Debt Issuances and Redemptions
- Issued $400 million of 3.6% senior notes due in 2051, in
addition to the $500 million of 3.15% senior notes due in 2031 that
were issued in second quarter 2021.
- Redeemed $600 million of long-term debt in third quarter 2021
with interest rates between 5.000% and 6.875%.
GAAP Highlights
- Net income attributable to Assured Guaranty Ltd. was $17
million, or $0.22 per share,(1) for third quarter 2021, including a
$175 million pre-tax ($138 million after-tax) loss on debt
extinguishment resulting from the voluntary early redemption of
certain senior notes.
- Shareholders’ equity attributable to Assured Guaranty Ltd. per
share was $88.42 as of September 30, 2021, the highest ever
reported.
Non-GAAP Highlights
- Adjusted operating income(2) was $34 million, or $0.45 per
share, for third quarter 2021, including a $175 million pre-tax
($138 million after-tax) loss on debt extinguishment resulting from
the voluntary early redemption of certain senior notes.
- Adjusted operating shareholders’ equity(2) per share and
adjusted book value (ABV)(2) per share reached record highs of
$82.89 and $122.50, respectively, as of September 30, 2021.
Return of Capital to Shareholders
- Third quarter 2021 capital returned to shareholders was $156
million, including the repurchase of 2.9 million shares for $140
million, and dividends of $16 million.
Insurance Segment
- Insurance segment adjusted operating income was $214 million
for third quarter 2021.
- Gross written premiums (GWP) were $106 million for third
quarter 2021.
- Present value of new business production (PVP)(2) was $96
million for third quarter 2021.
Asset Management Segment
- Asset Management segment adjusted operating loss was $7 million
for third quarter 2021.
- Gross inflows were $916 million for third quarter 2021.
Assured Guaranty Ltd. (NYSE: AGO) (AGL and, together with its
consolidated entities, Assured Guaranty or the Company) announced
today its financial results for the three-month period ended
September 30, 2021 (third quarter 2021).
“The trend toward greater use of bond insurance continued in the
third quarter, pushing insurance penetration of the municipal bond
market to the highest levels in a decade for both a third quarter
and any nine-month period,” said President and CEO Dominic
Frederico. “Assured Guaranty continued to lead the municipal bond
insurance industry with a third-quarter market share of almost
two-thirds of primary-market insured par sold.
“Global public finance production combined with solid structured
finance results to produce $96 million of PVP, a very strong result
for a third quarter that, in the last decade, is second only to the
third quarter of 2020. At quarter-end, all of our per-share
measures of shareholder value stood at new highs.”
Regarding corporate capital structure, he added: “In August,
following our successful May issuance of $500 million of 3.15%
10-year senior debt, we issued $400 million of 3.6% 30-year senior
notes. Part of the combined proceeds were used to redeem $600
million of higher coupon outstanding debt at significant debt
service savings.”
(1)
All per share information for net income
and adjusted operating income is based on diluted shares.
(2)
Please see “Explanation of Non-GAAP
Financial Measures.”
Summary Financial
Results
(in millions, except per share
amounts)
Quarter Ended
September 30,
2021
2020
GAAP
Net income (loss) attributable to
AGL
$
17
$
86
Net income (loss) attributable to AGL
per diluted share
$
0.22
$
1.02
Weighted average diluted shares
73.6
83.8
Non-GAAP
Adjusted operating income (loss) (1)
$
34
$
48
Adjusted operating income per diluted
share(1)
$
0.45
$
0.58
Weighted average diluted shares
73.6
83.8
Components of total adjusted operating
income
Insurance segment
$
214
$
81
Asset Management segment
(7)
(12)
Corporate division
(169)
(18)
Other
(4)
(3)
Adjusted operating income (loss)
$
34
$
48
As of
September 30, 2021
December 31, 2020
Amount
Per Share
Amount
Per Share
Shareholders' equity attributable to
AGL
$
6,300
$
88.42
$
6,643
$
85.66
Adjusted operating shareholders’ equity
(1)
5,906
82.89
6,087
78.49
ABV (1)
8,727
122.50
8,908
114.87
Common Shares Outstanding
71.2
77.5
(1)
Please see “Explanation of Non-GAAP
Financial Measures” at the end of this press release.
As of September 30, 2021, on a per share basis, shareholders'
equity attributable to AGL, adjusted operating shareholders’ equity
and ABV all reached record highs primarily due to the accretive
effect of the share repurchase program. See “Common Share
Repurchases” on page 11. Shareholders' equity attributable to AGL,
adjusted operating shareholders' equity and ABV declined from
December 31, 2020 and June 30, 2021, mainly due to share
repurchases and dividends. In the case of ABV, the decrease due to
repurchases and dividends was partially offset by net written
premiums and favorable loss development.
Insurance Segment
The Insurance segment primarily consists of the Company's
insurance subsidiaries that provide credit protection products to
the United States (U.S.) and non-U.S. public finance (including
infrastructure) and structured finance markets. The Insurance
segment is presented without giving effect to the consolidation of
financial guaranty variable interest entities (FG VIEs); instead,
the Insurance segment includes premiums and losses of the financial
guaranty insurance policies associated with the FG VIEs' debt. In
the case of consolidated investment vehicles (CIVs), which are
primarily funds and collateralized loan obligations (CLOs) managed
by Assured Investment Management LLC (AssuredIM LLC) and its
investment management affiliates (together with AssuredIM LLC,
AssuredIM), the Insurance segment includes the insurance
subsidiaries' share of earnings from investments in funds managed
by AssuredIM (AssuredIM Funds).
Insurance Results
(in millions)
Quarter Ended
September 30,
2021
2020
Revenues
Net earned premiums and credit derivative
revenues
$
114
$
113
Net investment income
69
75
Other income (loss)
7
1
Total revenues
190
189
Expenses
Loss expense (benefit)
(78)
76
Amortization of deferred acquisition costs
(DAC)
3
4
Employee compensation and benefit
expenses
35
35
Other operating expenses
18
19
Total expenses
(22)
134
Equity in earnings of investees
33
20
Adjusted operating income (loss) before
income taxes
245
75
Less: Provision (benefit) for income
taxes
31
(6)
Adjusted operating income
(loss)
$
214
$
81
Insurance adjusted operating income increased 164% to $214
million in third quarter 2021, from $81 million in the three-month
period ended September 30, 2020 (third quarter 2020). The increase
was mainly attributable to a benefit in loss expense of $78 million
in third quarter 2021, primarily consisting of a $58 million
benefit in U.S. residential mortgage-backed securities (RMBS)
transactions and a $23 million benefit in public finance, compared
with loss expense of $76 million in third quarter 2020 that was
primarily attributable to certain Puerto Rico exposures.
