city of detroit or court involvement had solicited bids for the detroit institute of arts collection . the city had previously hired christie s to estimate the value and worked out a plan with philanthropic groups in michigan to preserve one of the nation s best art collections . six months later on october 16 lawyers for fgic and detroit disclosed in court that they had reached a settlement of fgic s claims against the city . under the deal which must still be approved by the court along with other issues in the detroit bankruptcy the city and the state of michigan would pay for the demolition of joe louis arena currently home to the detroit red wings of the nhl . the arena site is planned to be available for transfer in 2017 when the red wings move into a new arena . fgic would then receive the arena site and an adjacent parking lot giving the company nearly 9 acres 3.6 ha that it would then redevelop . 6 references edit http www.thedeal.com dealscape 2008 05 fgic still searching for a lifeline.php dead link bond insurer ponders its options . the new york times april 15 2008 a split up of insurers of bonds is considered . new york times a split up of insurers of bonds is considered financial guaranty insurance company about fgic . fgic.com . retrieved april 9 2016 . mclaughlin david june 11 2012 . financial guaranty insurance to be taken over by new york . bloomberg . red wings arena to be demolished . espn.com . associated press . october 16 2014 . retrieved october 16 2014 . external links edit official website v t e the blackstone group founders peter george peterson stephen a. schwarzman business services cms computers rgis sungard minority shareholder consumer retail michaels joint control performance food group pinnacle foods united biscuits financial services bankunited minority stake healthmarkets minority stake fgic minority stake healthcare biomet emcure pharmaceuticals investment vanguard health systems industrial freescale joint control kl ckner pentaplast trw automotive control media telecommunications eaccess investment nielsen holdings minority stake axtel minority stake deutsche telekom minority stake tdc minority stake the weather channel minority stake travel & leisure hilton worldwide center parcs europe freehold caesars entertainment corporation minority stake merlin entertainments minority stake seaworld entertainment tragus group travelport real estate extended stay america minority stake equity office luxury resorts lxr la quinta inns & suites this article on an insurance company is a stub . you can help wikipedia by expanding it . v t e retrieved from https en.wikipedia.org w index.php title financial guaranty insurance company & oldid 729789724 categories private equity portfolio companiesinsurance companies of the united statescompanies established in 19831983 establishments in the united statesinsurance company stubshidden categories all articles with dead external linksarticles with dead external links from april 2016use american english from april 2016all wikipedia articles written in american englishuse mdy dates from april 2016all stub articles navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 14 july 2016 at 15 52 . text is available under the creative commons attribution sharealike license ; additional terms may apply . by using this site you agree to the terms of use and privacy policy . wikipedia is a registered trademark of the wikimedia foundation inc. a non profit organization . privacy policy about wikipedia disclaimers contact wikipedia developers cookie statement mobile view