Assured Guaranty Ltd. · NYSE:AGO
Assured Guaranty — Debt Investor Presentation (December 2020)
74 slides from Assured Guaranty's debt investor presentation, Dec 31, 2020
Slide 1: Fixed Income Investor Presentation December 31, 2020
EMBRACE POSSIBILITIES, INVEST IN CERTAINTIES Fixed Income Investor Presentation December 31, 2020
Slide 2: Table of Contents
Table of Contents Page Forward-Looking Statements and Safe Harbor Disclosure 2 Conventions, Disclaimers and Non-GAAP Financial Measures 3 Corporate Overview 4 Assured Guaranty Ltd. Consolidated Insured Portfolio Overview 31 AGM1 Portfolio Review 43 Assured Guaranty Corp. Portfolio Review 51 Municipa
Slide 3: Forward-Looking Statements and Safe Harbor Disclosure
Forward-Looking Statements and Safe Harbor Disclosure • This presentation contains information that includes or is based upon forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements give the expectations or forecasts of future
Slide 4: Conventions, Non-GAAP Financial Measures and Certain Statutory Data
Conventions, Non-GAAP Financial Measures and Certain Statutory Data • Unless otherwise noted, the following conventions are used in this presentation: – “AGM Consolidated” means Assured Guaranty Municipal Corp. and its consolidated entities, which consist primarily of Assured Guaranty UK Limited (“A
Slide 5: Corporate Overview
ASSURED (GUARANTY Corporate Overview
Slide 6: Assured Guaranty Ltd. overview
• Assured Guaranty Ltd. (“AGL” and, together with its subsidiaries, “Assured Guaranty” or the “Company”) is the leading financial guaranty franchise – We are the only long-standing financial guaranty company to have written new business throughout the 2008 financial crisis and recession, and continu
Slide 7: Corporate Structure
Assured Guaranty Ltd. Corporate Structure Assured Guaranty Ltd. Hamilton, Bermuda Publicly Traded Holding Company (NYSE: AGO) A (stable outlook) / Baa2 (stable outlook) issuer credit ratings Assured Guaranty Re Ltd (AG Re) Assured Guaranty US Holdings (AGUS) Financial Guaranty Reinsurance U.S. Holdi
Slide 8: Investor and Issuer Benefits, and Insurance Operating Principles
Investor and Issuer Benefits, and Insurance Operating Principles • Our guaranty benefits investors and issuers because we provide credit selection, underwriting, surveillance and remediation, in addition to timely payment of scheduled principal and interest if an underlying transaction defaults – Bo
Slide 9: AGL Strategic Priorities
AGL Strategic Priorities • Insurance • Growth of insured portfolio • Loss mitigation • Asset management and alternative investments • Capital management 8
Slide 10: COVID-19 Market Disruption: Strength of Financial Guaranty Business Model
COVID-19 Market Disruption Strength of Financial Guaranty Business Model • The Company insures scheduled payments of principal and interest when due ‒ Insurance regulations forbid acceleration of our obligations without consent • Municipal issuers typically have the following tools to avoid defaulti
Slide 11: COVID-19 Market Disruption: Augmented Periodic Surveillance Process
COVID-19 Market Disruption Augmented Periodic Surveillance Process • The Company’s Surveillance Department (with a staff of over three dozen) is closely monitoring those sectors and credits it believes are most at risk as a result of the direct and indirect consequences of the COVID-19 pandemic, inc
Slide 12: Four Discrete Insurance Companies with Separate Capital Bases
Four Discrete Insurance Companies with Separate Capital Bases Consolidated Statutory-Basis Claims-Paying Resources and Exposures As of December 31, 2020 ($ in millions) AGM AGC MAC AG Re7 Eliminations2 Consolidated Claims-paying resources Policyholders' surplus $2,864 $1,717 $305 $701 $(510) $5,077
Slide 13: Principal Insurance Platforms
Assured Guaranty Principal Insurance Platforms • Assured Guaranty Municipal1, AGC, AGUK and AGE operate as four separate direct financial guaranty platforms, with AG Re operating as a reinsurer – Assured Guaranty Municipal1 focuses exclusively on public finance and global infrastructure finance – AG
Slide 14: Principal Insurance Platforms (Cont.)