Total income generated by the investment portfolio, and net
earned premiums and credit derivative revenues were also higher in
third quarter 2021 compared with third quarter 2020, as shown
below.
Income from the Investment Portfolio
The components of income from the investment portfolio are
presented in the table below.
Income from Investment
Portfolio
(in millions)
Quarter Ended
September 30,
2021
2020
Net investment income
$
69
$
75
Equity in earnings of investees:
AssuredIM Funds
23
13
Other alternative investments
10
7
Total
$
102
$
95
The total income from the investment portfolio increased due to
earnings from alternative investments including investments in
AssuredIM Funds, partially offset by lower net investment income on
the portfolio of loss mitigation securities mainly due to lower
average balances.
Equity in earnings of AssuredIM Funds in third quarter 2021
increased to $23 million, from $13 million in third quarter 2020
mainly due to an overall increase in the net asset value (NAV) of
the AssuredIM healthcare and CLO funds. In addition, other
alternative investments generated gains of $10 million in third
quarter 2021 compared with $7 million in third quarter 2020.
The Insurance segment is authorized to invest up to $750 million
in AssuredIM Funds. As of September 30, 2021, the Insurance segment
had total commitments to AssuredIM Funds of $659 million, of which
$380 million represented net invested capital and $279 million was
undrawn. The Insurance segment's interest in AssuredIM Funds was
valued at $465 million as of September 30, 2021.
In the Insurance segment, investments in AssuredIM Funds are
recorded at NAV, with the change in NAV reported in “equity in
earnings of investees.” The AssuredIM Funds include healthcare,
CLOs, municipal bond and asset-based funds. Equity in earnings of
investees also includes the Company's proportionate interests in
other alternative investments. To the extent additional
fixed-maturity securities are shifted to AssuredIM Funds and other
alternative investments, income will also shift from net investment
income to equity in earnings of investees.
Net Earned Premiums and Credit Derivative Revenues
The components of scheduled net earned premiums and credit
derivative revenues are presented in the table below.
Net Earned Premiums and Credit
Derivative Revenues
(in millions)
Quarter Ended
September 30,
2021
2020
Scheduled net earned premiums and credit
derivative revenues
$
99
$
95
Accelerations
15
18
Total
$
114
$
113
Economic Loss Development
The net economic development was a benefit of $94 million in
third quarter 2021, primarily consisting of a $65 million benefit
on U.S. RMBS, and a $31 million benefit related to public finance
transactions, mainly related to the refinement of certain terms in
the Puerto Rico support agreements. The U.S. RMBS benefit was
primarily attributable to higher projected recoveries on
charged-off second lien loans, and the implementation of a recovery
assumption on certain deferred principal balances in first lien
loans. In third quarter 2021, the Company also refined several
other U.S. RMBS assumptions based on observed trends, including a
change to include remaining COVID forbearance loans in the relevant
delinquency categories rather than applying a separate liquidation
rate assumption to these loans. Changes in discount rates did not
have a material effect on economic loss development in third
quarter 2021.
Roll Forward of Net Expected
Loss to be Paid (Recovered)(1)
(in millions)
Net Expected Loss to be Paid
(Recovered) as of June 30, 2021
Economic Loss (Benefit)
Development
Losses (Paid)
Recovered
Net Expected Loss to be Paid
(Recovered) as of September 30, 2021
Public finance
$
243
$
(31)
$
(202)
$
10
U.S. RMBS
178
(65)
29
142
Other structured finance
45
2
—
47
Total
$
466
$
(94)
$
(173)
$
199
(1)
Economic loss development (benefit)
represents the change in net expected loss to be paid (recovered)
attributable to the effects of changes in assumptions based on
observed market trends, changes in discount rates, accretion of
discount and the economic effects of loss mitigation efforts, each
net of reinsurance. Economic loss development (benefit) is the
principal measure that the Company uses to evaluate the loss
experience in its insured portfolio. Expected loss to be paid
(recovered) includes all transactions insured by the Company,
whether written in insurance or credit derivative form, regardless
of the accounting model prescribed under accounting principles
generally accepted in the United States of America (GAAP).
New Business Production
GWP relates to both financial guaranty and specialty insurance
and reinsurance contracts. Financial guaranty insurance and
reinsurance GWP includes: (1) amounts collected upfront on new
business written, (2) the present value of future contractual or
expected premiums on new business written (discounted at risk free
rates), and (3) the effects of changes in the estimated lives of
certain transactions in the in-force book of business. Specialty
insurance and reinsurance GWP is recorded as premiums are due.
Credit derivatives are accounted for at fair value and therefore
are not included in GWP.
The non-GAAP measure PVP includes upfront premiums and the
present value of expected future installments on new business at
the time of issuance (discounted at the approximate average pre-tax
book yield of fixed-maturity securities purchased during the prior
calendar year), for all contracts whether in insurance or credit
derivative form. See “Explanation of Non-GAAP Financial Measures”
at the end of this press release.
New Business
Production
(in millions)
Quarter Ended September
30,
2021
2020
GWP
PVP (1)
Gross Par Written (1)
GWP
PVP (1)
Gross Par Written (1)
Public finance - U.S.
$
52
$
55
$
7,703
$
93
$
93
$
6,932
Public finance - non-U.S.
21
17
156
28
24
500
Structured finance - U.S.
29
21
436
1
—
—
Structured finance - non-U.S.
4
3
266
(1)
—
—
Total (2)
$
106
$
96
$
8,561
$
121
$
117
$
7,432
(1)
PVP and Gross Par Written in the table
above are based on “close date,” when the transaction settles.
Please see “Explanation of Non-GAAP Financial Measures” at the end
of this press release.
(2)
While PVP includes the present value of
only the premiums the Company estimates it will receive over the
expected term of the transaction, under GAAP the Company is
required, for certain transactions, to include contractual premiums
through the date of legal maturity in GWP.
