NEW YORK (Bloomberg) — Bermuda-based bond insurer Assured Guaranty Ltd. said it started a secondary public offering of 16.4 million of its shares owned by Dexia SA.

All shares being offered are being sold by the selling shareholder and Assured Guaranty will not receive any proceeds from the sale, it said.

Investors welcomed the news and Assured shares rose eight percent to $22.66 in New York Stock Exchange trading yesterday.