Financial Security Assurance Holdings Ltd., through its wholly owned subsidiary, Financial Security Assurance Inc. (FSA), is primarily engaged in the business of providing financial guaranty insurance on asset-backed and municipal obligations. FSA has been an insurer of asset-backed obligations since its inception in 1985. It expanded the focus of its business, in 1990, to include financial guaranty insurance of municipal obligations. FSA is licensed to engage in the financial guaranty insurance business in all 50 states, the District of Columbia, Guam, Puerto Rico and the United States. Virgin Islands. In addition, the Company offers FSA-insured guaranteed investment contracts (GICs) and other investment agreements through its subsidiaries including FSA Capital Markets Services LLC and FSA Capital Management Services LLC (collectively, CMS).