Assured Guaranty Ltd. · NYSE:AGO
Assured Guaranty — Debt Investor Presentation (September 2020)
74 slides from Assured Guaranty's debt investor presentation, Sep 30, 2020
Slide 1: Fixed Income Investor Presentation September 30, 2020
EMBRACE POSSIBILITIES, INVEST IN CERTAINTIES Fixed Income Investor Presentation September 30, 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 Municipal Assurance Corp. Portfolio Review 51 Assur
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 (Europe) plc (
Slide 5: Corporate Overview
ASSURED (GUARANTY Corporate Overview
Slide 6: Corporate Overview
Corporate 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 rec
Slide 7: Assured Guaranty Ltd. 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 – B
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 high and medium risk sectors and credits it believes are most at risk as a result of the direct and indirect consequences of the C
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 September 30, 2020 ($ in millions) AGM AGC MAC AG Re7 Eliminations2 Consolidated Claims-paying resources Policyholders' surplus $2,671 $1,734 $275 $823 $(478) $5,025
Slide 13: Principal Insurance Platforms
Assured Guaranty Principal Insurance Platforms • Assured Guaranty Municipal1, MAC, AGC, AGE UK and AGE SA operate as five separate direct financial guaranty platforms, with AG Re operating as a reinsurer – Assured Guaranty Municipal1 focuses exclusively on public finance and global infrastructure fi
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 September 30, 2020 – AGM2 $6.2 billion, MAC $0.6 billion, AGC $2.9 billion, AG Re $1.7 billion – Separate insurance licenses – Separ
Slide 15: Asset Management
Assured Guaranty Asset Management • AssuredIM provides asset management services – As of September 30, 2020, AssuredIM had AUM1 of $17.0 billion in four fund areas Fund Area AUM ($ billions) CLOs $13.4 Opportunity Funds $1.0 Liquid Strategies $0.4 Wind-Down Funds $2.3 Total $17.0 – The Company is us
Slide 16: AGM's Commitment to the Public Finance Market
AGM’s1 Commitment to the Public Finance Market Net Par Outstanding • AGM1 is committed to insuring U.S. public finance As of September 30, 2020 and global infrastructure transactions. AGM’s ($ in billions) subsidiaries, AGE UK and AGE SA, may underwrite some structured finance transactions.2 U.S. St
Slide 17: AGE UK and AGE SA
AGE UK and AGE SA • AGE UK is an insurance company currently engaged in providing financial guarantees in the U.K. – Provides insurance in both public finance and structured finance – Through 2019, AGE UK wrote business throughout the EU as well as certain other non-EU countries – New UK business is
Slide 18: Municipal Assurance Corp.
Municipal Assurance Corp. Municipal Only Bond Insurance MAC: • Insures only U.S. public finance transactions • Has a $16 billion U.S. municipal-only insurance portfolio that is geographically diversified • Has conservative and well-defined underwriting standards • Maintains a high level of transpare
Slide 19: AGC is a Diversified Platform
AGC is a Diversified Platform • AGC, a diversified insurer, may write all Net Par Outstanding classes of financial guaranty business, As of September 30, 2020 including structured finance, U.S. public ($ in billions) finance and global infrastructure • Structured finance eligible for new business U.