Direct U.S. public finance GWP and PVP were $41 million and $44
million, respectively, compared with $93 million in direct GWP and
PVP in third quarter 2020. In third quarter 2021, pricing returned
to pre-pandemic levels, after the COVID-19 pandemic resulted in
increased pricing spreads and an increase in demand for insurance
in second and third quarter 2020, particularly in the healthcare
and private higher education sectors, where the Company insured
several large transactions. The Company's direct par written
represented 64% of the total U.S. municipal market insured issuance
in third quarter 2021, consistent with third quarter 2020, and the
Company’s penetration of all municipal issuance increased to 5.43%
in third quarter 2021 from 5.21% in third quarter 2020.
The Company also assumed U.S. public finance transactions with
$833 million in par outstanding in third quarter 2021, which
generated GWP and PVP of $11 million. The average rating of U.S.
public finance (direct and assumed) par written in third quarter
2021 was A-.
In third quarter 2021, non-U.S. public finance GWP and PVP were
primarily attributable to a large United Kingdom (U.K.) university
housing transaction. Third quarter 2021 structured finance GWP and
PVP were primarily attributable to a large insurance securitization
transaction.
Asset Management Segment
The Asset Management segment consists of AssuredIM, which
provides asset management services to third party investors as well
as to the Insurance segment.
Asset Management
Results
(in millions)
Quarter Ended
September 30,
2021
2020
Revenues
Management fees:
CLOs (1)
$
12
$
5
Opportunity funds and liquid
strategies
4
2
Wind-down funds
1
5
Total management fees
17
12
Other income
2
2
Total revenues
19
14
Expenses
Employee compensation and benefit
expenses
19
19
Amortization of intangible assets
3
3
Other operating expenses
7
7
Total expenses
29
29
Adjusted operating income (loss) before
income taxes
(10)
(15)
Less: Provision (benefit) for income
taxes
(3)
(3)
Adjusted operating income
(loss)
$
(7)
$
(12)
(1)
CLO fees are the net management fees that
AssuredIM retains after rebating the portion of these fees that
pertains to the CLO equity that is held directly by AssuredIM
Funds.
Management fees in third quarter 2021 increased to $17 million,
from $12 million in third quarter 2020, primarily due to an
increase in CLO fees as a result of (i) higher fee-earning CLO
assets under management (AUM) due to the sale to third parties of
CLO equity from legacy funds and the issuance of new CLOs, and (ii)
the deferral of CLO fees in the third quarter of 2020 that did not
recur in the third quarter 2021. CLO fee-earning AUM was $14.1
billion, or 96%, of total CLO AUM as of September 30, 2021,
compared with $8.0 billion, or 60%, of total CLO AUM as of
September 30, 2020.
As of September 30, 2021, substantially all of the CLO equity
held by legacy funds has been sold to third parties, which ends the
fee rebates made back to these funds. In addition, the COVID-19
pandemic and downgrades in loan markets had triggered
over-collateralization provisions in CLOs in the second and third
quarters of 2020, resulting in the deferral of CLO management fees.
As of September 30, 2021, there were no CLOs triggering
over-collateralization provisions.
Fees from opportunity funds increased as AUM increased to $1.6
billion as of September 30, 2021 from $1.0 billion as of September
30, 2020. Fees from the wind-down funds decreased as distributions
to investors continued. As of September 30, 2021, AUM of the
wind-down funds was $0.8 billion, compared with $2.3 billion as of
September 30, 2020.
Roll Forward of
Assets Under
Management
(in millions)
CLOs
Opportunity Funds
Liquid Strategies
Wind-Down Funds
Total
AUM, June 30, 2021
$
14,562
$
1,463
$
388
$
1,179
$
17,592
Inflows-third party
598
245
—
—
843
Inflows-intercompany
57
16
—
—
73
Outflows:
Redemptions
—
—
—
—
—
Distributions (1)
(424)
(170)
—
(364)
(958)
Total outflows
(424)
(170)
—
(364)
(958)
Net flows
231
91
—
(364)
(42)
Change in value
(47)
80
—
(6)
27
AUM, September 30, 2021
$
14,746
$
1,634
$
388
$
809
$
17,577
(1)
Distributions from opportunity funds
include $107 million related to the AssuredIM Funds created prior
to the acquisition of BlueMountain Capital Management, LLC.
Components of
Assets Under Management
(1)
(in millions)
As of
September 30,
2021
June 30, 2021
Funded AUM
$
16,861
$
16,984
Unfunded AUM
716
608
Fee-earning AUM (2)
$
16,268
$
16,303
Non-fee earning AUM
1,309
1,289
Intercompany AUM
Funded AUM (3)
$
1,037
$
1,003
Unfunded AUM
278
221
(1)
Please see “Definitions” at the end of
this press release.
(2)
As of September 30, 2020, fee-earning AUM
was $11.3 billion, consisting of $8.0 billion in CLOs, $1.2 billion
in opportunity funds and liquid strategies, and $2.1 billion in
wind-down funds.
(3)
Includes assets managed by AssuredIM under
an Investment Management Agreement with its insurance affiliates of
$572 million in investment-grade CLO and liquid municipal
strategies as of September 30, 2021 and of $570 million in
investment-grade CLO and liquid municipal strategies as of June 30,
2021.
Corporate Division
The Corporate division primarily consists of interest expense on
the debt of Assured Guaranty US Holdings Inc. (AGUS) and Assured
Guaranty Municipal Holdings Inc. (AGMH), as well as other operating
expenses attributed to holding company activities such as Board of
Directors’ expenses.
Corporate Results
(in millions)
Quarter Ended
September 30,
2021
2020
Revenues
$
1
$
12
Expenses
Interest expense
25
24
Loss on extinguishment of debt
175
—
Employee compensation and benefit
expenses
5
3
Other operating expenses
6
5
Total expenses
211
32
Equity in earnings of investees
1
—
Adjusted operating income (loss) before
income taxes
(209)
(20)
Less: Provision (benefit) for income
taxes
(40)
(2)
Adjusted operating income
(loss)
$
(169)
$
(18)
Debt Issuance and Redemptions
In 2021 AGUS issued the following new debt: (1) $500 million of
3.15% Senior Notes due in 2031 were issued in May, and (2) $400
million of 3.6% Senior Notes due in 2051 were issued in August.
On July 9, 2021, a portion of the proceeds from the issuance of
the 3.15% Senior Notes was used to redeem $200 million of AGMH debt
as follows: all $100 million of AGMH's 6 7/8% Quarterly Interest
Bonds due in 2101, and $100 million of the $230 million of AGMH's
6.25% Notes due in 2102.
