Initial Public Offering of Assured Guaranty Ltd. Priced at $18.00 per Share

Friday, April 23, 2004 8:00 am EDT

Dateline:

HAMILTON, Bermuda

Public Company Information:

NYSE:
AGO
"Being a publicly-traded company marks the beginning of a new chapter in our 16-year history."

HAMILTON, Bermuda--(BUSINESS WIRE)--Assured Guaranty Ltd. (NYSE:AGO) announced that the initial public offering of 49,000,000 of it shares was priced at $18.00 a share. All the shares were sold by subsidiaries of ACE Limited. ACE Limited, through its subsidiaries, is retaining a beneficial interest of 25% to 35% depending upon the exercise of the underwriters' 7,350,000 share over-allotment option. Dominic Frederico, Chief Executive Officer of Assured Guaranty, commented, "Being a publicly-traded company marks the beginning of a new chapter in our 16-year history."

On April 23rd, Assured Guaranty's shares will begin trading under the ticker symbol "AGO" on the New York Stock Exchange. Mr. Frederico is scheduled to ring the opening bell of the New York Stock Exchange at 9:30 am EDT.

Banc of America Securities LLC and Goldman, Sachs & Co. are the joint-book running managers for the offering. Banc of America Securities LLC, Goldman, Sachs & Co. and Citigroup Global Markets Inc. are joint lead underwriters for the offering. The co-managers for the offering are Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC, Wachovia Capital Markets, LLC, William Blair & Company, L.L.C. and Keefe, Bruyette & Woods, Inc.

The public offering is being made by means of a final prospectus a copy of which may be obtained from Banc of America Securities LLC at 9 West 57th Street, 30th Floor, New York, NY 10019 and Goldman, Sachs & Co. at 85 Broad Street, New York, NY 10004.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

Assured Guaranty is a Bermuda-based holding company providing credit enhancement products to the municipal finance, structured finance and mortgage markets. More information can be found at http://www.assuredguaranty.com.

Contact:

Assured Guaranty, New York
Media:
Barbara Van Hassel, 212-261-5580
bvanhassel@assuredguaranty.com
or
Investors:
Sabra Purtill, 212-408-6044
spurtill@assuredguaranty.com