Assured Guaranty Completes Business Combination of European Subsidiaries


Monday, November 12, 2018 11:00 pm EST



Public Company Information:

"In particular, this combination is significant for holders of bonds formerly guaranteed by AGLN, as they are expected to benefit from a significant ratings upgrade."

HAMILTON, Bermuda--(BUSINESS WIRE)--Assured Guaranty Ltd. (together with its subsidiaries, Assured Guaranty), the leading provider of financial guarantees, announced the successful combination of the portfolios and operations of its four international financial guarantee insurance companies. Assured Guaranty (London) plc (AGLN), Assured Guaranty (UK) plc (AGUK) and CIFG Europe SA (CIFG EU), which were previously acquired by Assured Guaranty Europe plc (AGE), have been merged with and into AGE, with AGE as the surviving entity. As a result, all obligations and bonds insured by AGLN, AGUK and CIFG EU are now insured obligations of AGE and are expected to receive AGE’s financial strength ratings. AGE will continue as an active underwriter of financial guarantees.

“We are pleased to have completed this business combination. Policyholders of the combined company benefit from the security and enhanced liquidity provided by AGE, whose financial strength is rated AA by Standard and Poor’s,” said Nick Proud, CEO of AGE. “In particular, this combination is significant for holders of bonds formerly guaranteed by AGLN, as they are expected to benefit from a significant ratings upgrade.”

Before being acquired by AGE, AGLN was the European operating subsidiary of MBIA Insurance Corporation. The 30 issuers whose insured bonds are expected to be affected by the AGLN upgrade have an aggregate net par insured amount of $12.5 billion (£9.6 billion). For a list of AGLN, AGUK and CIFG EU transactions that have become direct obligations of AGE due to the combination, visit the Assured Guaranty website at

Dominic Frederico, CEO of Assured Guaranty, said, “This combination of companies gives us a simplified, more easily understandable profile in the international market, while also reducing the operational cost associated with maintaining multiple companies. Additionally, the combined company’s increased economic size and investor reach will enhance its visibility in the international markets.”

AGE guarantees timely payment of scheduled principal and interest to bondholders, throughout the life of the bonds, in accordance with the terms of its financial guarantee.

Hogan Lovells International LLP acted as legal advisor to Assured Guaranty.

Cautionary Statement Regarding Forward-Looking Statements:

Any forward-looking statements made in this press release reflect Assured Guaranty’s current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These risks and uncertainties include, but are not limited to, difficulties executing Assured Guaranty’s business strategy; risks and uncertainties resulting from changes in rating agency models or opinions; adverse credit developments in Assured Guaranty’s insured portfolio and the impact of those developments on rating agency models and opinions; and other risks and uncertainties that have not been identified at this time, management’s response to these factors, and other risk factors identified in Assured Guaranty’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of November 13, 2018. Assured Guaranty undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

*Assured Guaranty (Europe) plc (AGE) (formerly Assured Guaranty (Europe) Ltd.) (company number 2510099) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. AGE provides its financial guarantee together with a co-guarantee from its affiliate Assured Guaranty Municipal Corp. (AGM).

Through its subsidiaries, Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty) is the leading provider of financial guarantees for principal and interest payments due on municipal, public infrastructure and structured financings. Its subsidiary AGM guarantees international infrastructure and U.S. municipal bonds - and was previously named Financial Security Assurance Inc. (FSA) before becoming an Assured Guaranty company in July 2009. AGE, a subsidiary of AGM, is Assured Guaranty’s European operating platform. AGL is a publicly traded (NYSE: AGO), Bermuda-based holding company. Its operating subsidiaries provide credit enhancement products to the U.S. and international public finance, infrastructure and structured finance markets. More information on Assured Guaranty Ltd. and its subsidiaries can be found at


Assured Guaranty Ltd.
Investor Relations:
Robert Tucker, +1 212-339-0861
Senior Managing Director, Investor Relations and Corporate Communications
Ashweeta Durani, +1 212-408-6042
Vice President, Corporate Communications