Notice of Appointment of Assured Guaranty Corp. as Exclusive Agent for Radian Asset Assurance Inc.
April 3, 2012
As previously announced, Radian Asset Assurance Inc. (“Radian”) and Assured Guaranty Corp. (“Assured Guaranty”) entered into a transaction whereby Radian reinsured a group of public finance policies with Assured Guaranty.
As part of that reinsurance transaction, Radian has appointed Assured Guaranty to service those insurance policies, effective as of January 24, 2012 (the “Effective Date”).
The purpose of this notice is to inform you of the following:
- Radian has appointed Assured Guaranty as its exclusive agent to provide all administrative and other services on behalf of and for Radian with respect to those financial guaranty insurance policies identified in the Schedule attached hereto (each, an “Administered Policy” and collectively, the “Administered Policies”).
- The Administered Policies will not change as a result of the reinsurance and administration provided by Assured Guaranty. Radian remains the issuer of each Administered Policy and remains ultimately responsible to the beneficiaries of the policy for all amounts due thereunder. While Assured Guaranty has a contractual obligation to Radian pursuant to the reinsurance transaction, Assured Guaranty has no direct obligations under the Administered Policies.
From and after the Effective Date, you should submit all notices required to be given under your Administered Policy, including any notice of claim and certificate thereunder, to Assured Guaranty by e-mail and also either mailed by registered mail or personally delivered or telecopied at:
Radian Asset Assurance Inc.
c/o Assured Guaranty Corp.
31 West 52nd Street
New York, New York 10019
Attention: Risk Management Department – Public Finance
Surveillance and General Counsel
(Re: Policy No. _____)
Facsimile Number: (212) 581-3268
Confirmation: (212) 974-0100
If you have questions about the aforementioned subject matter, please contact Holly Horn of Assured Guaranty at (212) 339-3526 (M-F 9:00 a.m. – 5:00 p.m. Eastern Time).