Assured Guaranty Ltd. · NYSE:AGO
Assured Guaranty — Debt Investor Presentation (June 2018)
71 slides from Assured Guaranty's debt investor presentation, Jun 30, 2018
Slide 1: Fixed Income Investor Presentation June 30, 2018
EMBRACE POSSIBILITIES, INVEST IN CERTAINTIES Fixed Income Investor Presentation June 30, 2018
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 32 AGM1 Portfolio Review 42 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 (consisting primarily of Assured Guaranty (Europe) plc (AGE
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 continue to write new business throughout the financial crisis and rec
Slide 7: Operating Principles and Investor and Issuer Benefits
Operating Principles and Investor and Issuer Benefits • Underwriting principles and a strong risk management culture designed to protect our franchise • Experienced and disciplined management • Commitment to disclosure and transparency • Our guaranty benefits investors and issuers because we provide
Slide 8: Strategic Priorities
Strategic Priorities • Generate current and future revenue through new business production • Manage capital efficiently • Execute alternative strategies to create value, including acquisitions, investments and commutations • Mitigate losses 7
Slide 9: 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) Assured Guaranty Finance Financial Guaran
Slide 10: Four Discrete Operating Companies with Separate Capital Bases
Four Discrete Operating Companies with Separate Capital Bases Consolidated Statutory-Basis Claims-Paying Resources and Exposures As of June 30, 2018 ($ in millions) AGM AGC MAC AG Re8 Eliminations3 Consolidated Claims-paying resources Policyholders' surplus $2,221 $1,850 $270 $994 ($326) $5,009 Cont
Slide 11: Principal Operating Platforms
Assured Guaranty Principal Operating Platforms • Assured Guaranty Municipal1, MAC and AGC operate as three separate direct financial guaranty platforms, with AG Re operating as a reinsurer – Assured Guaranty Municipal1 focuses exclusively on public finance and global infrastructure transactions; its
Slide 12: Principal Operating Platforms (Continued)
Assured Guaranty Principal Operating Platforms (Continued) • Companies distinct for legal and regulatory purposes – Separate insurance licenses – Separate regulators – Assured Guaranty Municipal1 and MAC are domiciled in New York; AGC is domiciled in Maryland – Dividend restrictions – New York, Mary
Slide 13: Assured Guaranty Municipal's Commitment to the Public Finance Market
Assured Guaranty Municipal’s1 Commitment to the Public Finance Market Assured Guaranty Municipal1 Insured Portfolio Amortization3 Current and Projected Year-End Net Par Outstanding As of June 30, 2018 • Assured Guaranty Municipal1 is committed to ($ in billions) Public Finance Structured Finance ins
Slide 14: Municipal Assurance Corp. (MAC)
Municipal Assurance Corp. (MAC) MAC was launched in July of 2013 as a municipal-only bond insurer with the positive attributes it takes most start-up companies years to establish. As of June 30, 2018, Municipal Assurance Corp. (MAC) has: • $905 million in claims-paying resources, consisting of $505
Slide 15: AGC is Our Most Diversified Platform
AGC is Our Most Diversified Platform • AGC, a diversified insurer, may write all Net Par Outstanding classes of financial guaranty business, As of June 30, 2018 ($ in billions) including structured finance, U.S. public finance and global infrastructure U.S. • Structured finance eligible for new busi
Slide 16: AG Re and AGRO
AG Re and AGRO • AG Re is an insurance company • AG Re’s subsidiary AGRO is a specialty primarily engaged in providing 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 Cl
Slide 17: Underwriting Discipline
