The top two municipal bond insurers wrapped $5.735 billion in the first quarter of 2023, a 32% decrease from the $8.430 billion of deals done over the same period in 2022, according to Refinitiv data.

The industry par amount for the top two issuers was achieved in 260 deals in 2023 versus 419 deals in 2022.

Insurance penetration was steady at 7.7%, which is consistent with the full-year penetration rate in 2022 of 8%. This is above the levels seen prior to the pandemic.