NEW YORK (Bloomberg) - Assured Guaranty Ltd., the company that Wilbur Ross agreed to invest $1 billion in last month, expects to win more business reinsuring the portfolios of rival bond insurers and reinsurance companies.

Bond insurers and reinsurance providers will probably turn to the Bermuda-based company later this year to reduce their needs for more capital, chief financial officer Robert Mills said at an investor conference on Friday in New York. Assured Guaranty will be careful about the risk it takes on, he said.

"We're not going to take somebody's problems away," Mr. Mills said at the conference, which was hosted by JPMorgan Chase & Co.

Assured Guaranty is one of two bond insurers whose credit ratings were not threatened with a downgrade in the past four months. Its AAA bond insurer credit rating was affirmed by Moody's Investors Service earlier this month.

Assured Guaranty's share of new municipal-bond insurance jumped fourfold in the last two months to more than 30 percent, William Hogan, a senior managing director with Assured's public finance group, said on Thursday.

Ambac Financial Group Inc., the second-largest bond insurer, said in December that Assured Guaranty agreed to reinsure $29 billion of Ambac-insured securities.

Assured Guaranty is the only reinsurer of bond insurance in "the market today," Mr. Mills said.

The company's $1.5 billion of insurance on bonds backed by home-equity lines of credit is potentially "problematic," Mr. Mills said.

Billionaire Ross' WL Ross & Co., agreed to invest as much as $1 billion of "opportunity capital" in Assured Guaranty on February 29.

While some municipal issuers such as California say they do not plan to use as much bond insurance, a "recessionary environment" means things will change, Mr. Mills said.

"For the moment major issuers are saying they're not going to use insurance" but their thinking is probably going to change, he said.