The two active municipal bond insurers wrapped $25.22 billion in the first three quarters of 2020, a 62% surge from the $15.57 billion of deals done in the first nine months of 2019.

The industry par amount was achieved in 1,595 deals, up from the 1,227 the same time in the year before. The insurance saturation rate climbed to 7.67% year-to-date, compared to 5.81% this time in 2019.

The wrap rate was 6.93% at the halfway point of this year and 5.94% after the first quarter, compared to 5.67% halfway through 2019 and 4.78% after the first three months of 2019. At this rate, the year will end with the highest it’s been since 2009 when it was 8.64%.