Assured Guaranty Ltd. (NYSE:AGO) Q4 2019 Earnings Conference Call February 28, 2020 8:00 AM ET Company Participants Robert Tucker - Senior Managing Director, Investor Relations and Corporate Communications Dominic Frederico - President and Chief Executive Officer Robert Bailenson - Chief Financial Officer Conference Call Participants Thomas McJoynt-Griffith - Keefe, Bruyette & Woods, Inc. Geoffrey Dunn - Dowling & Partners Securities, LLC Operator Good morning and welcome to the Assured Guaranty Limited Fou ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-K ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-32141 ASSURED GUARANTY LTD. (Exact name of Registrant a ...

Assured Guaranty Ltd. (NYSE:AGO) Q3 2019 Results Earnings Conference Call November 8, 2019 8:00 AM ET Company Participants Robert Tucker - Managing Director, Investor Relations & Communications Dominic Frederico - President and Chief Executive Officer Robert Bailenson - Chief Financial Officer Andrew Feldstein - Chief Executive Officer & Chief Investment Officer of BlueMountain Conference Call Participants Tommy McJoynt - KBW Ron Bobman - Capital Returns Giuliano Bologna - BTIG Geoffrey Dunn - Dowling & Par ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2019 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition Period from to Commission File No. 001-32141 ASSURED GUARANTY LTD. (Exact name of regist ...

Assured Guaranty Ltd. (NYSE:AGO) Q2 2019 Earnings Conference Call August 8, 2019 7:30 AM ET Company Participants Robert Tucker - Managing Director, Investor Relations & Corporate Communications Dominic Frederico - President & Chief Executive Officer Rob Bailenson - Chief Financial Officer Andrew Feldstein - Chief Executive Officer & Chief Investment Officer of BlueMountain Conference Call Participants Bose George - KBW Geoffrey Dunn - Dowling & Partners Giuliano Bologna - BTIG Christian Littlejohn - Marble ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2019 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition Period from to Commission File No. 001-32141 ASSURED GUARANTY LTD. (Exact name of registrant ...

Assured Guaranty Ltd. (NYSE:AGO) Q1 2019 Earnings Conference Call May 10, 2019 8:00 AM ET Company Participants Robert Tucker - Senior Managing Director, Investor Relations Dominic Frederico - President and Chief Executive Officer Robert Bailenson - Chief Financial Officer Conference Call Participants Geoffrey Dunn - Dowling & Partners Bose George - Keefe, Bruyette & Woods, Inc. Operator Good day, and welcome to the Assured Guaranty Limited First Quarter 2019 Earnings Conference Call. All participants will b ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-Q ý QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2019 Or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition Period from to Commission File No. 001-32141 ASSURED GUARANTY LTD. (Exact name of registrant ...

Financial Data and Key Metrics Changes - Assured Guaranty reported a record non-GAAP adjusted book value per share of $86.06, an 11% increase from the previous year [8] - Operating income for 2018 was $482 million, down from $661 million in 2017, which included gains from several large transactions [28] - The effective tax rate on operating income in Q4 2018 was 11.8%, significantly lower than 48.4% in Q4 2017 [27] Business Line Data and Key Metrics Changes - The company generated PVP of $663 million in 2018, a year-over-year increase of 129%, with contributions from U.S. public finance, international infrastructure finance, and structured finance [7] - In U.S. public finance, the company maintained a 57% market share of insured volume, despite a 22% decline in overall municipal issuance [11][12] - The international public finance operations generated PVP in each of the last 13 quarters, with $44 million of PVP produced in 2018 [14] Market Data and Key Metrics Changes - The U.S. public finance market saw a sharp decline in new issuance, particularly due to tax law changes, while insurance penetration increased slightly to approximately 6% [11] - The company’s primary market business declined only 18% to $11 billion, while total par insured during 2018 reached $19.4 billion due to the Syncora transaction [12] Company Strategy and Development Direction - The company aims to diversify revenue sources by investing in non-financial guaranteed businesses, exemplified by its minority interest in Rubicon Infrastructure Advisors [9] - Assured Guaranty continues to pursue strategic acquisitions and reinsurance opportunities, with a focus on the financial guaranty market [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s financial strength and its ability to withstand adverse conditions, as evidenced by stable ratings from rating agencies [16][17] - The company anticipates that the resolution of Puerto Rico's financial situation will accelerate acquisition opportunities [34] Other Important Information - The company returned $71 million in dividends to shareholders and approved a 12.5% increase in the quarterly dividend to $0.18 per share [29] - The company repurchased 13.2 million shares for $500 million in 2018, contributing to a 49% reduction in total shares outstanding since the inception of its capital management program [30][31] Q&A Session Summary Question: Outlook for acquisitions and reinsurance - Management indicated that resolution in Puerto Rico would significantly accelerate acquisition opportunities, while also highlighting the use of reinsurance for capital relief [34] Question: Increase in operating expenses - Management noted that the run rate for operating expenses should be similar to the previous quarter, with some one-time expenses not expected to recur [35] Question: Breakdown of municipal production - The company provided details on municipal production, with $74 million of PVP in primary markets for Q4 2018 and $160 million for the full year [44] Question: Recent ruling on the Oversight Board - Management expressed uncertainty about the future of the Oversight Board but emphasized the need for adherence to the rule of law in resolving disputes [46][47] Question: Impact of interest rates on new business - Management noted that a slowdown in the amortization of the existing portfolio and growth in new business could lead to a positive trend in the near future [52][54] Question: Potential consensual restructuring at PREPA - Management believes there is a deal to be made for PREPA and that recent court rulings could accelerate negotiations [61][64]