Assured Guaranty Ltd. · NYSE:AGO
Assured Guaranty — Debt Investor Presentation (June 2021)
71 slides from Assured Guaranty's debt investor presentation, Jun 30, 2021
Slide 1: Fixed Income Investor Presentation June 30, 2021
EMBRACE POSSIBILITIES, INVEST IN CERTAINTIES Fixed Income Investor Presentation June 30, 2021
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 42 Assured Guaranty Corp. Portfolio Review 49 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. (“AGM”) and its consolidated entities (consisting primarily of Assured Guaranty UK Limite
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 US Holdings (AGUS) U.S. Holding Company Assured Guaranty Re Ltd (AG Re) S&P: A (stable outlo
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: Strength of Financial Guaranty Business Model
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 • Issuers that default on a few debt service payments may have the resources later to repay the Com
Slide 11: Three Discrete Insurance Companies with Separate Capital Bases
Three Discrete Insurance Companies with Separate Capital Bases Consolidated Statutory-Basis Claims-Paying Resources and Exposures As of June 30, 2021 ($ in millions) AGM AGC AG Re6 Eliminations2 Consolidated Claims-paying resources Policyholders' surplus $2,943 $1,725 $725 $(220) $5,173 Contingency
Slide 12: Principal Insurance Platforms
Assured Guaranty Principal Insurance Platforms • AGM1, AGC, AGUK and AGE operate as four separate direct financial guaranty platforms, with AG Re operating as a reinsurer – AGM1 focuses exclusively on public finance and global infrastructure finance – AGC, as the most diversified platform, insures t
Slide 13: Principal Insurance Platforms (Cont.)
Assured Guaranty Principal Insurance Platforms (Cont.) • Companies distinct for legal and regulatory purposes – Separate capital bases with claims-paying resources1 as of June 30, 2021: – AGM2 $6.7 billion (includes AGUK and AGE) – AGC $3.1 billion – AG Re $1.7 billion (includes AGRO) – Separate ins
Slide 14: Asset Management
Assured Guaranty Asset Management • AssuredIM provides asset management services – As of June 30, 2021, AssuredIM had AUM1 of $17.6 billion in four strategies Strategy AUM ($ billions) CLOs $14.6 Opportunity Funds $1.5 Liquid Strategies $0.4 Wind-Down Funds $1.2 Total $17.6 – The Company is using th
Slide 15: AGM Consolidated Net Exposure
AGM Consolidated1 Net Exposure • AGM Consolidated1 is committed to insuring U.S. public finance and global infrastructure transactions. AGM’s subsidiaries, AGUK and AGE, may also underwrite structured finance transactions. Net Par Outstanding U.S. As of June 30, 2021 Structured ($ in billions) Finan
Slide 16: AGM, AGUK and AGE Net Exposure
AGM, AGUK and AGE Net Exposure U.S. Muni U.S. other public • AGM is a U.S. insurance company currently Utility Revenue finance writing financial guarantees in the public $24.4 $17.5 finance sector. AGM Net Par Outstanding Non-U.S. public – Provides insurance in public finance finance As of June 30,
Slide 17: AGC is a Diversified Platform
AGC is a Diversified Platform • AGC, a diversified insurer, may write all Net Par Outstanding classes of financial guaranty business, As of June 30, 2021 including structured finance, U.S. public ($ in billions) finance and global infrastructure • Structured finance eligible for new business U.S. St
Slide 18: AG Re and AGRO
AG Re and AGRO Consolidated AG Re AGRO Outstanding Net Exposure1 Outstanding Net Exposure1 As of June 30, 2021 ($ in billions) As of June 30, 2021 ($ in billions) U.S. Non-U.S. RVI Aircraft Structured Public Insurance Finance Finance $0.2 $3.1 BBB $11.7 Non-U.S. average A A- Structured rating averag
Slide 19: Underwriting Discipline
Underwriting Discipline • Our U.S. public finance portfolio, our largest Consolidated Net Par Outstanding3 exposure category, generally performed well As of June 30, 2021 during the 2008 recession and in subsequent ($ in billions) Non-U.S. Structured Finance years, including into the COVID-19 pandem
Slide 20: Creating Value: Insurance Penetration in the U.S. Public Finance Market
Creating Value Insurance Penetration in the U.S. Public Finance Market • Assured Guaranty has seen strong new business production for U.S. public finance in the first half of 2021 – Year-to-date, we insured 456 primary market transactions totaling approximately $10.1 billion of par, up approximately