Underwriting Discipline • Our U.S. public finance portfolio, our largest exposure category, generally performed well Consolidated Net Par Outstanding during the recession and in subsequent As of June 30, 2018 years, despite persistent financial pressures ($ in billions) Non-U.S. on municipal obligor
Slide 18: Creating Value: New Business Production
Creating Value New Business Production (Par Insured) Penetration in the U.S. Public Finance Market (excluding Syncora portfolio) • We are focused on building demand for our New Issue U.S. Public Finance guaranties, both in the primary and the Insured Par Sold and Transaction Penetration1,2 secondary
Slide 19: Broadening Market Awareness
Broadening Market Awareness Advertising Campaigns 18
Slide 20: Market Update: Select Assured Guaranty Transactions in 2018
Market Update Select Assured Guaranty Transactions in 2018 $241,080,000 $135,000,000 $311,985,000 $266,080,000 $152,000,000 $301,185,000 Revenue Bonds, Series Unlimited Tax General Rev Refunding and Imprv $72,000,324 General Obligation Bonds, $135,000,00 Obligation Health System Rev Bonds, Refunding
Slide 21: New Business Production: U.S. Structured Finance Business Activity
Creating Value New Business Production U.S. Structured Finance Business Activity U.S. Structured PVP1 • The Syncora transaction2 created $156 (excluding SGI reinsurance portfolio) million of U.S. structured finance PVP on ($ in millions) $349 million of gross written par $23 $18 • Focus has been on
Slide 22: New Business Production: Non-U.S. Business Activity
Creating Value New Business Production Non-U.S. Business Activity Non-U.S. PVP1 • The Syncora transaction2 created $50 million of (excluding SGI reinsurance portfolio) non-U.S. PVP on $3.3 billion of gross written par ($ in millions) $42 • Excluding the assumed business from SGI, during 2Q-18 we clo
Slide 23: Alternative Strategies: Acquisitions
Creating Value Alternative Strategies Acquisitions • 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 non-GAAP operating shareholder’s equity and $570 million to non-GAAP adjusted book valu
Slide 24: SGI Reinsurance Transaction
Creating Value SGI Reinsurance Transaction Net Par Exposure1 ($ in millions) Assured Guaranty Ltd. Incremental SGI Portfolio Assured Guaranty Ltd. Excluding SGI Portfolio Including SGI Portfolio Non-U.S. Non-U.S. U.S. Public Non-U.S. Structured Structured Finance Structured Finance Finance $7.6 Fina
Slide 25: Alternative Strategies: Alternative Investments
Creating Value Alternative Strategies Alternative Investments • In July 2016, the Company announced the formation of an Alternative Investments group - The Alternative Investments group focuses on deploying a portion of Assured Guaranty’s excess capital to pursue acquisitions and develop new busines
Slide 26: Commutations
Creating Value Commutations • Reassumption of previously ceded business has increased the unearned premium reserve and non-GAAP adjusted book value1 Commutations Since 2009 Ceded Par Outstanding by Reinsurer As of June 30, 2018 As of June 30, 2018 Commutation Reassumed Par Reassumed UPR Gain / (Loss
Slide 27: Financial Strength Ratings
Financial Strength Ratings • In June 2018, S&P affirmed the AA (stable outlook) Financial Strength Ratings financial strength ratings of AGM, MAC and AGC As of June 30, 2018 – S&P found the Assured Guaranty group’s capital adequacy to be above their AAA requirement; although S&P did not S&P Moody’s
Slide 28: Net Par Outstanding Amortization
Net Par Outstanding Amortization Consolidated Net Par Outstanding Amortization1,2 • Amortization of the existing portfolio reduces rating As of June 30, 2018 agency capital charges, but also embedded future ($ in billions) $640 Public Finance earned premiums $617 Structured Finance – Currently, the
Slide 29: 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 $12.6 $12.4 $12.5 $12.6 $12.0 $12.0 $11.8$12.2 71.3x 70.5x 62.9x 59.8x 53.5x 47.4x 46.7x 46.8x 41.2x 40.0x 39.4x 35.0x 33.5x 30.5x 3
