You might also like
Assured Guaranty Ltd. (AGO) is a Bermuda-based holding company that operates primarily in the insurance and asset management sectors. The company provides financial guaranty insurance, protecting holders of debt instruments from defaults, and engages in asset management through its ownership interest in Sound Point Capital Management, LP. AGO's business strategy focuses on expanding its insurance and asset management segments while enhancing alternative investment opportunities.
-
Insurance - Offers financial guaranty insurance that protects against defaults in scheduled payments for debt instruments, focusing on U.S. and U.K. public finance and structured finance markets.
- Credit Protection Products - Provides insurance for obligations in public finance and structured finance markets.
- Specialty Insurance and Reinsurance - Offers insurance and reinsurance on transactions with risk profiles similar to structured finance exposures.
-
Asset Management - Engages in asset management through its ownership in Sound Point Capital Management, aiming to generate fee-based earnings and enhance alternative investment opportunities.
-
Corporate Division and Other Activities - Includes interest expenses, corporate operating expenses, and equity in earnings from alternative investments, along with the consolidation of financial guaranty variable interest entities and investment vehicles.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Dominic J. Frederico ExecutiveBoard | President and Chief Executive Officer | Dominic J. Frederico has served as the President and Chief Executive Officer of AGO since December 2003 and as a director since 2004. He previously held executive positions at ACE Limited and AIG. | View Report → | |
Benjamin G. Rosenblum Executive | Chief Financial Officer | Benjamin G. Rosenblum is the Chief Financial Officer of Assured Guaranty Ltd. since January 1, 2024, overseeing critical financial functions including accounting, treasury, and risk management. Previously, he served as Chief Actuary and Senior Managing Director at AGO, delivering significant contributions in financial reporting and risk analysis. | ||
Laura Bieling Executive | Chief Accounting Officer (Principal Accounting Officer) | Laura Bieling serves as the Chief Accounting Officer (Principal Accounting Officer) at AGO since at least March 1, 2023. She has signed key filings, including the Form 10-K for FY 2024 , and is also listed as a Director in a Form 144 filing. | ||
Alan J. Kreczko Board | director | Board member, Boys and Girls Clubs of Hartford; Advisory council member, Villa Angela-Saint Joseph High School | Alan J. Kreczko has served as a director at AGO since August 2015. He brings extensive public service experience—including 27 years at the U.S. Department of State and senior roles at The Hartford Financial Services Group—to his board contributions in areas such as environmental and cybersecurity matters. | |
Bonnie L. Howard Board | Independent Director and Chair of the Audit Committee | Board Member and Audit Committee Chair at Artisan Partners Funds | Bonnie L. Howard has served as an independent director at AGO since August 2012 and currently chairs the Audit Committee, leveraging over 30 years of expertise in audit, finance, and risk management. She previously held key roles at Citigroup, including Chief Auditor and Global Head of Control and Emerging Risk. | |
Courtney C. Shea Board | Independent Director | The Joffrey Ballet; Milken Institute Center for Financial Markets Public Finance Advisory Council; Professional Diversity Network (Audit Committee Chair) | Courtney C. Shea has been an Independent Director at AGO since 2021, bringing over 35 years of experience in public finance and serving on key committees including Audit, Finance, and Risk Oversight. Prior to joining AGO, she held leadership roles such as Managing Member at Columbia Capital Management and served as an investment banker, contributing deep expertise to her board work. | |
Francisco L. Borges Board | Chairman of the Board | Chair of the Board of Trustees at Knight Foundation; Member of the Board of Trustees at Millbrook School; Member of the Board of Directors and Pricing Committee at Davis Selected Funds; Member of the Board of Directors at Hartford Healthcare | Francisco L. Borges has been a Director at AGO since August 2007 and became Chair of the Board in May 2015. He has an extensive background in finance and investment management, with previous leadership roles at Ares Management Corporation and Landmark Partners, LLC. | |
