Assured Guaranty Ltd. · NYSE:AGO
Assured Guaranty — Debt Investor Presentation (December 2019)
74 slides from Assured Guaranty's debt investor presentation, Dec 31, 2019
Slide 1: Fixed Income Investor Presentation December 31, 2019
EMBRACE POSSIBILITIES, INVEST IN CERTAINTIES Fixed Income Investor Presentation December 31, 2019
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 33 AGM1 Portfolio Review 43 Municipal Assurance Corp. Portfolio Review 52 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: 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) Assured Guaranty Finance Financial Guaran
Slide 8: Insurance Operating Principles and Investor and Issuer Benefits
Insurance Operating Principles and Investor and Issuer Benefits • Underwriting principles and a strong risk management culture designed to preserve our franchise value • Experienced and disciplined management • Commitment to disclosure and transparency – Extensive quarterly financial disclosures by
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: 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, 2019 ($ in millions) AGM AGC MAC AG Re8 Eliminations3 Consolidated Claims-paying resources Policyholders' surplus $2,691 $1,775 $276 $799 $(485) $5,056
Slide 11: 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 12: Principal Insurance Platforms (Cont.)
Assured Guaranty Principal Insurance Platforms (Cont.) • Companies distinct for legal and regulatory purposes – Separate capital bases – claims-paying resources2 as of December 31, 2019 – AGM1 $6.0 billion, MAC $0.6 billion, AGC $3.1 billion, AG Re $1.7 billion – Separate insurance licenses – Separa
Slide 13: Asset Management Platform
Assured Guaranty Asset Management Platform • The Assured Investment Management platform provides asset management services – As of December 31, 2019, the Assured Investment Management platform had AUM1 of $17.8 billion in three fund areas – The CLOs had AUM1 of $12.8 billion – The Opportunity Funds
Slide 14: AGM's Commitment to the Public Finance Market
AGM’s1 Commitment to the Public Finance Market Net Par Outstanding • AGM1 is committed to insuring U.S. public finance As of December 31, 2019 and global infrastructure transactions. AGM’s ($ in billions) subsidiaries, AGE UK and AGE SA, may underwrite some structured finance transactions.2 U.S. Str
Slide 15: 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 business is gu
Slide 16: Municipal Assurance Corp.
Municipal Assurance Corp. Municipal Only Bond Insurance MAC: • Is committed to insuring only U.S. public finance transactions; • Has a $20 billion insured U.S. municipal-only portfolio that is geographically diversified; • Has conservative and well-defined underwriting standards; and • Maintains a h
Slide 17: AGC is a Diversified Platform
AGC is a Diversified Platform • AGC, a diversified insurer, may write all Net Par Outstanding classes of financial guaranty business, As of December 31, 2019 including structured finance, U.S. public ($ in billions) finance and global infrastructure • Structured finance eligible for new business U.S
Slide 18: AG Re and AGRO
AG Re and AGRO • AG Re is an insurance company • AG Re’s subsidiary, AGRO, is a primarily engaged in providing specialty reinsurance company reinsurance to financial guarantors – Rated AA (stable outlook) by S&P and A+ (stable – Rated AA (stable outlook) by S&P outlook) by A.M. Best – Licensed as a
Slide 19: 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 December 31, 2019 Non-U.S. Structured Finance ($ in billions) years, despite persistent financial p
Slide 20: Creating Value: Insurance Penetration in U.S. Public Finance
Creating Value Insurance Penetration in the U.S. Public Finance Market (excluding SGI1 reinsurance portfolio) • We are focused on building demand for our guarantees, both in the primary and the secondary markets for U.S. public finance – In 2019, we insured 840 primary market transactions totaling $
Slide 21: Broadening Market Awareness
Broadening Market Awareness Advertising Campaigns 20
Slide 22: Market Update: Select Assured Guaranty Transactions in 2019
Market Update Select Assured Guaranty Transactions in 2019 Assured Guaranty maintained its market leadership in 2019, insuring more than $14.7 billion of par on 840 primary market transactions, ranging in size from $1 million to $700 million in par. Some of our 2019 transactions are highlighted belo
Slide 23: Creating Value: U.S. Structured Finance Business Activity
