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

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.

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.

Continuing its market leadership, Assured Guaranty garnered 62% of the primary-market insured par sold in the first quarter of 2018, a five percent increase from last year’s first-quarter market share and 160% of the par volume of all other insured par sold in the quarter.  New-issue market volume and insured volume were somewhat constrained by the decrease in refundings caused in part by the tax law changes.

We benefited from institutional investors’ continued preference for Assured Guaranty insurance on larger transactions, and we were selected on ten different transactions to insure more than $50 million of par, including three where we insured more than $100 million of par. The three deals, totaling over $800 million of Assured Guaranty insured par, were $419 million for a portion of the Commonwealth of Pennsylvania’s $1.5 billion state-appropriation-backed bond, $266 million of Arlington, Texas sales tax bonds, and $152 million for Atlanta Fulton County Recreation Authority.  All three were rated single A or better. 

In addition to those ten large deals, we guaranteed an additional 109 small and medium-sized new issues.  Adding our secondary market policies, our total first-quarter insured par sold exceeded $2.4 billion.

Contact Information

  • William J. Hogan
  • Senior Managing Director
  • 212 408 6006
  • Email

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