Slide 21: Broadening Market Awareness
Broadening Market Awareness Current Advertising Campaigns 20
Slide 22: Market Update: Select Assured Guaranty Transactions in 2021
Market Update Select Assured Guaranty Transactions in 2021 $800,325,000 $658,055,000 $551,535,000 $548,175,000 Seaport Revenue Refunding Bonds Certificates of Participation, Series 2021A Pilot Revenue Refunding Bonds, Series 2021A Senior Lien Refunding Revenue Bonds, Series (Taxable) & Taxable Serie
Slide 23: Creating Value: U.S. Structured Finance Business Activity
Creating Value Insurance U.S. Structured Finance Business Activity • In second quarter 2021, we insured an insurance securitization and a whole business securitization U.S. Structured PVP1 (excluding SGI reinsurance portfolio)2 ($ in millions) • In first quarter 2021, we insured a balloon note guara
Slide 24: Creating Value: Non-U.S. Business Activity
Creating Value Insurance Non-U.S. Business Activity • In second quarter 2021, activity included a Non-U.S. PVP1 healthcare transaction, a toll road concession, (excluding SGI reinsurance portfolio)2 a solar energy transaction, and two secondary ($ in millions) market transactions $315 • In first qua
Slide 25: Creating Value: AssuredIM
Creating Value AssuredIM • AssuredIM executed on its key strategic goals during the first half of 2021 – Issued three new CLOs, selling a significant percentage of the new CLOs’ equity to third parties – Increased fee earning AUM to $16.3 billion as of June 30, 2021, from $8.0 billion on December 31
Slide 26: Financial Strength Ratings
Financial Strength Ratings U.S. Insurance Companies • In July 2021, S&P affirmed the AA (stable outlook) Financial Strength Ratings financial strength ratings of the insurance companies As of June 30, 2021 – S&P found Assured Guaranty group’s capital adequacy ratio to be “well above 1.0x” their AAA
Slide 27: Net Par Outstanding Amortization
Net Par Outstanding Amortization • In the last five years, the net par outstanding of the insured portfolio has stabilized significantly, driven mainly by increased insured net par for the international sector – Since 2015, the international portfolio has increased by over 50%, and currently account
Slide 28: Assured Guaranty Today: Capital Changes and Insured Portfolio
Assured Guaranty Today Capital Changes and Insured Portfolio 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 71.3x 70.5x $11.1 $11.2 62.9x 58.9x 52.7x 47.4x 46.7x 46.2x 41.2x 39.5x 55% Decline
Slide 29: Underlying Value: High-Quality Investment Portfolio
Underlying Value High-Quality Investment Portfolio Total Invested Assets and Cash1,2 • Predominately consists of highly rated, fixed As of June 30, 2021 maturity and short-term investments, and cash; 57% rated AA or higher Nearly 100% of BIG A BBB is held for loss 21% 12% mitigation or other • Appro
Slide 30: Assured Guaranty Ltd. Consolidated Insured Portfolio Overview
Assured Guaranty Ltd. Consolidated Insured Portfolio Overview
Slide 31: AGL Consolidated Insured Portfolio
AGL Consolidated Insured Portfolio Net Par Outstanding as of June 30, 2021 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% $234.7 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Struc
Slide 32: AGL Consolidated Insured Portfolio Ratings
AGL Consolidated Insured Portfolio Ratings Net Par Outstanding as of June 30, 2021 Portfolio Diversification by Rating BIG AAA AA 3% 2% 11% BBB 40% A 44% $234.7 billion1,2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA AAA BIG
Slide 33: Puerto Rico Exposure
Public Finance Puerto Rico Exposure Par Exposure to the Commonwealth and its Agencies1,2 As of June 30, 2021 ($ in millions) Net Par Outstanding Eliminations Total Net Par Gross Par AGM AGC AG Re 2 Outstanding Outstanding Puerto Rico Exposures Subject to a Support Agreement 3: Commonwealth of Puerto
Slide 34: 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 June 30, 2021 3Q 4Q 2031- 2036- 2041- ($ in millions) 2021 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2035 2040 2042 Total Commonwealth – GO $16 $- $37 $14 $73 $68 $34 $90
Slide 35: Puerto Rico Scheduled Net Debt Service Amortization
Public Finance Puerto Rico Exposure Scheduled Net Debt Service Amortization of Exposure to the Commonwealth and its Agencies As of June 30, 2021 3Q 4Q 2031- 2036- 2041- ($ in millions) 2021 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2035 2040 2042 Total Commonwealth – GO $45 $- $94 $70 $128 $
