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Assured Guaranty Ltd. to Report Full Year and Fourth Quarter 2023 Financial Results on February 27, 2024
Businesswire· 2024-02-13 12:30
HAMILTON, Bermuda--(BUSINESS WIRE)--Assured Guaranty Ltd. (NYSE:AGO) (the Company) today announced that it will issue its financial results press release for the full year and fourth quarter ended December 31, 2023 after 4:00 p.m. Eastern Time (5:00 p.m. Atlantic Time) on Tuesday, February 27, 2024. The press release and Assured Guaranty Ltd.'s Financial Supplement for December 31, 2023 will be available in the Investor Information section of the Company's website located at AssuredGuaranty.com. The Compan ...
Nicholas Proud Named Assured Guaranty's Global Head of Origination
Businesswire· 2024-02-08 12:00
HAMILTON, Bermuda--(BUSINESS WIRE)--Assured Guaranty Ltd. (NYSE:AGO) (together with its subsidiaries, Assured Guaranty) announced that Nicholas Proud has been appointed Global Head of Origination for its financial guaranty business. Dominic Nathan will assume Mr. Proud’s responsibilities as CEO of Assured Guaranty UK Limited (AGUK) and Head of International. “We created the new position of Global Head of Origination to enhance our strategic approach to generating new business and executing transactions, ...
Assured Guaranty(AGO) - 2023 Q3 - Earnings Call Transcript
2023-11-09 01:51
Assured Guaranty Ltd. (NYSE:AGO) Q3 2023 Earnings Conference Call November 8, 2023 7:00 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 - KBW Giuliano Bologna - Compass Point Geoffrey Dunn - Dowling & Partners Operator Good morning, and welcome to the Assured Guaranty Limited Third Quarte ...
Assured Guaranty(AGO) - 2023 Q3 - Quarterly Report
2023-11-07 16:00
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, 2023 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(AGO) - 2023 Q2 - Earnings Call Transcript
2023-08-09 16:43
Financial Data and Key Metrics Changes - Adjusted operating income for Q2 2023 increased to $36 million or $0.60 per share from $30 million or $0.46 per share in Q2 2022 [15] - Adjusted operating shareholders' equity per share reached $95.64 and adjusted book value per share reached $144.21, both at record levels [7][24] - Net investment income increased by $24 million, driven mainly by higher short-term interest rates and average balances [16] Business Line Data and Key Metrics Changes - Insurance segment contributed $106 million to adjusted operating income in Q2 2023, compared to $55 million in the prior year [15] - International Public Finance produced $36 million of PVP in the first half of 2023, up from $30 million in the same period of 2022 [10] - Global Structured Finance direct PVP was the largest first half amount since 2009, producing $68 million of PVP [11] Market Data and Key Metrics Changes - Assured's share of the insured primary municipal bond market increased to 63% in the first half of 2023, up from 56% in the same period of 2022 [8] - Total insured penetration for the second quarter was 10.1%, the highest rate since 2009 [9] - Market demand for bond insurance increased significantly in Q2 2023, up 72% from Q1 2023 [9] Company Strategy and Development Direction - The company is optimistic about growth opportunities across all business units, particularly in U.S. public finance and global structured finance [50][51] - The recent transactions with Sound Point Capital Management and the sale of Assured Healthcare Partners are expected to be immediately accretive to the bottom line [12][20] - The company plans to request special dividends from subsidiaries with excess capital following the completion of audits [27][29] Management's Comments on Operating Environment and Future Outlook - Management emphasized the company's resilience and ability to thrive in volatile market conditions, highlighting strong demand for bond insurance [14] - The company is committed to negotiating a fair settlement regarding Puerto Rico Electric Power Authority (PREPA) and views litigation as the necessary path forward [13][35] - Management expressed optimism about the future, citing strong pipelines in various sectors and the potential for growth [50][51] Other Important Information - The company resumed its share repurchase program in Q2 2023, with $158 million remaining in authorization [23] - The U.K. subsidiary paid a dividend of £100 million or $127 million to AGM, enhancing dividend capacity [24] - The company reported a fair value gain of $40 million on Puerto Rico contingent value instruments in Q2 2023, compared to losses in the prior year [16] Q&A Session Summary Question: Next steps toward requesting special dividends after clean audits - Management confirmed plans to proceed with requests for special dividends from subsidiaries with excess capital [27][29] Question: Annualized cash expenses at the holding company level - Annual net expenses are approximately $50 million, with annual dividend distributions of $66 million and debt service of $82 million [30] Question: Additional Puerto Rico loss development - Management indicated that the additional reserves are predominantly related to PREPA and are adjusting their models based on new information [35][36] Question: Capital buffer over AAA level - Management confirmed a capital buffer of approximately $1.8 billion above the AAA level, but noted that they are rated as a AA company [39][41] Question: Excess capital and ROE challenges - Management acknowledged that excess capital has impacted ROE and indicated a desire to be more aggressive in capital management following the audit clearance [42][44] Question: Pipeline of reinsurance opportunities - Management stated that they continue to look for opportunities across all markets, both direct and reinsurance, and are optimistic about the business pipeline [67]
Assured Guaranty(AGO) - 2023 Q2 - Quarterly Report
2023-08-08 16:00
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, 2023 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 Hamilton HM 08, Bermuda (Address of principal ex ...
Assured Guaranty(AGO) - 2023 Q1 - Earnings Call Transcript
2023-05-10 14:33
Assured Guaranty Ltd. (NYSE:AGO) Q1 2023 Earnings Conference Call May 10, 2023 8:00 AM ET Company Participants Robert Tucker - Senior Managing Director, IR & Corporate Communications Dominic Frederico - President & CEO Robert Bailenson - CFO Conference Call Participants Tommy McJoynt - KBW Giuliano Bologna - Compass Point Jordan Hymowitz - Philadelphia Financial Brian Meredith - UBS Operator Good morning, everyone, and welcome to the Assured Guaranty Ltd. First Quarter 2023 Earnings Conference Call. My name ...
Assured Guaranty(AGO) - 2023 Q1 - Quarterly Report
2023-05-09 16:00
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 March 31, 2023 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(AGO) - 2022 Q4 - Earnings Call Transcript
2023-03-01 15:24
Assured Guaranty Ltd. (NYSE:AGO) Q4 2022 Earnings Conference Call March 1, 2023 8:00 AM ET Company Participants Robert Tucker - Senior Managing Director, IR & Corporate Communications Dominic Frederico - President & CEO Robert Bailenson - CFO Conference Call Participants Geoffrey Dunn - Dowling & Partners Brian Meredith - UBS Tommy McJoynt - KBW Giuliano Bologna - Compass Point Operator Good morning, and welcome to the Assured Guaranty Ltd. Fourth Quarter and Full Year 2022 Earnings Conference Call. My name ...
Assured Guaranty(AGO) - 2022 Q4 - Annual Report
2023-02-28 16:00
Washington, D.C. 20549 ____________________________________________________________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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, 2022 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 as specified in its ...