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.

Our U.S. insurance subsidiary, Assured Guaranty Inc. (AG) employs disciplined underwriting and risk management standards and is dedicated to the highest level of customer service. In addition to the large municipal bond insurance department in AG’s New York headquarters, we maintain a fully staffed western regional office in San Francisco.

AG was previously named Assured Guaranty Corp., and on August 1, 2024, its affiliate Assured Guaranty Municipal Corp. (AGM) merged with and into AG, with AG as the surviving company. As a result, AGM-insured municipal bonds became guaranteed obligations of AG, a larger combined company, and remain in full force and effect.

YTD 2026 Results

Assured Guaranty insured approximately $16 billion of par during the first nine months of 2026, reflecting activity across the primary and secondary municipal markets, and the primary taxable corporate CUSIP market. The London Stock Exchange Group (LSEG) does not include such corporate CUSIPS. Based on the more narrowly defined primary municipal market data captured by LSEG data, Assured Guaranty insured approximately $13 billion of primary municipal par sold across 615 transactions, representing 49% of insured par. Assured Guaranty insured $2 billion of primary market taxable corporate CUSIP par in the first none months of 2026 ($1.5 billion of miliary housing revenue bonds issued for Hampton Roads PPV during the third quarter, along with two transactions totaling $546 million that were insured earlier in the year), bringing total primary market insured par during the first nine months of 2026 to approximately $15 billion. In the secondary market, Assured Guaranty guaranteed an additional $1 billion of par.

Following exceptionally strong production in 2025, when our insured par reached its highest level since 2020, par activity through the first nine months of 2026 returned to a level more consistent with those reported since 2020. Transaction volume year-to-date 2026 remained broadly in line with the average since 2020. Assured Guaranty continues to evaluate business opportunities with an emphasis on sound credit fundamentals and pricing that delivers appropriate risk-adjusted returns. The company believes this disciplined underwriting approach supports the meaningful value our unconditional guaranty provides to issuers and investors.

During the first nine months of 2026, Assured Guaranty guaranteed 23 transactions in which at least $100 million of its insurance was utilized, including six in the third quarter. Notable third-quarter transactions insured included: $1.5 billion for Hampton Roads PPV military housing, $286 million in Port Revenue Bonds for the Municipality of Anchorage, Alaska, and $288 million in revenue and revenue refunding bonds for Chicago O’Hare International Airport. 

During the first nine months of 2026, Assured Guaranty insured $4.9 billion of par across 109 primary and secondary municipal market transactions and primary taxable corporate CUSIP market transactions involving double-A credits – those rated in the double-A category by S&P and/or Moody’s on an uninsured basis. The continued use of Assured Guaranty insurance on double-A credits reflects the breadth of the company’s value proposition and the market’s recognition that its guaranty can add meaningful value even to highly rated bonds.

Forward-Looking Statements

Any forward-looking statements made in this press release reflect Assured Guaranty’s current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These risks and uncertainties include, but are not limited to, difficulties executing Assured Guaranty’s business strategy; the demand for Assured Guaranty’s financial guarantees; actions that the rating agencies may take with respect to Assured Guaranty’s financial strength ratings; adverse developments in Assured Guaranty’s guaranteed portfolio; other risks and uncertainties that have not been identified at this time; management’s response to these factors; and other risk factors identified in Assured Guaranty’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of October 28, 2026. Assured Guaranty undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.