Slide 36: 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 $897 million of sewer revenue bonds. Both the water and sewer systems provide services to areas that extend significantly beyond th
Slide 37: Consolidated Non-U.S. Exposure
Consolidated Non-U.S. Exposure Non-U.S. Public and Structured Finance Non-U.S. Exposure As of June 30, 2021 ($ in billions) • 99% of non-U.S. exposure is Public Finance – Direct sovereign debt is limited to Poland ($280 million) and Mexico ($50 million) Australia $1.9 5% 6% 4% 11% France United • 1%
Slide 38: Structured Finance Exposures
Structured Finance Exposures Net Par Outstanding By Type As of June 30, 2021 Financial 1 ($ in billions) Life Insurance Transactions • Assured Guaranty’s total structured finance Products $3.0 exposure of $9.1 billion as of June 30, 2021, (GICs) reflects a $165.5 billion reduction from $174.6 $0.8 3
Slide 39: Consolidated U.S. RMBS
Consolidated U.S. RMBS By Type • Our $2.7 billion U.S. RMBS portfolio is amortizing As of June 30, 2021 both on a dollar basis and as a percentage of the ($ in millions) portfolio Subprime First Lien – Assured Guaranty’s U.S. RMBS exposure of $2.7 billion on June $1,649 30, 2021, reflects a $26.5 bi
Slide 40: Consolidated Insurance Expected Loss and LAE to Be Paid (Three Months)
Consolidated Insurance Expected Loss and LAE to Be Paid Three Months Ended June 30, 2021 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended June 30, 2021 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Pa
Slide 41: Consolidated Insurance Expected Loss and LAE to Be Paid (Six Months)
Consolidated Insurance Expected Loss and LAE to Be Paid Six Months Ended June 30, 2021 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Six Months Ended June 30, 2021 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Paid)
Slide 42: Below Investment Grade Exposures
Below Investment Grade Exposures Net Par Outstanding by BIG Category1 Financial Guaranty Insurance and Credit Derivatives Surveillance Categories ($ millions) June 30, 2021 December 31, 2020 • As of June 30, 2021, approximately BIG Category 1 $2.5 billion (33%) of the aggregate U.S. public finance $
Slide 43: BIG Exposure Decline
BIG Exposure Decline • Since 4Q-11, BIG net par outstanding has declined by $19.2 billion • The largest components of our BIG exposure are Puerto Rico at 49% and U.S. RMBS at 18% BIG Net Par Outstanding Changes in BIG Net Par Outstanding ($ in billions) Full Full Full Year Year Year 1H ($ in million
Slide 44: AGM Consolidated Portfolio Review
AGM Consolidated Portfolio Review1 Eiffage CEVM / Foster + Partners / Jean-Pierre Lescourret
Slide 45: AGM Consolidated Insured Portfolio
AGM Consolidated1 Insured Portfolio Net Par Outstanding as of June 30, 2021 Portfolio Diversification by Sector Non-U.S. Structured Finance U.S. <1% Structured Finance 2% U.S. Public Finance 74% Non-U.S. Public Finance 24% $154.0 billion2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Struct
Slide 46: AGM Consolidated Insured Portfolio Ratings
AGM Consolidated1 Insured Portfolio Ratings Net Par Outstanding as of June 30, 2021 Portfolio Diversification by Rating BIG AAA AA 3% 1% 10% BBB 40% A 46% $154.0 billion2 Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance BIG AAA A BIG AAA
Slide 47: AGM Consolidated Net Par Outstanding By Asset Type
AGM Consolidated1 Insured Portfolio Net Par Outstanding as of June 30, 2021 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: General obligation $ 49,342 A- RMBS $ 1,710 BB
Slide 48: AGM Consolidated U.S. RMBS Exposure
AGM Consolidated1 U.S. RMBS Exposure By Type As of June 30, 2021 ($ 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 $19 Lien $251 of the portfolio 1%1% – $1.7 billion net par outstanding versus $17.1 billion a
Slide 49: AGM Consolidated Investment Portfolio
AGM Consolidated1 Investment Portfolio Fair Value as of June 30, 2021 Invested Assets and Cash2,3 As of June 30, 2021 A • Predominately consists of highly rated, fixed 20% BBB Nearly 100% of BIG maturity and short-term investments, and cash; 11% is held for loss 55% rated AA or higher mitigation or
Slide 50: AGM Consolidated Expected Loss and LAE to Be Paid (Three Months)
AGM Consolidated Expected Loss and LAE to Be Paid Three Months Ended June 30, 2021 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended June 30, 2021 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Paid) Re
