It has run deficits for each year in the last decade. It insures pensions that are defined benefit (vs defined contribution)... whose insured firms share the feature almost consistently, of having strong unions. Private unions should and can be allowed to exist if workers want them. I see their creation generally as a failure of managers. That said, their history suggests they often overreach - resulting in the failure of their hosts... and that failure seems to be accelerating.

http://www.bigstory.ap.org/article/us-pension-insurer-runs-record-34b-deficit