On September 27, 2021, all of the proceeds from the issuance of
the 3.6% Senior Notes were used to redeem $400 million of AGMH and
AGUS debt as follows: all $100 million of AGMH's 5.60% Notes due in
2103, the remaining $130 million of AGMH 6.25% Notes due in 2102,
and $170 million of the $500 million of AGUS 5% Senior Notes due in
2024.
In third quarter 2021, as a result of these redemptions, the
Company recognized a loss on extinguishment of debt of
approximately $175 million on a pre-tax basis ($138 million
after-tax) which represents the difference between the amount paid
to redeem the debt and the carrying value of the debt. The loss on
extinguishment of debt primarily consists of a $156 million
acceleration of unamortized fair value adjustments that were
originally recorded upon the acquisition of AGMH in 2009, and a $19
million make-whole payment associated with the redemption of $170
million of AGUS 5% Senior Notes. The unamortized fair value
adjustments of $156 million that were included in the loss on
extinguishment of debt represent a non-cash expense that, had the
corresponding debt obligations not been redeemed, would have been
recognized as interest expense over the remaining 80+ year terms of
those obligations.
Other Items
Other items primarily consist of intersegment eliminations,
reclassifications of the reimbursement of fund expenses to revenue,
and consolidation adjustments, including the effect of
consolidating FG VIEs and AssuredIM investment vehicles. The
majority of the economic effect of the Company's interest in
consolidated AssuredIM Funds, as well as the premiums, investment
income and losses associated with consolidated FG VIEs, are
presented in the Insurance segment. On a consolidated basis, the
ownership interests of the consolidated AssuredIM Funds to which it
has no economic rights are reflected as either redeemable or
nonredeemable noncontrolling interests in the Company's condensed
consolidated financial statements.
Reconciliation to GAAP
The following table presents a reconciliation of net income
(loss) attributable to AGL to adjusted operating income.
Reconciliation of Net Income
(Loss) Attributable to AGL to
Adjusted Operating Income
(Loss)
(in millions, except per share
amounts)
Quarter Ended
September 30,
2021
2020
Total
Per Diluted Share
Total
Per Diluted Share
Net income (loss) attributable to
AGL
$
17
$
0.22
$
86
$
1.02
Less pre-tax adjustments:
Realized gains (losses) on investments
3
0.04
13
0.16
Non-credit-impairment unrealized fair
value gains (losses) on credit derivatives
9
0.12
(3)
(0.03)
Fair value gains (losses) on committed
capital securities (CCS)
(3)
(0.05)
(10)
(0.13)
Foreign exchange gains (losses) on
remeasurement of premiums receivable and loss and loss adjustment
expense (LAE) reserves
(27)
(0.36)
40
0.48
Total pre-tax adjustments
(18)
(0.25)
40
0.48
Less tax effect on pre-tax adjustments
1
0.02
(2)
(0.04)
Adjusted operating income (loss)
$
34
$
0.45
$
48
$
0.58
(1)
Foreign exchange gains (losses) in both
periods primarily relate to remeasurement of premiums receivable
and are mainly due to changes in the exchange rate of the pound
sterling and euro relative to the U.S. dollar.
Non-credit impairment unrealized fair value gains on credit
derivatives in third quarter 2021 were mainly attributable to the
termination of several credit default swap policies, including
several trust preferred securities transactions and one RMBS
transaction. In third quarter 2020, non-credit impairment
unrealized fair value losses on credit derivatives were generated
primarily as a result of the tightening of AGC spreads, partially
offset by price improvements of the underlying collateral. Except
for underlying credit impairment, which is recognized as loss
expense in the Insurance segment, the fair value adjustments on
credit derivatives in the insured portfolio are non-economic
adjustments that reverse to zero over the remaining term of that
portfolio.
Common Share Repurchases
Summary of Share
Repurchases
(in millions, except per share
amounts)
Amount
Number of Shares
Average Price Per
Share
2021 (January 1 - March 31)
$
77
2.0
$
38.83
2021 (April 1 - June 30)
88
1.9
46.63
2021 (July 1 - September 30)
140
2.9
47.76
2021 (October 1 - November 4)
77
1.5
51.90
Total 2021
$
382
8.3
46.11
From 2013 through November 4, 2021, the Company repurchased a
total of 129.8 million common shares at an average price of $31.16,
representing approximately 67% of the total shares outstanding at
the beginning of the repurchase program in 2013. As of November 4,
2021, the Company was authorized to purchase $220 million of its
common shares. These repurchases can be made from time to time in
the open market or in privately negotiated transactions.
The timing, form and amount of the share repurchases under the
program are at the discretion of management and will depend on a
variety of factors, including funds available at the parent
company, other potential uses for such funds, market conditions,
the Company's capital position, legal requirements and other
factors, some of which factors may be impacted by the direct and
indirect consequences of the course and duration of the COVID-19
pandemic and evolving governmental and private responses to the
pandemic. The repurchase program may be modified, extended or
terminated by the Board of Directors at any time. It does not have
an expiration date.