Assured Guaranty Principal Insurance Platforms (Cont.) • Companies distinct for legal and regulatory purposes – Separate capital bases – claims-paying resources1 as of December 31, 2020 – AGM2 $6.3 billion, MAC $0.6 billion, AGC $2.9 billion, AG Re $1.6 billion – Separate insurance licenses – Separa
Slide 15: Asset Management
Assured Guaranty Asset Management • AssuredIM provides asset management services – As of December 31, 2020, AssuredIM had AUM1 of $17.3 billion in four fund areas Fund Area AUM ($ billions) CLOs $13.9 Opportunity Funds $1.5 Liquid Strategies $0.4 Wind-Down Funds $1.6 Total $17.3 – The Company is usi
Slide 16: AGM's Commitment to the Public Finance Market
AGM’s1 Commitment to the Public Finance Market Net Par Outstanding • AGM1 is committed to insuring U.S. public finance As of December 31, 2020 and global infrastructure transactions. AGM’s ($ in billions) subsidiaries, AGUK and AGE, may underwrite some U.S. structured finance transactions.2 Structur
Slide 17: AGUK and AGE
AGUK and AGE • AGUK is an insurance company currently engaged in providing financial guarantees in the U.K. and certain other countries – Provides insurance in both public finance and structured finance – Through 2019, AGUK wrote business throughout the EU as well as certain other non-EU countries –
Slide 18: AGC is a Diversified Platform
AGC is a Diversified Platform • AGC, a diversified insurer, may write all Net Par Outstanding classes of financial guaranty business, As of December 31, 2020 including structured finance, U.S. public ($ in billions) finance and global infrastructure • Structured finance eligible for new business U.S
Slide 19: AG Re and AGRO
AG Re and AGRO Consolidated AG Re AGRO Outstanding Net Exposure1 Outstanding Net Exposure1 As of December 31, 2020 ($ in billions) As of December 31, 2020 ($ in billions) Non-U.S. RVI Aircraft U.S. Public Insurance Structured Finance $0.2 Finance $11.7 Non-U.S. BBB- $3.0 A- Structured average A Fina
Slide 20: Municipal Assurance Corp.
Municipal Assurance Corp. Municipal Only Bond Insurance MAC: • Insured only U.S. public finance transactions • Has a $14 billion U.S. municipal-only insurance portfolio that is geographically diversified • On February 24, 2021, Assured Guaranty received the last regulatory approval required to merge
Slide 21: Underwriting Discipline
Underwriting Discipline • Our U.S. public finance portfolio, our largest Consolidated Net Par Outstanding3 exposure category, generally performed well As of December 31, 2020 during the 2008 recession and in subsequent ($ in billions) Non-U.S. Structured Finance years, including into the COVID-19 pa
Slide 22: Creating Value: Insurance
Creating Value Insurance Penetration in the U.S. Public Finance Market (excluding SGI portfolio) • Assured Guaranty saw strong new business production for U.S. public finance – In 2020, we insured 938 primary market transactions totaling over $20 billion, and 207 secondary market policies totaling $
Slide 23: Broadening Market Awareness
Broadening Market Awareness Current Advertising Campaigns 22
Slide 24: Market Update: Select Transactions in 2020
Market Update Select Assured Guaranty Transactions in 2020 Assured Guaranty maintained its market leadership in 2020, insuring more than $20 billion of par on nearly 1,000 primary market transactions, ranging in size from $1 million to $700 million in par. Some of our 2020 transactions are highlight
Slide 25: Creating Value: U.S. Structured Finance Business Activity