Slide 30: AGL Consolidated Investment Portfolio
AGL Consolidated Investment Portfolio Fair Value as of June 30, 2018 Total Invested Assets and Cash1 Total Invested Assets and Cash1 By Category By Rating2 NR Other Other U.S. U.S. Treasuries, Gov't & Treasuries & <1% Invested 7 Invested Agency Agency Obligations Assets AAA Short-term Assets Cash Go
Slide 31: 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 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 June 30, 2018 Portfolio Diversification by Sector Non-U.S. Structured U.S. Finance Structured <1% Finance 4% Non-U.S. Public Finance 18% U.S. Public Finance 78% $257.8 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Struc
Slide 34: AGL Consolidated Insured Portfolio Ratings
AGL Consolidated Insured Portfolio Ratings Net Par Outstanding as of June 30, 2018 Portfolio Diversification by Rating BIG AAA AA 4% 2% 12% BBB 32% A 50% $257.8 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA AA AAA B
Slide 35: Puerto Rico Exposure
Public Finance Puerto Rico Exposure Par Exposure to the Commonwealth and its Agencies1 As of June 30, 2018 Net Par Gross Par ($ in millions) Outstanding 2 Outstanding Commonwealth Commonwealth of Puerto Rico - General Obligation Bonds 3 $1,419 $1,469 Constitutionally Puerto Rico Public Buildings Aut
Slide 36: Puerto Rico Exposure: Scheduled Net Par Amortization
Public Finance Puerto Rico Exposure Scheduled Net Par Amortization of Exposure to the Commonwealth and its Agencies1 As of June 30, 2018 3Q 4Q 2028- 2033- 2038- 2043- ($ in millions) 2018 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2032 2037 2042 2047 Total Commonwealth – GO $78 $0 $87 $141 $1
Slide 37: Puerto Rico Exposure: Scheduled Net Debt Service Amortization
Public Finance Puerto Rico Exposure Scheduled Net Debt Service Amortization of Exposure to the Commonwealth and its Agencies1 As of June 30, 2018 3Q 4Q 2028- 2033- 2038- 2043- ($ in millions) 2018 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2032 2037 2042 2047 Total Commonwealth – GO $114 $0 $
Slide 38: Detroit & Stockton Exposure
AGL Consolidated Detroit & Stockton Exposure Details of Assured Guaranty’s Exposure to Detroit • Municipal utilities exposure is $432 million of water revenue bonds and $1 billion of sewer revenue bonds. Both the water and sewer systems provide services to areas that extend significantly beyond the
Slide 39: Structured Finance Exposures
Structured Finance Exposures Financial Guaranty Net Par Outstanding By Type As of June 30, 2018 U.S. and Non-U.S. ($ in billions) U.S. • Assured Guaranty’s total financial guaranty Pooled RMBS $4.8 structured finance exposure of $240.9 billion at Corporate $1.3 11% December 31, 2007 has declined by
Slide 40: Consolidated U.S. RMBS
Consolidated U.S. RMBS • Our $4.8 billion U.S. RMBS portfolio is amortizing both on a dollar basis and as a U.S. RMBS by Exposure Type1 percentage of the portfolio As of June 30, 2018 ($ in billions) – Total U.S. RMBS has declined from $29.2 billion at December Subprime 31, 2009 to $4.8 billion at J
Slide 41: Consolidated Non-U.S. Exposure
Consolidated Non-U.S. Exposure Non-U.S. Public and Structured Finance Non-U.S. Financial Guaranty Exposure As of June 30, 2018 ($ in billions) • 97% of non-U.S. financial guaranty exposure Canada $2.7 is Public Finance Other $6.4 France – Direct sovereign debt is limited to Poland ($279 $3.3 Austral
Slide 42: AGM Portfolio Review
AGM Portfolio Review Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret
Slide 43: AGM Insured Portfolio
AGM1 Insured Portfolio Net Par Outstanding as of June 30, 2018 Portfolio Diversification by Sector Non-U.S. Structured Finance U.S. <1% Structured Finance 4% U.S. Public Finance 70% Non-U.S. Public Finance 26% $121.6 billion2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance
Slide 44: AGM Insured Portfolio Ratings
