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ASSURED GUARANTY LTD

For the period ended Jun 30, 2024. Filed Aug 8, 2024.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 8, 2024

AGO$73.78+0.4%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Insured Portfolio

Financial Guaranty Exposure

The following tables present information in respect of the financial guaranty insured portfolio to supplement the disclosures and discussion provided in Item 1, Financial Statements, Note 3, Outstanding Exposure.

The following table presents the financial guaranty portfolio by sector, net of cessions to reinsurers. It includes all financial guaranty contracts outstanding as of the dates presented, regardless of the form written (i.e., credit derivative form or traditional financial guaranty insurance form) or the applicable accounting model (i.e., insurance, derivative or FG VIE).

Net Par Outstanding by Sector

As of June 30, 2024As of December 31, 2023
Sector · (dollars in millions)
Public finance:
U.S. public finance:
General obligation$76,598$74,609
Tax backed32,97733,060
Municipal utilities28,80829,300
Transportation24,88922,052
Healthcare12,64012,604
Infrastructure finance8,7048,796
Higher education7,3977,250
Housing revenue1,1351,152
Investor-owned utilities327329
Renewable energy167167
Other public finance951970
Total U.S. public finance194,593190,289
Non-U.S public finance:
Regulated utilities22,12320,545
Infrastructure finance14,91815,430
Sovereign and sub-sovereign9,4689,869
Renewable energy1,9582,030
Pooled infrastructure1,1161,133
Total non-U.S. public finance49,58349,007
Total public finance244,176239,296
Structured finance:
U.S. structured finance:
Insurance securitizations4,6484,379
RMBS1,5851,774
Pooled corporate obligations693631
Financial products470464
Consumer receivables256314
Subscription finance facilities256178
Other structured finance851892
Total U.S. structured finance8,7598,632
Non-U.S. structured finance:
Subscription finance facilities726444
Pooled corporate obligations401425
RMBS236252
Other structured finance98104
Total non-U.S. structured finance1,4611,225
Total structured finance10,2209,857
Total net par outstanding$254,396$249,153

Exposure to Puerto Rico

The following tables present information in respect of the Puerto Rico exposures to supplement the disclosures and discussions provided in “—Liquidity and Capital Resources—Insurance Subsidiaries, Financial Guaranty Policies” below and Item 1, Financial Statements, Note 3, Outstanding Exposure.

Exposure to Puerto Rico by Company

Net Par Outstanding
AGMAGAG ReEliminations (1)Total Net Par OutstandingGross Par Outstanding
(in millions)
Defaulted Puerto Rico Exposures
PREPA$377$67$180$—$624$633
Total Defaulted37767180—624633
Resolved Puerto Rico Exposures (2)
Puerto Rico Highways and Transportation Authority (PRHTA) (Transportation revenue)1213074(12)204204
PRHTA (Highway revenue)2121—2424
Total Resolved3313275(12)228228
Non-Defaulting Puerto Rico Exposures (3)
Municipal Finance Agency (MFA)84618—108114
Puerto Rico Aqueduct and Sewer Authority (PRASA) and University of Puerto Rico (U of PR)—1——11
Total Non-Defaulting84718—109115
Total exposure to Puerto Rico$494$206$273$(12)$961$976

(1) Net par outstanding eliminations relate to second-to-pay policies under which an Assured Guaranty insurance subsidiary guaranteed an obligation already insured by another Assured Guaranty insurance subsidiary.

(2) Resolved pursuant to the 2022 Puerto Rico Resolutions. Consideration (e.g. Toll Bonds and CVIs) received under the HTA Plan related to the remaining insured exposure is reported in FG VIEs’ assets (see Item 1, Financial Statements, Note 8, Financial Guaranty Variable Interest Entities and Consolidated Investment Vehicles).

(3) All debt service on these insured exposures have been paid to date without any insurance claim being made on the Company.

The following tables show the scheduled amortization of the various obligations of Puerto Rico’s authorities and public corporations insured by the Company. The Company guarantees payments of debt service when those amounts are scheduled to be paid and cannot be required to pay on an accelerated basis. In the event that obligors default on their obligations, the Company would only pay the shortfall between the debt service due in any given period and the amount paid by the obligors.

Amortization Schedule of Net Par of Puerto Rico

Scheduled Net Par Amortization
2024 (3Q)2024 (4Q)20252026202720282029 - 20332034 - 20382039 - 2041Total
(in millions)
Defaulted Puerto Rico Exposures
PREPA$93$—$68$105$105$68$176$9$—$624
Total Defaulted93—68105105681769—624
Resolved Puerto Rico Exposures
PRHTA (Transportation revenue)———————10797204
PRHTA (Highway revenue)——————816—24
Total Resolved——————812397228
Non-Defaulting Puerto Rico Exposures
MFA16—1635151313——108
PRASA and U of PR1————————1
Total Non-Defaulting17—1635151313——109
Total$110$—$84$140$120$81$197$132$97$961

Amortization Schedule of Net Debt Service of Puerto Rico

Scheduled Net Debt Service Amortization
2024 (3Q)2024 (4Q)20252026202720282029 - 20332034 - 20382039 - 2041Total
(in millions)
Defaulted Puerto Rico Exposures
PREPA$105$3$92$126$122$80$200$9$—$737
Total Defaulted105392126122802009—737
Resolved Puerto Rico Exposures
PRHTA (Transportation revenue)5—1111111153143106351
PRHTA (Highway revenue)1—11111518—38
Total Resolved6—1212121268161106389
Non-Defaulting Puerto Rico Exposures
MFA19—2039171414——123
PRASA and U of PR1————————1
Total Non-Defaulting20—2039171414——124
Total$131$3$124$177$151$106$282$170$106$1,250

The remaining amounts owed for insured PRHTA bonds are payable in full by the Company’s insurance subsidiaries under their financial guaranty policies and are no longer dependent on the credit of PRHTA.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.