ADDED
As of February 25, 2026, 44,948,769 Common Shares, par value $0.01 per share, were outstanding (including 22,002 unvested restricted shares).
Securities and Exchange Commission (SEC); (xxxi) other risks and uncertainties that have not been identified at this time; and (xxxii) management s response to these factors.
Assured Guaranty undertakes no obligation to update or review 3 any forward looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Business 6 Overview 6 Insurance 7 Insurance Business 7 Exposure Limits, Underwriting Process, and Credit Policy 9 Importance of Financial Strength Ratings 11 Market Demand and Competition 12 Financial Guaranty Insurance Acquisitions 14 Insurance Subsidiaries 14 Support of the European Insurance Subsidiaries 15 Asset Management 16 Asset Management Strategies 17 Market Demand and Competition 17 Investments 18 Risk Management 19 Regulation 23 Human Capital Management 33 Tax Matters 34 Available Information 42 Item 1A.
Risk Factors 43 Risks Related to Economic, Market and Political Conditions and Natural Phenomena 45 Risks Related to Estimates, Assumptions and Valuations 47 Strategic Risks 49 Operational Risks 53 Risks Related to Taxation 57 Risks Related to Applicable Law, Litigation and GAAP 61 Risks Related to AGL s Common Shares 64 Item 1B.
Mine Safety Disclosures 67 Information About the Company's Executive Officers 67 PART II 69 Item 5.
Holding Companies 101 Insurance Subsidiaries 106 Investment Portfolio 109 Lease Obligations 113 Financial Guaranty Variable Interest Entities and Consolidated Investment Vehicles 113 Consolidated Cash Flow Summary 114 Item 7A.
(AGL and, together with its subsidiaries, Assured Guaranty or the Company) is a Bermuda-based holding company that provides, through its wholly-owned operating subsidiaries, credit protection products to the U.S.
If an obligor defaults on a scheduled payment due on an obligation, such as scheduled principal or interest payment (collectively, debt service), the Company is required under its unconditional and irrevocable financial guaranty to pay the shortfall of the scheduled amount to the holder of the obligation, but generally cannot be required by the holder to pay on an accelerated basis.
and the United Kingdom (U.K.), and also guarantees obligations issued in other countries and regions, including Western Europe and Australia.
REMOVED
As of February 26, 2025, 50,103,140 Common Shares, par value $0.01 per share, were outstanding (including 21,413 unvested restricted shares).
China strategic competition; (iii) cybersecurity risk and the impacts of artificial intelligence, machine learning and other technological advances, including potentially increasing the risks of malicious cyber attacks, dissemination of misinformation, and disruption of markets, including the markets in which the Company participates; (iv) the possibility of a U.S.
government shutdown, payment defaults on the debt of the U.S.
government or instruments issued, insured or guaranteed by related institutions, agencies or instrumentalities, and downgrades to their credit ratings; (v) developments in the world s financial and capital markets, including stresses in the financial condition of banking institutions in the U.S.
Securities and Exchange Commission (SEC); (xxviii) other risks and uncertainties that have not been identified at this time; and (xxix) management s response to these factors.
The Company undertakes no obligation to update or review any forward looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Conventions Unless otherwise noted, ratings on Assured Guaranty s insured portfolio are Assured Guaranty s internal ratings.
The Company purchases attractively priced obligations that it has insured and for which it had expected losses to be paid (Loss Mitigation Securities) in order to mitigate the economic effect of insured losses.
Ratings on Loss Mitigation Securities are also Assured Guaranty's internal ratings.
Internal credit ratings are expressed on a rating scale similar to that used by the rating agencies and generally reflect an approach similar to that employed by the rating agencies, except that Assured Guaranty s internal credit ratings focus on future performance, rather than lifetime performance.