Slide 20: AG Re and AGRO
AG Re and AGRO AG Re Financial Guaranty AGRO Net Par Outstanding Outstanding Net Exposure1 As of September 30, 2020 ($ in billions) As of September 30, 2020 ($ in billions) U.S. Structured Financial Guaranty Finance Public Finance RVI Aircraft $2.5 $0.1 Insurance A- Non-U.S. BBB+ $0.2 average Public
Slide 21: Underwriting Discipline
Underwriting Discipline • Our U.S. public finance portfolio, our largest exposure category, generally performed well Consolidated Net Par Outstanding3 during the 2008 recession and in subsequent As of September 30, 2020 years, despite persistent financial pressures ($ in billions) on municipal oblig
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 3Q-20, we insured 260 primary market transactions totaling $7.5 billion, and 32 secondary market policies totaling $0.1
Slide 23: Broadening Market Awareness
Broadening Market Awareness Current Advertising Campaigns 22
Slide 24: Market Update: Select Assured Guaranty Transactions in 2020
Market Update Select Assured Guaranty Transactions in 2020 $726,610,000 $444,415,171 $385,735,000 $325,450,000 $320,730,000 $300,000,000 NYC Industrial Development Senior & Junior Dedicated School Districts Revenue General Obligation Bonds, Taxable Bonds, Series 2020 Westchester Co. Local Dev. Autho
Slide 25: Creating Value: U.S. Structured Finance Business Activity
Creating Value Insurance U.S. Structured Finance Business Activity • During 2Q-20, we insured an insurance securitization and two whole business securitizations U.S. Structured PVP1 (excluding SGI reinsurance portfolio)2 ($ in millions) • During 1Q-20, we insured a portion of a whole business securi
Slide 26: Creating Value: Non-U.S. Business Activity
Creating Value Insurance Non-U.S. Business Activity • During 3Q-20, AGE SA guaranteed a solar bond transaction in Spain, and AGE UK guaranteed a Non-U.S. PVP1 U.K. university student housing transaction. (excluding SGI reinsurance portfolio)2 ($ in millions) • During 2Q-20, new business included a g
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 $60 million of cash to BlueMountain at closing and contrib
Slide 28: Financial Strength Ratings
Financial Strength Ratings • In July 2020, S&P affirmed the AA (stable outlook) Financial Strength Ratings financial strength ratings of the operating companies As of November 8, 2020 – S&P found Assured Guaranty group’s capital adequacy ratio to be “considerably above 1.0x” their AAA requirement S&
Slide 29: Net Par Outstanding Amortization
Net Par Outstanding Amortization • Amortization of the existing insurance portfolio reduces rating agency capital charges, but also embedded future earned premiums – Currently, the existing $233 billion insurance portfolio consists of $224 billion of public finance and $9 billion of structured finan
Slide 30: Assured Guaranty Today: Insured Portfolio and Capital Changes
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 55% Decline
Slide 31: Underlying Value: 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 September 30, 2020 59% rated AA or higher A Nearly 100% of BIG • Approximately $1.1 billion invested in liquid, BB
Slide 32: Assured Guaranty Ltd. 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 September 30, 2020 Portfolio Diversification by Sector Non-U.S. Structured U.S. Finance Structured <1% Finance 4% Non-U.S. Public Finance U.S. Public 22% Finance 74% $233.1 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S.
Slide 34: AGL Consolidated Insured Portfolio Ratings
AGL Consolidated Insured Portfolio Ratings Net Par Outstanding as of September 30, 2020 Portfolio Diversification by Rating BIG AAA AA 3% 2% 11% BBB 39% A 44% $233.1 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA AAA
Slide 35: Puerto Rico Exposure
Public Finance Puerto Rico Exposure Par Exposure to the Commonwealth and its Agencies1,2 As of September 30, 2020 Net Par Outstanding Gross Par ($ in millions) AGM AGC AG Re Eliminations6 Total Outstanding Commonwealth Commonwealth of Puerto Rico - General Obligation $574 $185 $353 $- $1,112 $1,150
Slide 36: Puerto Rico Exposure: Scheduled Net Par Amortization
Public Finance Puerto Rico Exposure Scheduled Net Par Amortization of Exposure to the Commonwealth and its Agencies As of September 30, 2020 4Q 2030- 2035- 2040- 2045- ($ in millions) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2034 2039 2044 2047 Total Commonwealth – GO $- $15 $37 $14 $73 $68
Slide 37: Puerto Rico Exposure: Scheduled Net Debt Service Amortization