Financial Statements
Condensed Consolidated
Statements of Operations (unaudited)
(in millions)
Quarter Ended
September 30,
2021
2020
Revenues
Net earned premiums
$
102
$
107
Net investment income
66
71
Asset management fees
20
17
Net realized investment gains (losses)
3
13
Fair value gains (losses) on credit
derivatives
21
(3)
Fair value gains (losses) on CCS
(3)
(10)
Fair value gains (losses) on FG VIEs
5
—
Fair value gains (losses) on CIVs
16
18
Foreign exchange gain (loss) on
remeasurement
(27)
40
Other income (loss)
9
15
Total revenues
212
268
Expenses
Loss and LAE
(68)
73
Interest expense
23
21
Loss on extinguishment of debt
175
—
Amortization of DAC
3
4
Employee compensation and benefit
expenses
59
57
Other operating expenses
38
41
Total expenses
230
196
Income (loss) before income taxes and
equity in earnings of investees
(18)
72
Equity in earnings of investees
23
7
Income (loss) before income
taxes
5
79
Less: Provision (benefit) for income
taxes
(15)
(10)
Net income (loss)
20
89
Less: Noncontrolling interests
3
3
Net income (loss) attributable to
AGL
$
17
$
86
Results by Segment
(in millions)
Three Months Ended September
30, 2021
Insurance
Asset Management
Corporate
Other
Total
Revenues
Net earned premiums and credit derivative
revenues
$
114
$
—
$
—
$
(1)
$
113
Net investment income
69
—
1
(4)
66
Asset management fees
—
17
—
3
20
Fair value gains (losses) on FG VIEs
—
—
—
5
5
Fair value gains (losses) on CIVs
—
—
—
16
16
Other income (loss)
7
2
—
(1)
8
Total revenues
190
19
1
18
228
Expenses
Loss expense (benefit)
(78)
—
—
8
(70)
Interest expense
—
—
25
(2)
23
Loss on extinguishment of debt
—
—
175
—
175
Amortization of DAC and intangible
assets
3
3
—
—
6
Employee compensation and benefit
expenses
35
19
5
—
59
Other operating expenses
18
7
6
4
35
Total expenses
(22)
29
211
10
228
Equity in earnings of investees
33
—
1
(11)
23
Adjusted operating income (loss) before
income taxes
245
(10)
(209)
(3)
23
Less: Provision (benefit) for income
taxes
31
(3)
(40)
(2)
(14)
Less: Noncontrolling interests
—
—
—
3
3
Adjusted operating income
(loss)
$
214
$
(7)
$
(169)
$
(4)
$
34
Results by Segment
(continued)
(in millions)
Three Months Ended September
30, 2020
Insurance
Asset Management
Corporate
Other
Total
Revenues
Net earned premiums and credit derivative
revenues
$
113
$
—
$
—
$
(2)
$
111
Net investment income
75
—
—
(4)
71
Asset management fees
—
12
—
5
17
Fair value gains (losses) on CIVs
—
—
—
18
18
Other income (loss)
1
2
12
—
15
Total revenues
189
14
12
17
232
Expenses
Loss expense (benefit)
76
—
—
1
77
Interest expense
—
—
24
(3)
21
Amortization of DAC and intangible
assets
4
3
—
—
7
Employee compensation and benefit
expenses
35
19
3
—
57
Other operating expenses
19
7
5
7
38
Total expenses
134
29
32
5
200
Equity in earnings of investees
20
—
—
(13)
7
Adjusted operating income (loss) before
income taxes
75
(15)
(20)
(1)
39
Less: Provision (benefit) for income
taxes
(6)
(3)
(2)
(1)
(12)
Less: Noncontrolling interests
—
—
—
3
3
Adjusted operating income
(loss)
$
81
$
(12)
$
(18)
$
(3)
$
48
Condensed Consolidated Balance
Sheets (unaudited)
(in millions)
As of
September 30, 2021
December 31, 2020
Assets
Investments:
Fixed-maturity securities
available-for-sale, at fair value
$
8,663
$
8,773
Short-term investments, at fair value
694
851
Other invested assets
260
214
Total investments
9,617
9,838
Cash
101
162
Premiums receivable, net of commissions
payable
1,378
1,372
DAC
129
119
Salvage and subrogation recoverable
1,148
991
FG VIEs' assets, at fair value
271
296
Assets of CIVs
4,371
1,913
Goodwill and other intangible assets
178
203
Other assets
421
440
Total assets
$
17,614
$
15,334
Liabilities
Unearned premium reserve
$
3,716
$
3,735
Loss and LAE reserve
981
1,088
Long-term debt
1,671
1,224
Credit derivative liabilities, at fair
value
137
103
FG VIEs' liabilities with recourse, at
fair value
281
316
FG VIEs' liabilities without recourse, at
fair value
20
17
Liabilities of CIVs
3,886
1,590
Other liabilities
526
556
Total liabilities
11,218
8,629
Redeemable noncontrolling
interests
21
21
Shareholders' equity
Common shares
1
1
Retained earnings
5,924
6,143
Accumulated other comprehensive income
374
498
Deferred equity compensation
1
1
Total shareholders' equity attributable
to AGL
6,300
6,643
Nonredeemable noncontrolling interests
75
41
Total shareholders' equity
6,375
6,684
Total liabilities, redeemable
noncontrolling interests and shareholders’ equity
$
17,614
$
15,334
Explanation of Non-GAAP Financial Measures
The Company discloses both (a) financial measures determined in
accordance with GAAP and (b) financial measures not determined in
accordance with GAAP (non-GAAP financial measures).
Financial measures identified as non-GAAP should not be
considered substitutes for GAAP financial measures. The primary
limitation of non-GAAP financial measures is the potential lack of
comparability to financial measures of other companies, whose
definitions of non-GAAP financial measures may differ from those of
the Company.
The Company believes its presentation of non-GAAP financial
measures provides information that is necessary for analysts to
calculate their estimates of Assured Guaranty’s financial results
in their research reports on Assured Guaranty and for investors,
analysts and the financial news media to evaluate Assured
Guaranty’s financial results.
GAAP requires the Company to consolidate VIEs where it is deemed
to be the primary beneficiary which include:
- FG VIEs, which the Company does not own and where its exposure
is limited to its obligation under the financial guaranty insurance
contract, and
- CIVs in which certain subsidiaries invest and which are managed
by AssuredIM.
The Company provides the effect of VIE consolidation that is
embedded in each non-GAAP financial measure, as applicable. The
Company believes this information may also be useful to analysts
and investors evaluating Assured Guaranty’s financial results. In
the case of both the consolidated FG VIEs and the CIVs, the
economic effect of each of the consolidated FG VIEs and CIVs is
reflected primarily in the results of the Insurance segment.
Management and the Board of Directors use non-GAAP financial
measures further adjusted to remove the effect of VIE consolidation
(which the Company refers to as its core financial measures), as
well as GAAP financial measures and other factors, to evaluate the
Company’s results of operations, financial condition and progress
towards long-term goals. The Company uses core financial measures
in its decision-making process for and in its calculation of
certain components of management compensation. The core financial
measures that the Company uses to help determine compensation are:
(1) adjusted operating income, further adjusted to remove the
effect of VIE consolidation, (2) adjusted operating shareholders'
equity, further adjusted to remove the effect of VIE consolidation,
(3) growth in adjusted book value per share, further adjusted to
remove the effect of VIE consolidation, and (4) PVP.
Management believes that many investors, analysts and financial
news reporters use adjusted operating shareholders’ equity and/or
adjusted book value, each further adjusted to remove the effect of
VIE consolidation, as the principal financial measures for valuing
AGL’s current share price or projected share price and also as the
basis of their decision to recommend, buy or sell AGL’s common
shares. Management also believes that many of the Company’s fixed
income investors also use adjusted operating shareholders' equity,
further adjusted to remove the effect of VIE consolidation to
evaluate the Company’s capital adequacy.
