Assured acquires Radian in $800m deal
Bermuda-domiciled bond insurer Assured Guaranty Ltd said today it had completed the acquisition of Radian Asset Assurance Inc for more than $800 million.
The planned merger of the two firms, whose primary business is insuring municipal bonds, was first announced in December last year.
Assured Guaranty Corp (AGC), a Maryland-based subsidiary of Assured, will merge with Radian Asset, with AGC the surviving company.
“Assured Guaranty has added a solid book of business that is consistent with our core strategic objectives,” Assured Guaranty chief executive officer Dominic Frederico said.
“We are pleased to have acquired Radian Asset and to extend AGC’s protection to Radian Asset’s insured bondholders.
“The acquisition increases AGC’s capital base and policyholders’ surplus, and the transaction is accretive to Assured Guaranty’s earnings, operating shareholders’ equity and adjusted book value.”
AGC paid $804.5 million in cash, after certain adjustments, to acquire Radian Asset. As of December 31, 2014, Radian Asset’s statutory capital was approximately $1.3 billion. As of February 28, 2015, Radian Asset’s statutory net par outstanding was approximately $13.9 billion.
No evidence of foul play in Dombroski death
Street shocked at death of American teenager
HSBC criticised over missing money
Fury aimed at ‘dangerous dog’ owner
Three-vehicle crash in Pembroke
Dombroski memorial Mass to be held tomorrow
MPs ordered to attend proceedings
Saltus: decades-old grooming allegations
Take Our Poll