ASSURED GUARANTY Business Summary

Assured Guaranty Ltd. (AGO) is a leading global provider of financial guaranty insurance and credit enhancement products, primarily serving the public finance, infrastructure, and structured finance markets. The company generates revenue through three primary streams: insurance premiums (Gross Written Premiums), net investment income from its substantial $10 billion-plus investment portfolio, and asset management fees derived from its ownership in Sound Point Capital Management. Its operations are divided into two core segments: the Insurance segment, which provides unconditional guarantees of scheduled principal and interest payments on debt obligations, and the Asset Management segment, which manages collateralized loan obligations (CLOs) and opportunity funds. In the specialized monoline insurance market, Assured Guaranty maintains a dominant position, capturing approximately 60-65% of the U.S. municipal bond insurance market. It competes directly with Build America Mutual (BAM), Ambac Financial Group, and MBIA Inc., distinguishing itself through its superior scale, diversified international footprint, and expansion into alternative asset management and annuity reinsurance. Originally founded in 1988 as Capital Re Corp and later spun off from ACE Limited (now Chubb) via a 2004 IPO, the company is led by President and CEO Dominic J. Frederico, who has held the position since December 2003 and previously served as Vice Chair of ACE Limited. The current executive team includes Chief Operating Officer Robert A. Bailenson and Chief Financial Officer Benjamin G. Rosenblum, both of whom assumed their current roles in January 2024 following long tenures within the firm’s actuarial and financial departments. The leadership is supported by a high-pedigree Board of Directors chaired by Francisco L. Borges and featuring notable members such as Lorin Radtke, a former Goldman Sachs partner, and Mark C. Batten, a former PricewaterhouseCoopers partner. The company maintains high institutional backing, with major stakeholders including The Vanguard Group and BlackRock, reflecting its status as a highly capitalized, investment-grade credit insurer.