Lorin P.T. Radtke Board | Independent Director | Co-founder and Partner at M Seven 8; Board Director at Lord Abbett Family of Funds | Lorin P.T. Radtke has been an Independent Director at AGO since 2021 and serves as Chair of the Risk Oversight Committee. He brings extensive experience from a 24-year career at Goldman Sachs and as the co-founder and partner of M Seven 8 founded in 2017. | |
Mark C. Batten Board | non-executive director | Non-executive director at Picton Property Income Ltd; Non-executive director at Weatherby's Bank Ltd; Non-executive director at Reliance National Insurance Company Europe Limited; Chair of the Governing Body of Westminster School | Mark C. Batten serves as a non-executive director at AGO since February 19, 2024 and sits on the Audit, Risk Oversight, and Finance Committees. He has extensive experience in financial services, having been a partner at PwC and holding various independent board roles. | |
Thomas W. Jones Board | Independent Director | Board Director at Jefferies Financial Group, Inc. (Chair, Risk and Liquidity Oversight Committee) | Thomas W. Jones has been an Independent Director at AGO since August 2015, leveraging his extensive experience in investment management and leadership from roles at Citigroup, TIAA-CREF, and TWJ Capital LLC. He is recognized for his contributions in guiding strategic decisions and corporate governance while also holding an external board role at Jefferies Financial Group, Inc.. | |
Yukiko Omura Board | Independent Director | Non-Executive Director at Nishimoto HD Co. Ltd. ; Non-Executive Member of the Board at HSBC Bank plc ; Senior Independent Director at Private Infrastructure Development Group | Yukiko Omura has over 40 years of international financial experience and has served as an Independent Director at AGO since May 2014. She leverages her extensive expertise as Chair of the Finance Committee and as a board member on additional AGO committees, contributing significantly to the company’s financial governance. |
-
Given that public finance ROE is generally in the 8% to 10% range, while structured finance ROE is between 12% and 18% , how does the shift in business mix towards structured finance and international infrastructure impact your overall return on equity, and what strategies are in place to optimize this mix?
-
With the increasing average premium written rising to 1.26% from 1.23%, and previously below 1.2% , if you were to underwrite all new business at current rates, what do you project your future earnings per share and return on equity to be, considering potential capital adjustments?
-
Can you provide more details on your exposure to potential disruptions in the D.C. market, particularly regarding any public works projects or municipalities that might be impacted by current government programs?
-
The non-U.S. structured finance par written this quarter was $2.1 billion, exceeding expectations. Could you elaborate on the specific geographies driving this growth, the expected returns for these new exposures, and the potential risks associated with expanding into these markets?
-
Considering the increase in losses in certain health care transactions and the challenges faced by these facilities, such as high labor costs , how are you managing these operational risks, and what measures are you taking to mitigate potential impacts on your financial results?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Assured Guaranty Municipal Corp. (AGM) | 2024 | The merger of AGM into Assured Guaranty Inc. (AG), effective August 1, 2024, was designed to improve capital efficiency, simplify administration, and consolidate operations, including a regulatory-approved $300 million stock redemption and the transfer of subsidiaries. |
Sound Point | 2023 | On July 1, 2023, Assured Guaranty contributed most of its asset management business to Sound Point in exchange for a 30% ownership interest, aiming to diversify earnings with a fee-based income stream and boost alternative investment capabilities by adding $15.2 billion in AUM, including significant CLO assets. |
Recent press releases and 8-K filings for AGO.
- The Q4 2024 combined financial statements show the company’s financial strength with total assets of $10,128 million and total liabilities of $4,752 million, providing key insights into its balance sheet and operating performance.
- A strategic merger was completed when Assured Guaranty Municipal Corp. merged into the company, resulting in the write‐off of $6 million in insurance licenses and a significant share redemption transaction, reflecting important operational adjustments.
- Detailed disclosures on the investment portfolio—including breakdowns of available-for-sale fixed-maturity securities, trading securities, and alternative investments—highlight the company’s proactive asset management and risk mitigation approach.