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Assured Guaranty to merge US-based subsidiaries

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Assured Guaranty CEO and president Dominic Frederico (File photograph)

Assured Guaranty Ltd, the Bermudian-based holding company, is to combine its two US-based financial guaranty insurers.

Assured Guaranty Municipal Corp will merge into Assured Guaranty Inc, which was named Assured Guaranty Corp until May 24. The effective date of the merger is expected to be August 1.

“We see this merger as beneficial for all our stakeholders,” said Dominic Frederico, president and CEO.

“It will result in more efficient utilisation of the combined capital of the two companies, and it will simplify the administration and eliminate duplicative expenses of Assured Guaranty’s US financial guaranty operations.

"Over its nearly 40 years in the financial guaranty business, Assured Guaranty has continually evolved, constantly looking for ways to better serve our customers and grow our business. This merger further positions us to achieve those goals.”

“Assured Guaranty has been growing and broadening the financial guaranty products it provides and the markets it serves, extending a long tradition of innovation,” said Robert Bailenson, chief operating officer.

“This transaction will eliminate an unnecessary distinction between the companies and allow us to even more effectively lead the bond insurance industry.”

Assured Guaranty chief operating officer Robert Bailenson (Photograph supplied)

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Published July 09, 2024 at 3:43 pm (Updated July 09, 2024 at 7:46 pm)

Assured Guaranty to merge US-based subsidiaries

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