Announcing a step toward combining the portfolios and operations of its
four international financial guaranty insurance companies, Assured
Guaranty Ltd. (together with its subsidiaries, Assured Guaranty) said
that Assured Guaranty Europe plc (AGE) has acquired the other three
companies involved in the combination, Assured Guaranty (London) plc
(AGLN), Assured Guaranty (UK) plc (AGUK) and CIFG Europe SA (CIFG EU).
The ultimate result of the planned combination will be the merger of
AGLN, AGUK and CIFG EU with and into AGE, with AGE as the surviving
entity. Upon the merger, obligations and bonds insured by AGLN, AGUK and
CIFG EU will become insured obligations of AGE and, therefore, receive
AGE’s financial strength ratings. AGE is working to complete the
combination by the end of 2017.
The combination is subject to various insurance regulatory approvals
and, in addition, the approval of the U.K. High Court is required for
the transfers of the AGUK and AGLN portfolios to AGE.
Cautionary Statement Regarding Forward-Looking Statements:
Any forward-looking statements made in this press release reflect
Assured Guaranty’s current views with respect to future events and are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements involve risks and
uncertainties that may cause actual results to differ materially from
those set forth in these statements. These risks and uncertainties
include, but are not limited to, difficulties executing Assured
Guaranty’s business strategy; and other risks and uncertainties that
have not been identified at this time, management’s response to these
factors, and other risk factors identified in Assured Guaranty’s filings
with the Securities and Exchange Commission. Readers are cautioned not
to place undue reliance on these forward-looking statements, which are
made as of June 26, 2017. Assured Guaranty undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
*Assured Guaranty (Europe) plc (AGE) (formerly Assured Guaranty (Europe)
Ltd.) (company number 2510099) is authorised by the Prudential
Regulation Authority and regulated by the Financial Conduct Authority
and the Prudential Regulation Authority. AGE provides its financial
guarantee together with a co-guarantee from its affiliate Assured
Guaranty Municipal Corp. (AGM).
Through its subsidiaries, Assured Guaranty Ltd. (AGL and, together with
its subsidiaries, Assured Guaranty) is the leading provider of financial
guarantees for principal and interest payments due on municipal, public
infrastructure and structured financings. Its subsidiary AGM guarantees
international infrastructure and U.S. municipal bonds - and was
previously named Financial Security Assurance Inc. (FSA) before becoming
an Assured Guaranty company in July 2009. AGE, a subsidiary of AGM, is
Assured Guaranty’s European operating platform. AGL is a publicly traded
(NYSE: AGO), Bermuda-based holding company. Its operating subsidiaries
provide credit enhancement products to the U.S. and international public
finance, infrastructure and structured finance markets. More information
on Assured Guaranty Ltd. and its subsidiaries can be found at AssuredGuaranty.com.