Creating Value Insurance U.S. Structured Finance Business Activity • In 2020, we insured an insurance securitization, a structured settlements transaction and multiple whole business U.S. Structured PVP1 securitizations (excluding SGI reinsurance portfolio)2 ($ in millions) • Focus has been on bilat
Slide 26: Creating Value: Non-U.S. Business Activity
Creating Value Insurance Non-U.S. Business Activity • During 2020, the international transactions have Non-U.S. PVP1 included deals underwritten both through AGUK (excluding SGI reinsurance portfolio)2 and AGE: ($ in millions) – AGUK transactions included a U.K. university student housing and restru
Slide 27: Creating Value: AssuredIM
Creating Value AssuredIM • On October 1, 2019, Assured Guaranty completed the acquisition of all the outstanding equity interests in BlueMountain and its associated entities for a purchase price of $157 million - Assured Guaranty contributed approximately $100 million of cash to AssuredIM for its wo
Slide 28: Financial Strength Ratings
Financial Strength Ratingsu • In July 2020, S&P affirmed the AA (stable outlook) Financial Strength Ratings financial strength ratings of the operating companies As of March 25, 2021 – S&P found Assured Guaranty group’s capital adequacy ratio to be “considerably above 1.0x” their AAA requirement S&P
Slide 29: Net Par Outstanding Amortization
Net Par Outstanding Amortization • During the first six of the last 12 years, the U.S. structured finance portfolio had a large effect on the amortization of the consolidated portfolio; since then, the effect of the structured finance portfolio has decreased as its size has shrunk significantly whil
Slide 30: Assured Guaranty Today
Assured Guaranty Today Insured Portfolio and Capital Changes Since the Global Financial Crisis Claims-Paying Resources Insured Leverage $ in billions $13.2 $12.8 $13.2 $12.8 $12.6 $12.6 $12.7 $12.1 $12.1 $11.9 $11.4 $11.1 71.3x 70.5x 62.9x 58.9x 52.7x 47.4x 46.7x 46.2x 41.2x 38.6x 39.5x 54% Decline
Slide 31: High-Quality Investment Portfolio
Underlying Value High-Quality Investment Portfolio • Predominately consists of highly rated, fixed Total Invested Assets and Cash1,2 maturity and short-term investments, and cash; As of December 31, 2020 57% rated AA or higher Nearly 100% of BIG • Approximately $1.0 billion invested in liquid, A BBB
Slide 32: Consolidated Insured Portfolio Overview
Assured Guaranty Ltd. Consolidated Insured Portfolio Overview
Slide 33: AGL Consolidated Insured Portfolio
AGL Consolidated Insured Portfolio Net Par Outstanding as of December 31, 2020 Portfolio Diversification by Sector Non-U.S. Structured U.S. Finance Structured <1% Finance 4% Non-U.S. Public Finance U.S. Public 23% Finance 73% $234.2 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. S
Slide 34: AGL Consolidated Insured Portfolio Ratings
AGL Consolidated Insured Portfolio Ratings Net Par Outstanding as of December 31, 2020 Portfolio Diversification by Rating BIG AAA AA 3% 2% 11% BBB 40% A 44% $234.2 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA AAA
Slide 35: Public Finance: Puerto Rico Exposure
Public Finance Puerto Rico Exposure Par Exposure to the Commonwealth and its Agencies1,2 As of December 31, 2020 Net Par Gross Par ($ in millions) Outstanding Outstanding Commonwealth Commonwealth of Puerto Rico - General Obligation Bonds 3 $1,112 $1,150 Constitutionally Puerto Rico Public Buildings
Slide 36: Puerto Rico: Scheduled Net Par Amortization
Public Finance Puerto Rico Exposure Scheduled Net Par Amortization of Exposure to the Commonwealth and its Agencies As of December 31, 2020 1Q 2Q 3Q 4Q 2031- 2036- 2041- ($ in millions) 2021 2021 2021 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2035 2040 2042 Total Commonwealth – GO $- $- $16
