Assured Guaranty Ltd. (AGO)

[Enterprising Investor]

New York Insurance Regulator Approves Assured Guaranty Municipal Corp. Plan to Repurchase Shares Valued at $300 Million from Assured Guaranty Municipal Holdings Inc. (11/28/16)

NEW YORK--(BUSINESS WIRE)--Assured Guaranty Municipal Corp. (AGM), an indirect subsidiary of Assured Guaranty Ltd. (AGL)(NYSE:AGO), today announced that the New York State Department of Financial Services has approved its request to implement a stock redemption plan.

Under the plan, AGM will repurchase shares from its direct parent, Assured Guaranty Municipal Holdings Inc., for approximately $300 million.

AGL will use these funds predominantly to repurchase its publicly traded common shares. Share repurchases can be made from time to time in the open market or in privately negotiated transactions. As of close of business on November 25, 2016, AGL had approximately $325 million remaining under its current share repurchase authorizations.

At September 30, 2016, AGM’s claims-paying resources totaled $5.7 billion (excluding its investment in its affiliate Municipal Assurance Corp.) and its leverage ratios of outstanding par and outstanding debt service to claims-paying resources were 20.8 to 1 and 32.0 to 1, respectively.

AGM is an operating subsidiary of Assured Guaranty Ltd., a publicly traded Bermuda-based holding company whose operating subsidiaries provide credit enhancement products to the U.S. and international public finance, infrastructure and structured finance markets. More information on Assured Guaranty and its subsidiaries can be found at AssuredGuaranty.com.

http://www.businesswire.com/news/home/20161128006125/en/York-Insurance-Regulator-Approves-Assured-Guaranty-Municipal