Slide 51: AGM Consolidated Expected Loss and LAE to Be Paid (Six Months)
AGM Consolidated Expected Loss and LAE to Be Paid Six Months Ended June 30, 2021 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Six Months Ended June 30, 2021 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Paid) Recove
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 June 30, 2021 Portfolio Diversification by Sector Non-U.S. Structured Finance 1% Non-U.S. Public Finance 21% U.S. Public Finance 63% U.S. Structured Finance $20.7 billion 15% Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Por
Slide 54: AGC Insured Portfolio Ratings
AGC Insured Portfolio Ratings Net Par Outstanding as of June 30, 2021 Portfolio Diversification by Rating BIG AAA 9% 6% AA 22% BBB 34% A 28% $20.7 billion Non-U.S. Portfolios U.S. Public Finance Portfolio U.S. Structured Finance Portfolio Public & Structured Finance AAA BIG AAA BIG <1% AA 14% BIG AA
Slide 55: AGC Net Par Outstanding By Asset Type
AGC Insured Portfolio Net Par Outstanding as of June 30, 2021 Net Par Outstanding By Asset Type ($ in millions) Net Par Avg. Internal Net Par Avg. Internal Outstanding Rating Outstanding Rating U.S. public finance: U.S. structured finance: General obligation $ 3,174 A- Life insurance transactions $
Slide 56: AGC U.S. RMBS Exposure
AGC U.S. RMBS Exposure By Type As of June 30, 2021 ($ in millions) Second Alt-A First Lien • AGC’s U.S. RMBS portfolio is amortizing on Lien $175 $102 an absolute basis and has declined as a percentage of the portfolio Prime First 21% Option ARMs Lien 12% – $0.8 billion versus $13.4 billion at year-
Slide 57: AGC Non-RMBS Exposure
AGC Non-RMBS Exposure U.S. Structured Finance By Type As of June 30, 2021 ($ in millions) Other Structured • AGC’s non-RMBS U.S. structured finance Finance Life Insurance $461 exposures consist principally of: Transactions $877 – Pooled corporate obligations 20% – Life insurance transactions 37% – C
Slide 58: AGC Investment Portfolio
AGC Investment Portfolio Fair Value as of June 30, 2021 Invested Assets and Cash1,2 As of June 30, 2021 • Predominately consists of highly rated, fixed maturity and short-term investments, and cash; BBB 12% 48% rated AA or higher A Nearly 100% of BIG 16% is held for loss • Approximately $136 million
Slide 59: AGC Expected Loss and LAE to Be Paid (Three Months)
AGC Expected Loss and LAE to Be Paid Three Months Ended June 30, 2021 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Three Months Ended June 30, 2021 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Paid) Recovered be Pa
Slide 60: AGC Expected Loss and LAE to Be Paid (Six Months)
AGC Expected Loss and LAE to Be Paid Six Months Ended June 30, 2021 ($ in millions) Rollforward of Net Expected Loss and LAE to be Paid1 for the Six Months Ended June 30, 2021 Net Expected Loss to Economic Loss Net Expected Loss to be Paid (Recovered) Development (Benefit) (Paid) Recovered be Paid (
Slide 61: Appendix
ASSURED (GUARANTY
Slide 62: 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 63: Explanation of Non-GAAP Financial Measures (Cont'd)
Appendix Explanation of Non-GAAP Financial Measures (Cont’d) 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) att
Slide 64: 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 65: 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 66: 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 June 30, Year Ended December 31, (dollars in millions) 2021 2020 2020 2019 2018 2017 2016 2015 2014 Total GWP $84 $149 $454 $677 $612 $307 $154 $181 $104 Less: Installment GWP and other GAA
Slide 67: 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 Six Months Ended Adjusted Operating Income Reconciliation June 30, June 30, (dollars in millions, except per share amounts) 2021 2020 2021 2020 Per Diluted Per Diluted Per Diluted Per Di
Slide 68: 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) June 30, 2021 March 31, 2021 December 31, 2020 June 30, 2020 March 31, 2020 December 31, 2019 Total Per Share Total Per Share Total Per Sh
Slide 69: 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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net income (loss) attributable to AGL $98 $183 $109 128 Adjusted operating income2 120 119 163 152 Average shareholders
Slide 70: 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 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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