Slide 37: Puerto Rico: Scheduled Net Debt Service Amortization
Public Finance Puerto Rico Exposure Scheduled Net Debt Service Amortization of Exposure to the Commonwealth and its Agencies As of December 31, 2020 1Q 2Q 3Q 4Q 2031- 2036- 2041- ($ in millions) 2021 2021 2021 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2035 2040 2042 Total Commonwealth – GO $
Slide 38: Detroit & Stockton Exposure
AGL Consolidated Detroit & Stockton Exposure Details of Assured Guaranty’s Exposure to Detroit • Municipal utilities exposure is $392 million of water revenue bonds and $897 million of sewer revenue bonds. Both the water and sewer systems provide services to areas that extend significantly beyond th
Slide 39: Structured Finance Exposures
Structured Finance Exposures Net Par Outstanding By Type As of December 31, 2020 ($ in billions) Life Insurance Transactions • Assured Guaranty’s total structured finance Financial $2.6 exposure of $9.5 billion through December 31, Products 1 (GICs) 27% 2020 reflects a $165.1 billion reduction from
Slide 40: Consolidated U.S. RMBS
Consolidated U.S. RMBS U.S. RMBS by Exposure Type • Our $3.0 billion U.S. RMBS portfolio is amortizing As of December 31, 2020 both on a dollar basis and as a percentage of the ($ in billions) portfolio Subprime First Lien – Assured Guaranty’s U.S. RMBS exposure of $3.0 billion on $1.8 December 31,
Slide 41: Consolidated Non-U.S. Exposure
Consolidated Non-U.S. Exposure Non-U.S. Public and Structured Finance Non-U.S. Exposure As of December 31, 2020 ($ in billions) • 99% of non-U.S. exposure is Public Finance – Direct sovereign debt is limited to Poland ($301 million) and Mexico ($50 million) Australia $2.0 5% 6% 4% 11% France United
Slide 42: Expected Loss and LAE to Be Paid, Three Months
Consolidated Insurance Expected Loss and LAE to Be Paid Three Months Ended December 31, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended December 31, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Bene
Slide 43: Expected Loss and LAE to Be Paid, Year
Consolidated Insurance Expected Loss and LAE to Be Paid Year Ended December 31, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Year Ended December 31, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Paid) Reco
Slide 44: AGM Portfolio Review
AGM Portfolio Review Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret
Slide 45: AGM Insured Portfolio
AGM1 Insured Portfolio Net Par Outstanding as of December 31, 2020 Portfolio Diversification by Sector Non-U.S. Structured Finance U.S. <1% Structured Finance 2% U.S. Public Finance 71% Non-U.S. Public Finance 27% $139.4 billion2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Fina
Slide 46: AGM Insured Portfolio Ratings
AGM1 Insured Portfolio Ratings Net Par Outstanding as of December 31, 2020 Portfolio Diversification by Rating BIG AAA AA 3% 1% 9% BBB 42% A 45% $139.4 billion2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA A BIG AAA 3% <1% AA
Slide 47: AGM Net Par Outstanding By Asset Type
AGM1 Insured Portfolio Net Par Outstanding as of December 31, 2020 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: General obligation $ 39,378 A- RMBS $ 1,834 BBB- Tax ba
Slide 48: AGM U.S. RMBS Exposure
AGM1 U.S. RMBS Exposure By Type As of December 31, 2020 ($ in millions) • AGM’s1 U.S. RMBS portfolio is amortizing on an Prime First Lien Alt-A First absolute basis and has declined as a percentage $21 Lien $272 of the portfolio 1%1% – $1.8 billion net par outstanding versus $17.1 billion at 15% 15%
Slide 49: AGM Investment Portfolio
