Assured Guaranty Ltd. reports news about its financial guaranty, asset management and reinsurance activities as a Bermuda-based holding company traded on the NYSE under AGO. Through subsidiaries, the company provides credit enhancement products for U.S. and non-U.S. public finance, infrastructure and structured finance markets.
Recurring updates include quarterly and annual results, financial guaranty segment production, shareholders’ equity and adjusted book value metrics, common-share dividends, share repurchases, and guarantee transactions such as debt service reserve or financial guarantees in infrastructure markets. Company releases also cover its ownership interest in Sound Point Capital Management affiliates and its annuity reinsurance business through Assured Life Reinsurance Ltd.
Assured Guaranty Municipal insured $1.134 billion of senior revenue bonds for the Brightline Florida Passenger Rail Project, part of a $2.219 billion debt-refinancing package. The bonds priced on April 25 and were issued by the Florida Development Finance on May 9. Assured Guaranty's involvement contributed to a successful debt placement by Morgan Stanley. The transaction showcases the value investors place on Assured Guaranty's due diligence and financial guaranty in municipal and infrastructure financing. The insured bonds will be fully amortizing after an initial interest-only period, with AGM insuring term bonds due in 2044, 2047, and 2053. Morgan Stanley acted as the sole book-running manager for the transaction.
Assured Guaranty reported robust first-quarter 2024 results with a net income of $109 million, $1.89 per share, and gross written premiums of $61 million. Adjusted operating income was $113 million, $1.96 per share, with record levels of shareholders' equity, operating shareholders' equity, and book value per share. Share repurchases totaled $129 million with an increase in authorization by $300 million. Moody's upgraded AGC's insurance financial strength rating. Key segments like Insurance and Asset Management showed growth.
Assured Guaranty (NYSE: AGO) has announced a quarterly dividend of $0.31 per common share payable on May 29, 2024. The company provides credit enhancement products to various markets and has an ownership interest in Sound Point Capital Management, LP.
Moody’s Investors Service upgraded Assured Guaranty Corp.’s (AGC) rating to A1 and affirmed Assured Guaranty Municipal Corp.’s (AGM) rating, both with stable outlooks. The upgrade reflects AGC’s improved credit quality and strategic role within Assured Guaranty Moody’s also affirmed Assured Guaranty ’s long-term issuer rating and debt ratings for subsidiaries.
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