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.

Assured Guaranty continued to lead the industry in par insured, guaranteeing 53% of second quarter insured par sold in the primary market and 57% for the first half of 2018.  In the municipal market, first-half par volume and deals issued were down 17% and 19%, respectively, compared with last year’s first half, largely due to decreased refundings in the aftermath of tax reform and the rushing of some new issues into year-end 2017. Insured volume also declined, and in this environment, Assured Guaranty focused on transactions that provided comparatively more premium dollars and better returns over the long term.

Most of the transactions that were pushed forward to 2017 would have otherwise occurred in the first quarter, and the second quarter saw a significant rebound in both issued and insured volume. Assured Guaranty’s second-quarter primary-market insured par sold was 29% higher than in the first quarter.  Including 222 small, medium and large new issues and secondary-market policies, our total second-quarter insured par sold exceeded $3 billion.  

We have continued to benefit from institutional investors’ preference for Assured Guaranty insurance on larger transactions. In the second quarter, we were selected on eleven different transactions to insure more than $50 million of par, including four deals with a combined par of $774 million where we insured more than $100 million of par on each deal. 

Contact Information

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

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