Assured Guaranty Ltd Stock Price, News & Analysis

Assured Guaranty UK (AGUK) has issued £140 million in five-year debt service reserve (DSR) guarantees to Associated British Ports (ABP) Group. These guarantees replace existing liquidity facilities from relationship banks. The transaction represents a strategic move for ABP to diversify its capital base and secure long-term commitment. AGUK, rated AA by S&P Global Ratings, A1 by Moody's, and AA+ by Kroll Bond Rating Agency, sees this as an opportunity to expand its debt service guarantee services to key infrastructure corporate clients.

Assured Guaranty reported net income of $171 million ($3.17 per share) for Q3 2024. Key financial highlights include gross written premiums of $61 million and adjusted operating income of $130 million ($2.42 per share). Shareholders' equity reached a record $111.09 per share, while adjusted book value hit $166.47 per share. The company returned $147 million to shareholders through $131 million in share repurchases and $16 million in dividends. The board authorized an additional $250 million for share repurchases. Year-to-date gross written premiums and present value of new business production increased by $33 million and $32 million respectively compared to the previous year.

Assured Guaranty (NYSE:AGO) has declared a quarterly dividend of $0.31 per common share, payable on December 6, 2024 to shareholders of record as of November 22, 2024. The Bermuda-based holding company provides credit enhancement products to U.S. and non-U.S. public finance, infrastructure and structured finance markets. The company also maintains a presence in asset management through its ownership stake in Sound Point Capital Management, LP and affiliated investment management entities.

Assured Guaranty has insured $920 million of senior Special Facilities Revenue Bonds for the JFK Airport Terminal 6 Redevelopment Project. The bonds, issued on November 5, are part of a $1.95 billion offering, including $820 million of Series 2024A Green Bonds and $100 million of Series 2024B fixed rate convertible bonds, both maturing in 2054. The funds will refinance JFK Millennium Partners' existing bonds and bank loans for constructing a new 1.2 million square foot Terminal 6. The project consortium includes Vantage Group, American Triple I, RXR Realty and JetBlue Airways.

Assured Guaranty (NYSE:AGO) has scheduled the release of its third quarter 2024 financial results for November 11, 2024, after 4:00 p.m. Eastern Time. The company will host an investor conference call on November 12, 2024, at 8:00 a.m. Eastern Time. The financial results and supplementary materials will be available on the company's website. A webcast replay will be accessible for 90 days, while a telephone replay will be available for 30 days following the call.

Kroll Bond Rating Agency (KBRA) has affirmed the AA+ insurance financial strength ratings with Stable Outlooks for Assured Guaranty Inc. (AG) and its U.K. and European subsidiaries, Assured Guaranty UK (AGUK) and Assured Guaranty (Europe) SA (AGE). KBRA highlighted AG's strong capital position, substantial claims-paying resources, and diversified underwriting platform focused on public finance, international infrastructure, and structured finance.

The agency noted that AG's expertise in surveillance and work-outs helps mitigate credit risk and limit losses while growing its insured portfolio. KBRA views new business opportunities for AG as strong, citing increased awareness of financial guaranty products due to high-profile municipal defaults and events like the COVID-19 pandemic. The recent merger of Assured Guaranty Municipal Corp. into Assured Guaranty Inc. was seen as streamlining the organizational structure and improving efficiencies.

Assured Guaranty (NYSE: AGO) reported its second quarter 2024 financial results. GAAP net income was $78 million, or $1.41 per share, while non-GAAP adjusted operating income was $80 million, or $1.44 per share. Gross written premiums (GWP) reached $132 million, and the present value of new business production (PVP) was $155 million. Shareholders’ equity per share increased to $104.15.

During the quarter, the company returned $169 million to shareholders through share repurchases and dividends. Significant stock redemptions included $100 million by AGM and $300 million by Assured Guaranty Inc. The merger of AGM into AG was completed, aiming for capital efficiency.

Despite a 38% year-over-year decline in net income, adjusted operating income increased by 122%, driven by new business production and share repurchases. The Insurance segment reported $116 million in adjusted operating income, up from $106 million in the prior year, due to lower loss expenses and higher alternative investment earnings.

Assured Guaranty (NYSE:AGO) has declared a quarterly dividend of $0.31 per common share, payable on September 4, 2024 to shareholders of record as of August 21, 2024. The company, based in Bermuda, provides credit enhancement products for public finance, infrastructure, and structured finance markets in the U.S. and internationally. Assured Guaranty also has a presence in asset management through its ownership stake in Sound Point Capital Management, LP and other investment management affiliates.

Assured Guaranty (NYSE: AGO) announced that S&P Global Ratings, Kroll Bond Rating Agency (KBRA), and Moody's Ratings have indicated no change to Assured Guaranty's financial strength following the August 1, 2024 merger of Assured Guaranty Municipal Corp. (AGM) into Assured Guaranty Inc. (AG). Key points:

• S&P maintains AG's AA (stable) financial strength rating
• KBRA affirms AG's AA+ (stable) insurance financial strength rating
• Moody's affirms AG's A1 (stable) insurance financial strength rating
• All AGM-insured securities are now guaranteed by AG
• Agencies view the merger positively, citing enhanced capital efficiency, risk diversification, and market position

The merger is expected to create capital, operational, and regulatory efficiencies while strengthening Assured Guaranty's global platform and growth opportunities.