AGM1 Investment Portfolio Fair Value as of December 31, 2020 • Predominately consists of highly rated, fixed Invested Assets and Cash2,3 maturity and short-term investments, and cash; As of December 31, 2020 56% rated AA or higher • Approximately $244 million invested in liquid, A Nearly 100% of BIG
Slide 50: AGM Expected Loss and LAE to Be Paid, Three Months
AGM Consolidated Expected Loss and LAE to Be Paid Three Months Ended December 31, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended December 31, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (
Slide 51: AGM Expected Loss and LAE to Be Paid, Year
AGM Consolidated Expected Loss and LAE to Be Paid Year Ended December 31, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Year Ended December 31, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Paid) Recovered
Slide 52: Assured Guaranty Corp. Portfolio Review
Assured Guaranty Corp. Portfolio Review Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret
Slide 53: AGC Insured Portfolio
AGC Insured Portfolio Net Par Outstanding as of December 31, 2020 Portfolio Diversification by Sector Non-U.S. Structured Finance 1% Non-U.S. Public Finance U.S. Public 23% Finance 58% U.S. Structured Finance $19.5 billion 18% Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance
Slide 54: AGC Insured Portfolio Ratings
AGC Insured Portfolio Ratings Net Par Outstanding as of December 31, 2020 Portfolio Diversification by Rating BIG AAA 10% 7% AA 22% BBB 36% A 25% $19.5 billion Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance AAA BIG AAA BIG AA BIG AAA <
Slide 55: AGC Net Par Outstanding By Asset Type
AGC Insured Portfolio Net Par Outstanding as of December 31, 2020 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: Tax backed $ 2,671 BB+ Pooled corporate obligations $ 94
Slide 56: AGC U.S. RMBS Exposure
AGC U.S. RMBS Exposure By Type As of December 31, 2020 ($ in millions) Second Alt-A First Lien • AGC’s U.S. RMBS portfolio is amortizing on Lien $203 $119 an absolute basis and has declined as a percentage of the portfolio Prime First 22% Option Lien 13% ARMs – $0.9 billion versus $13.4 billion at y
Slide 57: AGC Non-RMBS Exposure
AGC Non-RMBS Exposure U.S. Structured Finance U.S. Non-RMBS Structured Finance • AGC’s non-RMBS U.S. structured finance As of December 31, 2020 ($ in billions) exposures consist principally of: – Pooled corporate obligations – Life insurance transactions Other Structured – Consumer receivables Finan
Slide 58: AGC Investment Portfolio
AGC Investment Portfolio Fair Value as of December 31, 2020 • Predominately consists of highly rated, fixed Invested Assets and Cash1,2 maturity and short-term investments, and cash; As of December 31, 2020 53% rated AA or higher BBB • Approximately $122 million invested in liquid, A 12% Nearly 100%
Slide 59: AGC Expected Loss and LAE to Be Paid, Three Months
AGC Expected Loss and LAE to Be Paid Three Months Ended December 31, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended December 31, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Paid) Recover
Slide 60: AGC Expected Loss and LAE to Be Paid, Year
AGC Expected Loss and LAE to Be Paid Year Ended December 31, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Year Ended December 31, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Paid) Recovered be Paid (Reco
Slide 61: Municipal Assurance Corp. Portfolio Review
Municipal Assurance Corp. Portfolio Review* * Assured Guaranty is expected to merge MAC with and into Assured Guaranty Municipal on April 1, 2021, with Assured Guaranty Municipal as the surviving company. See page 3 for a definition of this convention.