Creating Value Insurance U.S. Structured Finance Business Activity • During 4Q-19, we insured a refinancing and extension of an existing triple-X life reinsurance transaction, a participation in a U.S. Structured PVP1 new insurance reserve financing transaction, (excluding SGI reinsurance portfolio)
Slide 24: Creating Value: Non-U.S. Business Activity
Creating Value Insurance Non-U.S. Business Activity • During 4Q-19, we issued privately executed, bilateral guarantees on a large number of Non-U.S. PVP1 (excluding SGI reinsurance portfolio)2 European sub-sovereign credits, guaranteed ($ in millions) U.K. university housing transactions and restruc
Slide 25: Creating Value: Puerto Rico Settlement Agreements
Creating Value Insurance Puerto Rico Settlement Agreements • In February 2019, consummated a resolution under a restructuring support agreement (RSA) relating to the Company’s Puerto Rico Sales Tax Financing Corporation (COFINA) exposure ‒ Paid off the entire exposure of $273 million, plus accrued a
Slide 26: Acquisitions and Reinsurance of Legacy Monolines
Creating Value Insurance Acquisitions and Reinsurance of Legacy Monolines • Radian Asset Assurance acquisition closed on April 1, 2015 - Resulted in an increase of $654 million to claims-paying resources, an increase of $193 million to adjusted operating shareholders’ equity1 and $570 million to adj
Slide 27: Creating Value: Assured Investment Management Platform
Creating Value Assured Investment Management Platform • On October 1, 2019, Assured Guaranty completed the acquisition of all of 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 Blu
Slide 28: Creating Value: Commutations
Creating Value Insurance Commutations • Reassumption of previously ceded business has increased the unearned premium reserve and adjusted book value1 Commutations Since 2009 Ceded Par Outstanding by Reinsurer As of December 31, 2019 As of December 31, 2019 Commutation Reassumed Par Reassumed UPR Gai
Slide 29: Financial Strength Ratings
Financial Strength Ratings Financial Strength Ratings As of December 31, 2019 • In November 2019, S&P affirmed the AA (stable outlook) S&P Moody’s KBRA financial strength ratings of AGM, AGC and MAC – S&P found the Assured Guaranty group’s capital adequacy ratio AA A2 AA+ to be “considerably above 1
Slide 30: Net Par Outstanding Amortization
Net Par Outstanding Amortization • Amortization of the existing portfolio reduces rating agency capital charges, but also embedded future earned premiums – Currently, the existing $237 billion portfolio consists of $227 billion of public finance and $10 billion of structured finance net par – The ex
Slide 31: 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 $12.6 $12.4 $12.5 $12.6 $12.0 $12.0 $11.8 $11.2 71.3x 70.5x 62.9x 59.8x 53.5x 47.4x 46.7x 46.8x 41.2x 39.4x 40.0x 54% Decline 35.0x
Slide 32: AGL Consolidated Investment Portfolio
AGL Consolidated Investment Portfolio Fair Value as of December 31, 2019 Total Invested Assets and Cash1 Total Invested Assets and Cash1 By Category By Rating2 U.S. NR Other Other 1% U.S. Government & Government Invested Invested Agencies 7 Cash and Assets AAA Short-term Assets Nearly 100% of 1% 12%
Slide 33: Credit Default Swap Spreads
Credit Default Swap Spreads • Movements in credit default swap (CDS) levels for Assured Guaranty Municipal1 and AGC continue to be significantly affected by technical factors such as supply/demand imbalance and light trading volume • The deterioration in the asset-backed securities market’s pricing
Slide 34: Assured Guaranty Ltd. Consolidated Insured Portfolio Overview
Assured Guaranty Ltd. Consolidated Insured Portfolio Overview
Slide 35: AGL Consolidated Insured Portfolio
AGL Consolidated Insured Portfolio Net Par Outstanding as of December 31, 2019 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% $236.8 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. S
Slide 36: AGL Consolidated Insured Portfolio Ratings
AGL Consolidated Insured Portfolio Ratings Net Par Outstanding as of December 31, 2019 Portfolio Diversification by Rating BIG AAA AA 4% 2% 12% BBB 35% A 47% $236.8 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA AA A
Slide 37: Puerto Rico Exposure
Public Finance Puerto Rico Exposure Par Exposure to the Commonwealth and its Agencies1,2 As of December 31, 2019 Net Par Gross Par ($ in millions) Outstanding Outstanding Commonwealth Commonwealth of Puerto Rico - General Obligation Bonds 3 $1,253 $1,294 Constitutionally Puerto Rico Public Buildings
Slide 38: Puerto Rico Scheduled Net Par Amortization
