Assured Guaranty to Combine Its Two U.S. Financial Guaranty Insurers; Assured Guaranty Municipal Corp. to Merge into Assured Guaranty Inc.
2024年7月9日 - 5:30AM
ビジネスワイヤ(英語)
Assured Guaranty Ltd. (NYSE: AGO) (together with its
subsidiaries, Assured Guaranty) announced today that Assured
Guaranty Municipal Corp. (AGM) will merge into Assured Guaranty
Inc. (AG), which was named Assured Guaranty Corp. until May 24,
2024. The effective date of the merger is expected to be August 1,
2024.
“We see this merger as beneficial for all our stakeholders,”
said Dominic Frederico, President and CEO. “It will result in more
efficient utilization of the combined capital of the two companies,
and it will simplify the administration and eliminate duplicative
expenses of Assured Guaranty’s U.S. financial guaranty operations.
Over its nearly 40 years in the financial guaranty business,
Assured Guaranty has continually evolved, constantly looking for
ways to better serve our customers and grow our business. This
merger further positions us to achieve those goals.”
By aggregating AGM and AG into a single insurance company, the
merger enlarges the pool of capital available to support each
insurance policy and results in a further diversification of the
insured portfolio’s credit profile. The merger is also expected to
strengthen Assured Guaranty’s ability to continue successfully
executing its strategies to achieve its business objectives. The
new AG, compared with either AG or AGM before the merger, will
have:
- a larger, more highly diversified insured portfolio
- a larger investment portfolio and a larger capital base,
creating a more efficient capital structure, and
- greater claims-paying resources.
The merger combines two companies that have identical ratings
from S&P Global Ratings, Kroll Bond Rating Agency and Moody’s
Ratings and should have no impact on Assured Guaranty’s strong and
stable financial strength ratings.
In recent years, AGM has served as Assured Guaranty’s flagship
financial guaranty insurance company, offering guarantees on U.S.
and non-U.S. public and infrastructure finance obligations, while
AG has provided risk and capital management solutions for
insurance, pension and banking institutions, offered guarantees on
structured financings, and served as the acquirer or reinsurer of
insured portfolios of non-affiliated financial guaranty insurers in
runoff. Both companies’ insured portfolios contain public and
infrastructure finance exposures and structured finance
exposures.
“Assured Guaranty has been growing and broadening the financial
guaranty products it provides and the markets it serves, extending
a long tradition of innovation,” said Robert Bailenson, Chief
Operating Officer. “This transaction will eliminate an unnecessary
distinction between the companies and allow us to even more
effectively lead the bond insurance industry.”
AG will continue to be domiciled in Maryland, and the Maryland
Insurance Administration (MIA) will be its primary regulator, as it
has been since December 31, 1987. Upon effectiveness of the merger,
by operation of law, AGM-insured securities will become guaranteed
obligations of AG, a larger combined company. AGM’s subsidiaries
Assured Guaranty UK Limited and Assured Guaranty (Europe) SA will
become subsidiaries of AG and will continue to operate as they did
previously.
In connection with the merger of AGM into AG, the MIA approved a
$300 million stock redemption (sometimes described as a “special
dividend”) by the combined company, which is expected to be
effectuated shortly following the merger.
Additional information on the merger can be found in a
Presentation and a Q&A document on the Assured Guaranty
website.
Cautionary Statement Regarding
Forward-Looking Statements
Any forward-looking statements made in this press release,
including those regarding growth opportunities for Assured
Guaranty, demand for its product, and sustained economic conditions
for increased new business, 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; those risks and uncertainties resulting from changes in
rating agency models or opinions; the adequacy of Assured
Guaranty’s capital and its ability to manage such capital
efficiently; Assured Guaranty’s positioning for future growth,
innovation, and stable financial strength; adverse credit
developments in Assured Guaranty’s insured portfolio and the impact
of those developments on rating agency models and opinions; 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
July 8, 2024. 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.
About Assured Guaranty
Ltd.
Assured Guaranty Ltd. is a publicly traded (NYSE: AGO),
Bermuda-based holding company. Through its subsidiaries, Assured
Guaranty provides credit enhancement products to the U.S. and
non-U.S. public finance, infrastructure and structured finance
markets. Assured Guaranty also participates in the asset management
business through its ownership interest in Sound Point Capital
Management, LP and certain of its investment management affiliates.
More information on Assured Guaranty can be found at:
AssuredGuaranty.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240708663319/en/
Investor Relations: Robert Tucker, 212-339-0861 Senior Managing
Director, Investor Relations and Corporate Communications
rtucker@agltd.com Media: Ashweeta Durani, 212-408-6042 Director,
Corporate Communications adurani@agltd.com
Assured Guaranty Municipal (NYSE:AGO)
過去 株価チャート
から 7 2024 まで 8 2024
Assured Guaranty Municipal (NYSE:AGO)
過去 株価チャート
から 8 2023 まで 8 2024