AGM1 Insured Portfolio Ratings Net Par Outstanding as of June 30, 2018 Portfolio Diversification by Rating BIG AAA AA 4% 1% 9% BBB 36% A 49% $121.6 billion2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA AA A BIG AAA AA 3% <1%
Slide 45: AGM Insured Portfolio: Net Par Outstanding By Asset Type
AGM1 Insured Portfolio Net Par Outstanding as of June 30, 2018 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: General obligation $ 33,798 A- RMBS $ 2,704 BB+ Tax backed
Slide 46: AGM Projected Amortization of Global Insured Structured Finance Portfolio
AGM1 Projected Amortization of Global Insured Structured Finance Portfolio Other Structured Finance AAA $0.8 $0.8 BIG $1.8 Financial 3 Products (GICs) AA $1.4 U.S. Residential $1.7 Mortgages BBB $2.7 $0.4 A $0.2 $4.8 Billion Net Par Outstanding2 As of June 30, 2018 $Million $6,000 • We expect AGM’s1
Slide 47: AGM U.S. RMBS Exposure
AGM1 U.S. RMBS Exposure By Type As of June 30, 2018 ($ in billions) • AGM’s1 U.S. RMBS portfolio is amortizing on an Prime First Lien Alt-A First absolute basis and has declined as a percentage <$0.1 Lien $0.4 of the portfolio 1% – $2.7 billion net par outstanding versus $17.1 billion at 13% year-en
Slide 48: AGM Investment Portfolio
AGM1 Investment Portfolio Fair Value as of June 30, 2018 Total Invested Assets and Cash2 Total Invested Assets and Cash2 By Category By Rating3 Cash U.S. Other Short-term 1% Treasuries & U.S. 8 Invested AAA 7% Government Treasuries, Assets 23% Obligations Gov't 1% <1% Obligations & Foreign Agency As
Slide 49: AGM Expected Loss and LAE to Be Paid (Three Months)
AGM Expected Loss and LAE to Be Paid As of June 30, 2018 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended June 30, 2018 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) as Development During (Paid) Recovered be Paid (Recovered
Slide 50: AGM Expected Loss and LAE to Be Paid (Six Months)
AGM Expected Loss and LAE to Be Paid As of June 30, 2018 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Six Months Ended June 30, 2018 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) as Development During (Paid) Recovered be Paid (Recovered)
Slide 51: Municipal Assurance Corp. Portfolio Review
Municipal Assurance Corp. Portfolio Review
Slide 52: MAC Insured Portfolio
MAC Insured Portfolio (100% U.S. Public Finance) Net Par Outstanding as of June 30, 2018 Portfolio Diversification by Sector Portfolio Diversification by Rating 1 BIG AAA AA Muni Utility 1% 1% 21% Revenue 16% BBB 16% Tax Backed 14% General Obligations 61% Other 9% A 62% $34.3 billion Net Par Outstan
Slide 53: MAC Investment Portfolio
MAC Investment Portfolio Fair Value as of June 30, 2018 Total Invested Assets and Cash1 Total Invested Assets and Cash1 By Category By Rating2 U.S. Treasuries & U.S. Cash Government Treasuries, Short-term Gov't AAA4 <1% Obligations 2% 2% Obligations & 15% Agency Obligations Mortgage- 2% backed & BIG
Slide 54: Assured Guaranty Corp. Portfolio Review
Assured Guaranty Corp. Portfolio Review Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret
Slide 55: AGC Insured Portfolio
AGC Insured Portfolio Net Par Outstanding as of June 30, 2018 Portfolio Diversification by Sector Non-U.S. Structured Finance Non-U.S. 2% Public Finance 16% U.S. Public Finance 68% U.S. Structured Finance 13% $31.3 billion Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Por
Slide 56: AGC Insured Portfolio Ratings
AGC Insured Portfolio Ratings Net Par Outstanding as of June 30, 2018 Portfolio Diversification by Rating BIG AAA 10% 6% AA 16% BBB 29% A 39% $31.3 billion Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance AAA AA AAA BIG BIG AAA <1% 18% B
Slide 57: AGC Insured Portfolio: Net Par Outstanding By Asset Type
AGC Insured Portfolio Net Par Outstanding as of June 30, 2018 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: Tax backed $ 4,834 BBB- RMBS $ 1,612 BBB General obligation
Slide 58: AGC U.S. RMBS Exposure