Public Finance Puerto Rico Exposure Scheduled Net Par Amortization of Exposure to the Commonwealth and its Agencies As of December 31, 2019 1Q 2Q 3Q 4Q 2030- 2035- 2040- 2045- ($ in millions) 2020 2020 2020 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2034 2039 2044 2047 Total Commonwealth – GO
Slide 39: 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, 2019 1Q 2Q 3Q 4Q 2030- 2035- 2040- 2045- ($ in millions) 2020 2020 2020 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2034 2039 2044 2047 Total Commonwe
Slide 40: Detroit & Stockton Exposure
AGL Consolidated Detroit & Stockton Exposure Details of Assured Guaranty’s Exposure to Detroit • Municipal utilities exposure is $429 million of water revenue bonds and $970 million of sewer revenue bonds. Both the water and sewer systems provide services to areas that extend significantly beyond th
Slide 41: Structured Finance Exposures
Structured Finance Exposures Net Par Outstanding By Type As of December 31, 2019 • Assured Guaranty’s total structured finance Life Insurance Financial ($ in billions) Transactions Products $1.8 (GICs) 1 exposure of $10.1 billion through December $1.0 10% 18% U.S. and Non- 31, 2019 reflects a $230.8
Slide 42: Consolidated U.S. RMBS
Consolidated U.S. RMBS • Our $3.5 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 December 31, 2019 – Total U.S. RMBS has declined from $29.2 billion at December ($ in billions) 31, 2009 to $3.5 billion at Decembe
Slide 43: Consolidated Non-U.S. Exposure
Consolidated Non-U.S. Exposure Non-U.S. Public and Structured Finance Non-U.S. Exposure As of December 31, 2019 ($ in billions) • 99% of non-U.S. exposure is Public Finance – Direct sovereign debt is limited to Poland ($286 Canada $2.5 France Australia million) and Mexico ($50 million) Other $3.1 $2
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, 2019 Portfolio Diversification by Sector Non-U.S. Structured Finance U.S. <1% Structured Finance 2% U.S. Public Finance 70% Non-U.S. Public Finance 28% $132.8 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, 2019 Portfolio Diversification by Rating BIG AAA AA 3% 1% 11% BBB 37% A 48% $132.8 billion2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA A BIG AAA 3% <1% A
Slide 47: AGM Insured Portfolio by Asset Type
AGM1 Insured Portfolio Net Par Outstanding as of December 31, 2019 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: General obligation $ 36,071 A- RMBS $ 2,086 BBB- Tax ba
Slide 48: AGM Projected Amortization of Global Structured Finance Portfolio
AGM1 Projected Amortization2 of Global Insured Structured Finance Portfolio Portfolio Diversification by Sector Portfolio Diversification by Rating Other Structured BIG AAA Finance $1.1 $0.7 $0.5 U.S. Residential BBB Mortgages Financial $0.4 $2.1 Products (GICs) 3 $1.0 $3.6 Billion Net Par Outstandi
Slide 49: AGM U.S. RMBS Exposure
AGM1 U.S. RMBS Exposure By Type As of December 31, 2019 ($ 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 $20 Lien $305 of the portfolio 1% – $2.1 billion net par outstanding versus $17.1 billion at 15% year-
Slide 50: AGM Investment Portfolio
AGM1 Investment Portfolio Fair Value as of December 31, 2019 Total Invested Assets and Cash2 Total Invested Assets and Cash2 By Category By Rating3 Short-term & Other Cash U.S. NR 8 Invested Government <1% U.S. AAA 8% Assets & Agencies Government 27% 2% <1% & Agencies Foreign <1% Gov't Asset- Securi
Slide 51: AGM Consolidated Expected Loss and LAE to Be Paid (4Q-19)
AGM Consolidated Expected Loss and LAE to Be Paid Three Months Ended December 31, 2019 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended December 31, 2019 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) as Development (Benefit
Slide 52: AGM Consolidated Expected Loss and LAE to Be Paid (2019)
AGM Consolidated Expected Loss and LAE to Be Paid Year Ended December 31, 2019 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Year Ended December 31, 2019 Net Expected Loss to Economic Loss (Paid) Recovered Net Expected Loss to be Paid (Recovered) as Development (Benefi
Slide 53: Municipal Assurance Corp. Portfolio Review
Municipal Assurance Corp. Portfolio Review
Slide 54: MAC Insured Portfolio
MAC Insured Portfolio (100% U.S. Public Finance) Net Par Outstanding as of December 31, 2019 Portfolio Diversification by Sector Portfolio Diversification by Rating 1 BIG AAA AA Muni Utility 1% 1% 20% Revenue 14% BBB 19% Tax Backed 13% General Obligations 65% Other 8% A 59% $19.9 billion Net Par Out
Slide 55: MAC Investment Portfolio