Adjusted operating income, further adjusted for the effect of
VIE consolidation enables investors and analysts to evaluate the
Company’s financial results in comparison with the consensus
analyst estimates distributed publicly by financial databases.
The following paragraphs define each non-GAAP financial measure
disclosed by the Company and describe why it is useful. To the
extent there is a directly comparable GAAP financial measure, a
reconciliation of the non-GAAP financial measure and the most
directly comparable GAAP financial measure is presented below.
Adjusted Operating Income
Management believes that adjusted operating income is a useful
measure because it clarifies the understanding of the operating
results of the Company. Adjusted operating income is defined as net
income (loss) attributable to AGL, as reported under GAAP, adjusted
for the following:
1) Elimination of realized gains (losses) on
the Company’s investments, except for gains and losses on
securities classified as trading. The timing of realized gains and
losses, which depends largely on market credit cycles, can vary
considerably across periods. The timing of sales is largely subject
to the Company’s discretion and influenced by market opportunities,
as well as the Company’s tax and capital profile.
2) Elimination of non-credit-impairment
unrealized fair value gains (losses) on credit derivatives that are
recognized in net income, which is the amount of unrealized fair
value gains (losses) in excess of the present value of the expected
estimated economic credit losses, and non-economic payments. Such
fair value adjustments are heavily affected by, and in part
fluctuate with, changes in market interest rates, the Company’s
credit spreads, and other market factors and are not expected to
result in an economic gain or loss.
3) Elimination of fair value gains (losses)
on the Company’s CCS that are recognized in net income. Such
amounts are affected by changes in market interest rates, the
Company’s credit spreads, price indications on the Company’s
publicly traded debt, and other market factors and are not expected
to result in an economic gain or loss.
4) Elimination of foreign exchange gains
(losses) on remeasurement of net premium receivables and loss and
LAE reserves that are recognized in net income. Long-dated
receivables and loss and LAE reserves represent the present value
of future contractual or expected cash flows. Therefore, the
current period’s foreign exchange remeasurement gains (losses) are
not necessarily indicative of the total foreign exchange gains
(losses) that the Company will ultimately recognize.
5) Elimination of the tax effects related to
the above adjustments, which are determined by applying the
statutory tax rate in each of the jurisdictions that generate these
adjustments.
See "Reconciliation to GAAP" above for a reconciliation of net
income (loss) attributable to AGL to adjusted operating income
(loss).
Adjusted Operating Shareholders’ Equity and Adjusted Book
Value
Management believes that adjusted operating shareholders’ equity
is a useful measure because it excludes the fair value adjustments
on investments, credit derivatives and CCS that are not expected to
result in economic gain or loss.
Adjusted operating shareholders’ equity is defined as
shareholders’ equity attributable to AGL, as reported under GAAP,
adjusted for the following:
1) Elimination of non-credit-impairment
unrealized fair value gains (losses) on credit derivatives, which
is the amount of unrealized fair value gains (losses) in excess of
the present value of the expected estimated economic credit losses,
and non-economic payments. Such fair value adjustments are heavily
affected by, and in part fluctuate with, changes in market interest
rates, credit spreads and other market factors and are not expected
to result in an economic gain or loss.
2) Elimination of fair value gains (losses)
on the Company’s CCS. Such amounts are affected by changes in
market interest rates, the Company’s credit spreads, price
indications on the Company’s publicly traded debt, and other market
factors and are not expected to result in an economic gain or
loss.
3) Elimination of unrealized gains (losses)
on the Company’s investments that are recorded as a component of
accumulated other comprehensive income (AOCI) (excluding foreign
exchange remeasurement). The AOCI component of the fair value
adjustment on the investment portfolio is not deemed economic
because the Company generally holds these investments to maturity
and therefore should not recognize an economic gain or loss.
4) Elimination of the tax effects related to
the above adjustments, which are determined by applying the
statutory tax rate in each of the jurisdictions that generate these
adjustments.
Management uses adjusted book value, further adjusted for VIE
consolidation, to measure the intrinsic value of the Company,
excluding franchise value. Growth in adjusted book value per share,
further adjusted for VIE consolidation (core adjusted book value),
is one of the key financial measures used in determining the amount
of certain long-term compensation elements to management and
employees and used by rating agencies and investors. Management
believes that adjusted book value is a useful measure because it
enables an evaluation of the Company’s in-force premiums and
revenues net of expected losses. Adjusted book value is adjusted
operating shareholders’ equity, as defined above, further adjusted
for the following:
1) Elimination of deferred acquisition costs,
net. These amounts represent net deferred expenses that have
already been paid or accrued and will be expensed in future
accounting periods.
2) Addition of the net present value of
estimated net future revenue. See below.
3) Addition of the deferred premium revenue
on financial guaranty contracts in excess of expected loss to be
expensed, net of reinsurance. This amount represents the present
value of the expected future net earned premiums, net of the
present value of expected losses to be expensed, which are not
reflected in GAAP equity.
4) Elimination of the tax effects related to
the above adjustments, which are determined by applying the
statutory tax rate in each of the jurisdictions that generate these
adjustments.
The unearned premiums and revenues included in adjusted book
value will be earned in future periods, but actual earnings may
differ materially from the estimated amounts used in determining
current adjusted book value due to changes in foreign exchange
rates, prepayment speeds, terminations, credit defaults and other
factors.
Reconciliation of GAAP
Shareholders' Equity attributable to AGL to
Adjusted Operating
Shareholders' Equity and ABV
(in millions, except per share
amounts)
As of
September 30, 2021
December 31, 2020
Total
Per Share
Total
Per Share
Shareholders' equity attributable to
AGL
$
6,300
$
88.42
$
6,643
$
85.66
Less pre-tax adjustments:
Non-credit impairment unrealized fair
value gains (losses) on credit derivatives
(32)
(0.44)
9
0.12
Fair value gains (losses) on CCS
24
0.33
52
0.66
Unrealized gain (loss) on investment
portfolio excluding foreign exchange effect
492
6.90
611
7.89
Less taxes
(90)
(1.26)
(116)
(1.50)
Adjusted operating shareholders'
equity
5,906
82.89
6,087
78.49
Pre-tax adjustments:
Less: DAC
129
1.81
119
1.54
Plus: Net present value of estimated net
future revenue
164
2.30
182
2.35
Plus: Net unearned premium reserve on
financial guaranty contracts in excess of expected loss to be
expensed
3,383
47.49
3,355
43.27
Plus taxes
(597)
(8.37)
(597)
(7.70)
ABV
$
8,727
$
122.50
$
8,908
$
114.87
Gain (loss) related to VIE consolidation
included in adjusted operating shareholders' equity
$
—
$
—
$
2
$
0.03
Gain (loss) related to VIE consolidation
included in adjusted book value
$
(9)
$
(0.12)
$
(8)
$
(0.10)
Shares outstanding at the end of the
period
71.2
77.5
Net Present Value of Estimated Net Future Revenue
Management believes that this amount is a useful measure because
it enables an evaluation of the value of the present value of
estimated net future revenue for contracts other than financial
guaranty insurance contracts (such as specialty insurance and
reinsurance contracts and credit derivatives). This amount
represents the net present value of estimated future revenue from
these contracts (other than credit derivatives with net expected
losses), net of reinsurance, ceding commissions and premium
taxes.
