Abstract: A computer includes a processor and a memory storing data and executable instructions to operate a municipal financial guaranty mutual insurance company. The processor processes the data and executable instructions to track insurance premiums paid by members of the municipal financial guaranty mutual insurance company, monitor private investment capital into a holding firm, follow the investment of a first subset of the private investment capital of the holding firm into the municipal financial guaranty mutual insurance company in exchange for first promissory notes, track a second subset of the private investment capital of the holding firm into a reinsurance firm, follow the investment of a segment of the second subset of the private investment capital of the reinsurance firm into the municipal financial guaranty mutual insurance company in exchange for second promissory notes, and manage reinsurance firm first loss claims from the municipal financial guaranty mutual insurance company.