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.
Scars clears hurdle over paedophile release
Church should ‘choose for itself’ over SSM
Water park is back with a splash
Graphic illustration of danger on our roads
Yoga helped Holder through father’s death
Independence Day: if not now, when?
MPs honour ‘class of ’68’
Burt: our next chapter is independence
My magic moment with Prince Harry
Spate of vandalism on North Shore
Soldier injured in roundabout collision
Mayor calls for action on violence
The Loquats keep island buzzing all night
Edwena Smith (1932-2018)
Residents clean up Bailey’s Bay
Take Our Poll