AGC U.S. RMBS Exposure By Type As of June 30, 2018 ($ in millions) Second Alt-A First Lien • AGC’s U.S. RMBS portfolio is amortizing on Lien $322 $236 an absolute basis and has declined as a percentage of the portfolio Prime First 20% Option Lien 15% ARMs – $1.6 billion versus $13.4 billion at year-
Slide 59: AGC Non-RMBS Exposure
AGC Non-RMBS Exposure U.S. Structured Finance U.S. Non-RMBS Structured Finance • AGC’s non-RMBS U.S. structured finance As of June 30, 2018 ($ in billions) exposures consist principally of: Other – Pooled corporate obligations structured finance – Consumer receivables $0.3 – Insurance securitization
Slide 60: AGC Investment Portfolio
AGC Investment Portfolio Fair Value as of June 30, 2018 Total Invested Assets and Cash1 Total Invested Assets and Cash1 By Category By Rating2 Other U.S. Invested Cash Treasuries & Agency AAA6 4% Government Obligations 20% Assets Obligations 1% U.S. <1% Treasuries, 1% Gov't Short-term Obligations &
Slide 61: AGC Expected Loss and LAE to Be Paid (Three Months)
AGC Expected Loss and LAE to Be Paid As of June 30, 2018 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended June 30, 2018 Net Expected Loss Net Expected Loss to to be Paid on SGI Economic Loss (Paid) Recovered Net Expected Loss to be Paid (Recovered) Port
Slide 62: AGC Expected Loss and LAE to Be Paid (Six Months)
AGC Expected Loss and LAE to Be Paid As of June 30, 2018 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Six Months Ended June 30, 2018 Net Expected Loss Net Expected Loss to be to be Paid on SGI Economic Loss (Paid) Recovered Net Expected Loss to Paid (Recovered) as of
Slide 63: Appendix
ASSURED GUARANTY
Slide 64: 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 65: Explanation of Non-GAAP Financial Measures
Appendix Explanation of Non-GAAP Financial Measures Non-GAAP Operating Income: Management believes that non-GAAP 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 66: Explanation of Non-GAAP Financial Measures (Cont'd)
Appendix Explanation of Non-GAAP Financial Measures (Cont’d) Management uses non-GAAP adjusted book value, adjusted for FG VIE consolidation, to measure the intrinsic value of the Company, excluding franchise value. Growth in non-GAAP adjusted book value per share, adjusted for FG VIE consolidation
Slide 67: Reconciliation of Gross Written Premiums (GWP) to PVP
Appendix Reconciliation of Gross Written Premiums (GWP) to PVP Reconciliation of GWP to PVP Three Months Ended Year Ended December 31, June 30, June 30, (dollars in millions) 2018 2017 2017 2016 2015 2014 2013 Total GWP $393 $79 $307 $154 $181 $104 $123 Less: Installment GWP and other GAAP adjustmen
Slide 68: Reconciliation of Net Income (Loss) to Non-GAAP Operating Income
Appendix Reconciliation of Net Income (Loss) to Non-GAAP Operating Income1 Three Months Ended Six Months Ended Non-GAAP Operating Income Reconciliation June 30, June 30, (dollars in millions, except per share amounts) 2018 2017 2018 2017 Per Diluted Per Diluted Per Diluted Per Diluted Total Share To
Slide 69: Reconciliation of Shareholders' Equity to Non-GAAP Adjusted Book Value
Appendix Reconciliation of Shareholders’ Equity to Non-GAAP Adjusted Book Value1 Non-GAAP Adjusted book value reconciliation As of (dollars in millions, except per share amounts) June 30, 2018 March 31, 2018 December 31, 2017 June 30, 2017 March 31, 2017 December 31, 2016 Total Per Share Total Per S
Slide 70: Reconciliation of GAAP ROE to Non-GAAP Operating ROE
Appendix Reconciliation of GAAP ROE to Non-GAAP Operating ROE ROE Reconciliation (dollars in millions) Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Net income (loss) $75 $153 $272 $470 Non-GAAP Operating income 74 141 229 414 Gain (loss) related to FG VIE consolidation i
Slide 71: 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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