Public Finance Puerto Rico Exposure Scheduled Net Debt Service Amortization of Exposure to the Commonwealth and its Agencies As of September 30, 2020 4Q 2030- 2035- 2040- 2045- ($ in millions) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2034 2039 2044 2047 Total Commonwealth – GO $- $74 $95 $7
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 $897 million of sewer revenue bonds. Both the water and sewer systems provide services to areas that extend significantly beyond th
Slide 39: Structured Finance Exposures
Structured Finance Exposures Net Par Outstanding By Type As of September 30, 2020 Life Insurance Financial Products 1 ($ in billions) Transactions $2.0 • Assured Guaranty’s total structured finance (GICs) exposure of $9.3 billion through September 30, $0.8 21% 2020 reflects a $231.6 billion reductio
Slide 40: Consolidated U.S. RMBS
Consolidated U.S. RMBS • Our $3.1 billion U.S. RMBS portfolio is amortizing both on a dollar basis and as a U.S. RMBS by Exposure Type percentage of the portfolio As of September 30, 2020 – Assured Guaranty’s U.S. RMBS exposure of $3.1 billion ($ in billions) through September 30, 2020 reflects a $2
Slide 41: Consolidated Non-U.S. Exposure
Consolidated Non-U.S. Exposure Non-U.S. Public and Structured Finance Non-U.S. Exposure As of September 30, 2020 ($ in billions) • 99% of non-U.S. exposure is Public Finance – Direct sovereign debt is limited to Poland ($295 Canada million) and Mexico ($50 million) $2.4 France Other Australia $3.3 $
Slide 42: Consolidated Insurance Expected Loss and LAE to Be Paid: Three Months
Consolidated Insurance Expected Loss and LAE to Be Paid Three Months Ended September 30, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended September 30, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Be
Slide 43: Consolidated Insurance Expected Loss and LAE to Be Paid: Nine Months
Consolidated Insurance Expected Loss and LAE to Be Paid Nine Months Ended September 30, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Nine Months Ended September 30, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Bene
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 September 30, 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% $137.1 billion2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Fin
Slide 46: AGM Insured Portfolio Ratings
AGM1 Insured Portfolio Ratings Net Par Outstanding as of September 30, 2020 Portfolio Diversification by Rating BIG AAA AA 3% 1% 9% BBB 42% A 44% $137.1 billion2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA A BIG AAA 2% <1% A
Slide 47: AGM Insured Portfolio: Net Par Outstanding By Asset Type
AGM1 Insured Portfolio Net Par Outstanding as of September 30, 2020 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: General obligation $ 38,575 A- RMBS $ 1,892 BBB- Tax b
Slide 48: AGM U.S. RMBS Exposure
AGM1 U.S. RMBS Exposure By Type As of September 30, 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 $22 Lien $281 of the portfolio 1%1% – $1.9 billion net par outstanding versus $17.1 billion at 15% 15
Slide 49: AGM Investment Portfolio
AGM1 Investment Portfolio Fair Value as of September 30, 2020 • Predominately consists of highly rated, fixed Invested Assets and Cash2,3 maturity and short-term investments, and cash; As of September 30, 2020 59% rated AA or higher A • Approximately $397 million invested in liquid, Nearly 100% of B
Slide 50: AGM Consolidated Expected Loss and LAE to Be Paid: Three Months
AGM Consolidated Expected Loss and LAE to Be Paid Three Months Ended September 30, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended September 30, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit)
Slide 51: AGM Consolidated Expected Loss and LAE to Be Paid: Nine Months
AGM Consolidated Expected Loss and LAE to Be Paid Nine Months Ended September 30, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Nine Months Ended September 30, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (
Slide 52: Municipal Assurance Corp. Portfolio Review
Municipal Assurance Corp. Portfolio Review
Slide 53: MAC Insured Portfolio (100% U.S. Public Finance)
MAC Insured Portfolio (100% U.S. Public Finance) Net Par Outstanding as of September 30, 2020 Portfolio Diversification by Sector Portfolio Diversification by Rating 1 BIG AAA AA 1% 1% 19% Muni Utility Revenue 13% BBB 20% Tax Backed General 13% Obligations 68% Other 6% A 59% $15.6 billion Net Par Ou
Slide 54: MAC Investment Portfolio
