ACE spin-off Assured Guaranty Limited has completed the sale of 12,483,960 of its common shares at a price of $25.50 per share, representing 11,764,705 of its common shares that it agreed to sell to the underwriters in a public offering and an additional 719,255 shares that the underwriters elected to purchase pursuant to an option granted in connection with the public offering.

The net proceeds of the sale totalled approximately $304 million. Banc of America Securities and Merrill Lynch & Co acted as joint book-runners of the public offering.

Assured has contributed the net proceeds of the offering to its reinsurance subsidiary, Assured Guaranty Re.

AG Re intends to use the proceeds to capitalise on large reinsurance portfolio opportunities that provide capital relief to unaffiliated monoline financial guaranty companies as well as to support the growth of Assured Guaranty Corporation, Assured's direct financial guaranty subsidiary, by providing reinsurance. AG Re is AGC's principal financial guaranty reinsurer.