Bermuda-based Assured Guaranty Ltd. announced that its subsidiary, Assured Guaranty US Holdings Inc., has entered into an agreement with a subsidiary of ACE Limited to purchase 5,692,599 of Assured Guaranty’s common shares for $150 million.
The share purchase will reduce ACE’s ownership of Assured Guaranty’s common shares to 20,307,401, or approximately 30 percent of the Company’s total common shares outstanding. “The purchase of these shares will be funded by, and is contingent upon, Assured Guaranty US Holdings Inc.’s raising of $150 million of junior subordinated indebtedness,” said the bulletin.
CEO Dominic Frederico commented: “These transactions will allow us to maintain our strong capital position to support our growth initiatives while also reallocating our capital structure and improving shareholder returns.”
Was this article valuable?
Here are more articles you may enjoy.
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
World’s Growing Civil Unrest Has an Insurance Sting 
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
AIG’s Zaffino: Outcomes From AI Use Went From ‘Aspirational’ to ‘Beyond Expectations’ 