MAC Investment Portfolio Fair Value as of September 30, 2020 • Predominately consists of highly rated, fixed Invested Assets and Cash1,2 maturity and short-term investments, and cash; As of September 30, 2020 69% rated AA or higher • Approximately $60 million invested in liquid, A short-term investm
Slide 55: Assured Guaranty Corp. Portfolio Review
Assured Guaranty Corp. Portfolio Review Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret
Slide 56: AGC Insured Portfolio
AGC Insured Portfolio Net Par Outstanding as of September 30, 2020 Portfolio Diversification by Sector Non-U.S. Structured Finance 1% Non-U.S. Public Finance 21% U.S. Public Finance 60% U.S. Structured Finance $20.8 billion 17% Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Financ
Slide 57: AGC Insured Portfolio Ratings
AGC Insured Portfolio Ratings Net Par Outstanding as of September 30, 2020 Portfolio Diversification by Rating BIG AAA 11% 6% AA 21% BBB 38% A 24% $20.8 billion Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance AAA AA BIG AAA BIG <1% 12%
Slide 58: AGC Insured Portfolio: Net Par Outstanding By Asset Type
AGC Insured Portfolio Net Par Outstanding as of September 30, 2020 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: Tax backed $ 2,796 BBB- Pooled corporate obligations $
Slide 59: AGC U.S. RMBS Exposure
AGC U.S. RMBS Exposure By Type As of September 30, 2020 ($ in millions) Second Alt-A First Lien • AGC’s U.S. RMBS portfolio is amortizing on Lien $211 $129 an absolute basis and has declined as a percentage of the portfolio Prime First 21% Option Lien 13% ARMs – $1.0 billion versus $13.4 billion at
Slide 60: AGC Non-RMBS Exposure
AGC Non-RMBS Exposure U.S. Structured Finance U.S. Non-RMBS Structured Finance • AGC’s non-RMBS U.S. structured finance As of September 30, 2020 ($ in billions) exposures consist principally of: – Pooled corporate obligations – Life insurance transactions Other – Consumer receivables Structured Fina
Slide 61: AGC Investment Portfolio
AGC Investment Portfolio Fair Value as of September 30, 2020 • Predominately consists of highly rated, fixed Invested Assets and Cash1,2 maturity and short-term investments, and cash; As of September 30, 2020 53% rated AA or higher • Approximately $116 million invested in liquid, BBB A 10% Nearly 10
Slide 62: AGC Expected Loss and LAE to Be Paid: Three Months
AGC Expected Loss and LAE to Be Paid Three Months Ended September 30, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended September 30, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Paid) Recov
Slide 63: AGC Expected Loss and LAE to Be Paid: Nine Months
AGC Expected Loss and LAE to Be Paid Nine Months Ended September 30, 2020 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Nine Months Ended September 30, 2020 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Paid) Recover
Slide 64: Appendix
ASSURED (GUARANTY:
Slide 65: Explanation of Non-GAAP Financial Measures
Appendix Explanation of Non-GAAP Financial Measures To reflect the key financial measures that management analyzes in evaluating the Company’s operations and progress towards long-term goals, the Company discloses both financial measures determined in accordance with GAAP and financial measures not
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 underwriting results of the Company. Adjusted operating income is defined as net income (loss) attributa
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 September 30, Year Ended December 31, (dollars in millions) 2020 2019 2019 2018 2017 2016 2015 2014 Total GWP $121 $69 $677 $612 $307 $154 $181 $104 Less: Installment GWP and other GAAP adj
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 Nine Months Ended Adjusted Operating Income Reconciliation September 30, September 30, (dollars in millions, except per share amounts) 2020 2019 2020 2019 Per Diluted Per Diluted Per Dil
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) September 30, 2020 June 30, 2020 December 31, 2019 September 30, 2019 June 30, 2019 December 31, 2018 Total Per Share Total Per Share Tota
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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net income (loss) attributable to AGL $86 69 $214 265 Adjusted operating income2 48 77 200 304 Average share
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. The Company uses measures of its AUM in its decision- making process and intends to use a measure of change in AUM in its calculation of certain components
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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