Future installment premiums are discounted at the approximate
average pre-tax book yield of fixed-maturity securities purchased
during the prior calendar year, other than loss mitigation
securities. The discount rate is recalculated annually and updated
as necessary. Net present value of estimated future revenue for an
obligation may change from period to period due to a change in the
discount rate or due to a change in estimated net future revenue
for the obligation, which may change due to changes in foreign
exchange rates, prepayment speeds, terminations, credit defaults or
other factors that affect par outstanding or the ultimate maturity
of an obligation. There is no corresponding GAAP financial
measure.
PVP or Present Value of New Business Production
Management believes that PVP is a useful measure because it
enables the evaluation of the value of new business production for
the Company by taking into account the value of estimated future
installment premiums on all new contracts underwritten in a
reporting period as well as additional installment premium on
existing contracts (which may result from supplements or fees or
from the issuer not calling an insured obligation the Company
projected would be called), whether in insurance or credit
derivative contract form, which management believes GAAP gross
written premiums and changes in fair value of credit derivatives do
not adequately measure. PVP in respect of contracts written in a
specified period is defined as gross upfront and installment
premiums received and the present value of gross estimated future
installment premiums.
Future installment premiums are discounted at the approximate
average pre-tax book yield of fixed-maturity securities purchased
during the prior calendar year, other than loss mitigation
securities. The discount rate is recalculated annually and updated
as necessary. Under GAAP, financial guaranty installment premiums
are discounted at a risk-free rate. Additionally, under GAAP,
management records future installment premiums on financial
guaranty insurance contracts covering non-homogeneous pools of
assets based on the contractual term of the transaction, whereas
for PVP purposes, management records an estimate of the future
installment premiums the Company expects to receive, which may be
based upon a shorter period of time than the contractual term of
the transaction.
Actual installment premiums may differ from those estimated in
the Company’s PVP calculation due to factors including, but not
limited to, changes in foreign exchange rates, prepayment speeds,
terminations, credit defaults, or other factors that affect par
outstanding or the ultimate maturity of an obligation.
Reconciliation of GWP to
PVP
(in millions)
Quarter Ended
September 30, 2021
Public Finance
Structured Finance
U.S.
Non - U.S.
U.S.
Non - U.S.
Total
GWP
$
52
$
21
$
29
$
4
$
106
Less: Installment GWP and other GAAP
adjustments(1)
(1)
22
27
4
52
Upfront GWP
53
(1)
2
—
54
Plus: Installment premium PVP
2
18
19
3
42
PVP
$
55
$
17
$
21
$
3
$
96
Quarter Ended
September 30, 2020
Public Finance
Structured Finance
U.S.
Non - U.S.
U.S.
Non - U.S.
Total
GWP
$
93
$
28
$
1
$
(1)
$
121
Less: Installment GWP and other GAAP
adjustments(1)
—
28
1
(1)
28
Upfront GWP
93
—
—
—
93
Plus: Installment premium PVP
—
24
—
—
24
PVP
$
93
$
24
$
—
$
—
$
117
(1)
Includes present value of new business on
installment policies discounted at the prescribed GAAP discount
rates, GWP adjustments on existing installment policies due to
changes in assumptions, and other GAAP adjustments.
Definitions
The Company uses AUM as a metric to measure progress in its
Asset Management segment. Management fee revenue is based on a
variety of factors and is not perfectly correlated with AUM.
However, the Company believes that AUM is a useful metric for
assessing the relative size and scope of our asset management
business. The Company uses measures of its AUM in its decision
making process and intends to use a measure of change in AUM in its
calculation of certain components of management compensation.
Investors also use AUM to evaluate companies that participate in
the asset management business. AUM refers to the assets managed,
advised or serviced by the Asset Management segment and equals the
sum of the following:
- the amount of aggregate collateral balance and principal cash
of AssuredIM’s CLOs, including CLO equity that may be held by
AssuredIM Funds. This also includes CLO assets managed by
BlueMountain Fuji Management, LLC (BM Fuji), which was sold to a
third party in the second quarter of 2021. AssuredIM is not the
investment manager of BM Fuji-advised CLOs, but following the sale,
AssuredIM sub-advises and continues to provide personnel and other
services to BM Fuji associated with the management of BM
Fuji-advised CLOs pursuant to a sub-advisory agreement and a
personnel and services agreement, consistent with past practices,
and
- the net asset value of all funds and accounts other than CLOs,
plus any unfunded commitments. Changes in NAV attributable to
movements in fund value of certain private equity funds are
reported on a quarter lag.
The Company’s calculation of AUM may differ from the calculation
employed by other investment managers and, as a result, this
measure may not be directly comparable to similar measures
presented by other investment managers. The calculation also
differs from the manner in which AssuredIM affiliates registered
with the SEC report “Regulatory Assets Under Management” on Form
ADV and Form PF in various ways.
The Company also uses several other measurements of AUM to
understand and measure its AUM in more detail and for various
purposes, including its relative position in the market and its
income and income potential:
“Third-party AUM” refers to the assets AssuredIM manages or
advises on behalf of third-party investors. This includes current
and former employee investments in AssuredIM Funds. For CLOs, this
also includes CLO equity that may be held by AssuredIM Funds.
“Intercompany AUM” refers to the assets AssuredIM manages or
advises on behalf of the Company. This includes investments from
affiliates of Assured Guaranty along with general partners’
investments of AssuredIM (or its affiliates) into the AssuredIM
Funds.
“Funded AUM” refers to assets that have been deployed or
invested into the funds or CLOs.