Slide 62: MAC Insured Portfolio
MAC Insured Portfolio (100% U.S. Public Finance) Net Par Outstanding as of December 31, 2020 Portfolio Diversification by Sector Portfolio Diversification by Rating 1 BIG AAA AA 1% 1% 20% Muni Utility Revenue BBB 13% 20% General Tax Backed Obligations 12% 70% Other 6% A 58% $14.5 billion Net Par Out
Slide 63: MAC Investment Portfolio
MAC Investment Portfolio Fair Value as of December 31, 2020 • Predominately consists of highly rated, fixed Invested Assets and Cash1,2 maturity and short-term investments, and cash; As of December 31, 2020 65% rated AA or higher A • Approximately $47 million invested in liquid, 16% BBB short-term i
Slide 64: Appendix
ASSURED (GUARANTY:
Slide 65: Explanation of Non-GAAP Financial Measures
Appendix Explanation of Non-GAAP Financial Measures The Company discloses both (a) financial measures determined in accordance with GAAP and (b) financial measures not determined in accordance with GAAP (non-GAAP financial measures). Financial measures identified as non-GAAP should not be considered
Slide 66: Explanation of Non-GAAP Financial Measures
Appendix Explanation of Non-GAAP Financial Measures Adjusted Operating Income: Management believes that adjusted operating income is a useful measure because it clarifies the understanding of the operating results of the Company. Adjusted operating income is defined as net income (loss) attributable
Slide 67: Explanation of Non-GAAP Financial Measures (Cont'd)
Appendix Explanation of Non-GAAP Financial Measures (Cont’d) Adjusted Operating Shareholders’ Equity and Adjusted Book Value: Management believes that adjusted operating shareholders’ equity is a useful measure because it excludes the fair value adjustments on investments, credit derivatives and CCS
Slide 68: Explanation of Non-GAAP Financial Measures (Cont'd)
Appendix Explanation of Non-GAAP Financial Measures (Cont’d) Adjusted Operating Return on Equity (Adjusted Operating ROE): Adjusted Operating ROE represents adjusted operating income for a specified period divided by the average of adjusted operating shareholders’ equity at the beginning and the end
Slide 69: Reconciliation of Gross Written Premiums (GWP) to PVP
Appendix Reconciliation of Gross Written Premiums (GWP) to PVP Three Months Ended Reconciliation of GWP to PVP December 31, Year Ended December 31, (dollars in millions) 2020 2019 2020 2019 2018 2017 2016 2015 2014 Total GWP $120 $518 $454 $677 $612 $307 $154 $181 $104 Less: Installment GWP and othe
Slide 70: Reconciliation of Net Income Attributable to AGL to Adjusted Operating Income
Appendix Reconciliation of Net Income (Loss) Attributable to AGL to Adjusted Operating Income1 Three Months Ended Year Ended Adjusted Operating Income Reconciliation December 31, December 31, (dollars in millions, except per share amounts) 2020 2019 2020 2019 Per Diluted Per Diluted Per Diluted Per
Slide 71: Reconciliation of Shareholders' Equity to Adjusted Book Value
Appendix Reconciliation of Shareholders’ Equity to Adjusted Book Value1 Adjusted book value1 reconciliation As of (dollars in millions, except per share amounts) December 31, 2020 September 30, 2020 December 31, 2019 September 30, 2019 December 31, 2018 Total Per Share Total Per Share Total Per Shar
Slide 72: Reconciliation of GAAP ROE to Adjusted Operating ROE
Appendix Reconciliation of GAAP ROE1 to Adjusted Operating ROE1,2 ROE Reconciliation (dollars in millions) Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 Net income (loss) attributable to AGL $148 137 $362 402 Adjusted operating income2 56 87 256 391 Average shareholders
Slide 73: Assets Under Management
Appendix Assets Under Management Assets Under Management: The Company uses AUM as a metric to measure progress in its Asset Management segment. Management fee revenue is based on a variety of factors and is not perfectly correlated with AUM. However, we believe AUM is a useful metric for assessing t
Slide 74: Assured Guaranty Contacts
Assured Guaranty Contacts: Robert Tucker Senior Managing Director Investor Relations and Corporate Communications Direct: 212.339.0861 rtucker@agltd.com Michael Walker Managing Director Fixed Income Investor Relations Direct: 212.261.5575 mwalker@agltd.com Andre Thomas Managing Director Investor Rel
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