MAC Investment Portfolio Fair Value as of December 31, 2019 Total Invested Assets and Cash1 Total Invested Assets and Cash1 By Category By Rating2 Short Term U.S. Cash Government Investments 1% & Agencies 4 1% AAA 4% 15% U.S. Mortgage- Government backed & & Agencies Asset- 4% backed 9% BBB 12% 3 Cor
Slide 56: Assured Guaranty Corp. Portfolio Review
Assured Guaranty Corp. Portfolio Review Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret
Slide 57: AGC Insured Portfolio
AGC Insured Portfolio Net Par Outstanding as of December 31, 2019 Portfolio Diversification by Sector Non-U.S. Structured Finance 2% Non-U.S. Public Finance 21% U.S. Public Finance 61% U.S. Structured Finance $22.6 billion 17% Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance
Slide 58: AGC Insured Portfolio Ratings
AGC Insured Portfolio Ratings Net Par Outstanding as of December 31, 2019 Portfolio Diversification by Rating BIG AAA 10% 6% AA 20% BBB 36% A 27% $22.6 billion Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance AAA AA BIG AAA BIG BIG <1% 1
Slide 59: AGC Insured Portfolio by Asset Type
AGC Insured Portfolio Net Par Outstanding as of December 31, 2019 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: Tax backed $ 3,059 BBB- RMBS $ 1,158 BBB Transportation
Slide 60: AGC U.S. RMBS Exposure
AGC U.S. RMBS Exposure By Type As of December 31, 2019 ($ in millions) Second Alt-A First Lien • AGC’s U.S. RMBS portfolio is amortizing on Lien $250 $152 an absolute basis and has declined as a percentage of the portfolio Prime First 22% Option Lien 13% ARMs – $1.2 billion versus $13.4 billion at y
Slide 61: AGC Non-RMBS Exposure
AGC Non-RMBS Exposure U.S. Structured Finance U.S. Non-RMBS Structured Finance • AGC’s non-RMBS U.S. structured finance As of December 31, 2019 ($ in billions) exposures consist principally of: Other – Pooled corporate obligations structured finance – Consumer receivables $0.4 – Life insurance trans
Slide 62: AGC Investment Portfolio
AGC Investment Portfolio Fair Value as of December 31, 2019 Total Invested Assets and Cash1 Total Invested Assets and Cash1 By Category By Rating2 Other Invested Cash U.S. 6 Assets 2% Government AAA <1% & Agencies 14% Short-term 2% AA U.S. 3% Government 43% & Agencies Corporates 2% 13% NR Mortgage-
Slide 63: AGC Expected Loss and LAE to Be Paid (4Q-19)
AGC Expected Loss and LAE to Be Paid Three Months Ended December 31, 2019 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended December 31, 2019 Net Expected Loss to be Economic Loss (Paid) Recovered Net Expected Loss to Paid (Recovered) as of Development (
Slide 64: AGC Expected Loss and LAE to Be Paid (2019)
AGC Expected Loss and LAE to Be Paid Year Ended December 31, 2019 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Year Ended December 31, 2019 Net Expected Loss to Economic Loss (Paid) Recovered Net Expected Loss to be Paid (Recovered) as Development (Benefit) Losses be
Slide 65: Appendix
ASSURED GUARANTY
Slide 66: 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 67: 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 and financial condition of the Company and presents the results of operations of th
Slide 68: Explanation of Non-GAAP Financial Measures (Cont'd)
Appendix Explanation of Non-GAAP Financial Measures (Cont’d) Management uses adjusted book value, further adjusted for VIE consolidation, to measure the intrinsic value of the Company, excluding franchise value. Growth in adjusted book value per share, further adjusted for VIE consolidation (core ad
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) 2019 2018 2019 2018 2017 2016 2015 2014 Total GWP $518 $96 $677 $612 $307 $154 $181 $104 Less: Installment GWP and other GAAP adju
Slide 70: Reconciliation of Net Income to Adjusted Operating Income
Appendix Reconciliation of Net Income (Loss) Attributable to AGL to Adjusted Operating Income1 Three Months Ended Year Ended Adjusted Operating Income1 Reconciliation December 31, December 31, (dollars in millions, except per share amounts) 2019 2018 2019 2018 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, 2019 September 30, 2019 December 31, 2018 September 30, 2018 December 31, 2017 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, 2019 2018 2019 2018 Net income (loss) attributable to AGL $137 $88 $402 $521 Adjusted operating income2 87 92 391 482 Gain (loss) related
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 o
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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