“Unfunded AUM” refers to unfunded capital commitments from
closed-end funds and CLO warehouse funds.
“Fee-earning AUM” refers to assets where AssuredIM collects fees
and has elected not to waive or rebate fees to investors.
“Non-fee earning AUM” refers to assets where AssuredIM does not
collect fees or has elected to waive or rebate fees to investors.
AssuredIM reserves the right to waive some or all fees for certain
investors, including investors affiliated with AssuredIM and/or the
Company. Further, to the extent that the Company’s wind-down and/or
opportunity funds are invested in AssuredIM managed CLOs, AssuredIM
may rebate any management fees and/or performance compensation
earned from the CLOs to the extent such fees are attributable to
the wind-down and opportunity funds’ holdings of CLOs also managed
by AssuredIM.
Conference Call and Webcast Information
The Company will host a conference call for investors at 8:00
a.m. Eastern Time (9:00 a.m. Atlantic Time) on Friday, November 5,
2021. The conference call will be available via live and archived
webcast in the Investor Information section of the Company's
website at AssuredGuaranty.com or by dialing 1-877-281-1545 (in the
U.S.) or 1-412-902-6609 (International). A replay of the call will
be made available through February 3, 2022. To listen to the
replay, dial 1-877-344-7529 (in the U.S.) or 1-412-317-0088
(International), passcode 10161524. The replay will be available
one hour after the conference call ends.
Please refer to Assured Guaranty's September 30, 2021 Financial
Supplement, which is posted on the Company's website at
assuredguaranty.com/agldata, for more information on the Company's
financial guaranty portfolio, investment portfolio and other items.
In addition, the Company is posting at
assuredguaranty.com/presentations its “September 30, 2021 Equity
Investor Presentation”.
The Company plans to post by early next week on its website at
assuredguaranty.com/agldata the following:
- “Public Finance Transactions in 3Q 2021,” which lists the U.S.
public finance new issues insured by the Company in third quarter
2021, and
- “Structured Finance Transactions at September 30, 2021,” which
lists the Company's structured finance exposure as of that
date.
In addition, the Company will post on its website, when
available, the Company's separate-company subsidiary financial
supplements and its “Fixed Income Presentation” for the current
quarter. Those documents will be furnished to the Securities and
Exchange Commission in a Current Report on Form 8-K.
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
international public finance, infrastructure and structured finance
markets and also provides asset management services. More
information on Assured Guaranty Ltd. and its subsidiaries can be
found at AssuredGuaranty.com.
Cautionary Statement Regarding Forward-Looking
Statements
Any forward-looking statements made in this press release
reflect the Company's current views with respect to future events
and financial performance 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. For example, Assured Guaranty's calculations of ABV,
PVP, net present value of estimated future installment premiums in
force and total estimated net future premium earnings and
statements regarding its capital position and demand for its
insurance and other forward-looking statements could be affected by
the development, course and duration of the COVID-19 pandemic and
the governmental and private actions taken in response, the
effectiveness, acceptance and distribution of COVID-19 vaccines,
and the global consequences of the pandemic and such actions,
including their impact on the factors listed below; changes in the
world’s credit markets, segments thereof, interest rates, credit
spreads or general economic conditions; developments in the world’s
financial and capital markets that adversely affect insured
obligors’ repayment rates, Assured Guaranty’s insurance loss or
recovery experience, investments of Assured Guaranty or assets it
manages; reduction in the amount of available insurance
opportunities and/or in the demand for Assured Guaranty's
insurance; the loss of investors in Assured Guaranty's asset
management strategies or the failure to attract new investors to
Assured Guaranty's asset management business; the possibility that
budget or pension shortfalls or other factors will result in credit
losses or impairments on obligations of state, territorial and
local governments and their related authorities and public
corporations that Assured Guaranty insures or reinsures; insured
losses in excess of those expected by Assured Guaranty or the
failure of Assured Guaranty to realize loss recoveries that are
assumed in its expected loss estimates for insurance exposures,
including as a result of the failure to resolve Assured Guaranty's
Puerto Rico exposure in a manner substantially consistent with the
support agreements signed to date; increased competition, including
from new entrants into the financial guaranty industry; poor
performance of Assured Guaranty's asset management strategies
compared to the performance of the asset management strategies of
Assured Guaranty's competitors; the possibility that investments
made by Assured Guaranty for its investment portfolio, including
alternative investments and investments it manages, do not result
in the benefits anticipated or subject Assured Guaranty to reduced
liquidity at a time it requires liquidity or to unanticipated
consequences; the impact of market volatility on the mark-to-market
of Assured Guaranty’s assets and liabilities subject to
mark-to-market, including certain of its investments, most of its
contracts written in credit default swap form, and VIEs as well as
on the mark-to-market of assets Assured Guaranty manages; rating
agency action, including a ratings downgrade, a change in outlook,
the placement of ratings on watch for downgrade, or a change in
rating criteria, at any time, of AGL or any of its insurance
subsidiaries, and/or of any securities AGL or any of its
subsidiaries have issued, and/or of transactions that AGL’s
insurance subsidiaries have insured; the inability of Assured
Guaranty to access external sources of capital on acceptable terms;
changes in applicable accounting policies or practices; changes in
applicable laws or regulations, including insurance, bankruptcy and
tax laws, or other governmental actions; the failure of Assured
Guaranty to successfully integrate the business of BlueMountain
Capital Management, LLC (BlueMountain, now known as Assured
Investment Management LLC) and its associated entities; the
possibility that acquisitions made by Assured Guaranty, including
its acquisition of BlueMountain, do not result in the benefits
anticipated or subject Assured Guaranty to unanticipated
consequences; difficulties with the execution of Assured Guaranty’s
business strategy; loss of key personnel; the effects of mergers,
acquisitions and divestitures; natural or man-made catastrophes or
pandemics; other risk factors identified in AGL’s filings with the
SEC; other risks and uncertainties that have not been identified at
this time; and management’s response to these factors. Readers are
cautioned not to place undue reliance on these forward-looking
statements. These forward-looking statements are made as of
November 4, 2021, and Assured Guaranty undertakes no obligation to
update publicly or review any forward-looking statement, whether as
a result of new information, future developments or otherwise,
except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211104006317/en/
Robert Tucker Senior Managing Director, Investor Relations and
Corporate Communications 212-339-0861
rtucker@agltd.com
Ashweeta Durani Vice President, Corporate Communications
212-408-6042 adurani@agltd.com
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