U.S. Public Finance
Assured Guaranty is the leading provider of municipal bond insurance in the United States.
Our municipal credit enhancement products include:
- Municipal bond insurance policies covering principal and interest, for both new issues and those already trading in the secondary market
- Surety policies that take the place of cash-funded reserves in municipal bond transactions
- Specialized financial guaranty policies, such as swap sureties guaranteeing a municipal issuer’s obligations under a swap agreement with a broker-dealer
We guarantee a wide range of municipal bond types supported either by tax revenues or revenues from essential public projects or services. We insure both tax-exempt and taxable municipal bonds, such as Build America Bonds.
While we have three platforms – AGM, insuring only public finance transactions, MAC, insuring only U.S. municipal bonds in select categories, and AGC, a diversified provider -- we are one team, applying a uniform underwriting standard and dedicated to the highest level of customer service. In addition to our large municipal bond insurance department in our New York headquarters, we maintain a fully staffed western regional office in San Francisco.
During 2015, Assured Guaranty led the municipal bond insurance market in terms of both par and the number of transactions insured during the year, capturing 60% of all insured new-issue par and 54% of the insured transactions. Our 1,009 primary-market transactions represented $15.1 billion of insured par, a 41% increase over 2014 – and over $5 billion more than the combined total for the rest of the industry. Counting secondary market activity, our total 2015 US public finance par insured reached $16.1 billion.
Notably, we were the insurer of choice for smaller bond issues (bonds in amounts of $10 million or less), leading the industry with 662 transactions totaling $3.4 billion in par insured during 2015.