HAMILTON, Bermuda--(BUSINESS WIRE)--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.