Like AGM, AGC underwrites guaranties on both new-issue and secondary-market U.S. municipal bonds and infrastructure transactions. Additionally, AGC underwrites guaranties for structured financings, including asset-backed securities, in the U.S. and international capital markets, and we expect AGC to continue to diversify its portfolio through exposure to the structured finance markets. Operating since 1988, AGC is domiciled in Maryland with headquarters in New York.
AGC acquired Radian Asset Assurance Inc. (Radian Asset) on April 1, 2015 and CIFG Holding Inc., the parent of financial guaranty insurer CIFG Assurance North America, Inc. (CIFG) on July 1, 2016. Both Radian Asset and CIFG merged with and into AGC, with AGC as the surviving company. Bonds insured by both acquired companies have therefore become insured obligations of AGC and are supported by AGC’s claims-paying resources.
Bonds insured by AGC, including those originally insured by Radian Asset or CIFG, are obligations of AGC solely, and are not obligations of, or guaranteed or otherwise supported by, Assured Guaranty Ltd. or any of its other subsidiaries.
In addition, AGC entered into agreements with the Woodbourne Capital Trusts, which issued committed capital securities to institutional investors. The Woodbourne Capital Trusts granted AGC put options that, if exercised, would require each trust to liquidate a portion of its assets in order to purchase AGC preferred stock.
On January 10, 2017, AGC acquired MBIA UK Insurance Limited, which it renamed Assured Guaranty (London) Ltd. and maintains it as a separate subsidiary. For more information on Assured Guaranty (London) Ltd., see Answers to Questions About AGC's Acquisition of MBIA UK Insurance Limited.
Certain AGC-insured bonds that were not previously insured by S&P received S&P Ratings on January 13, 2017 at AGC's request and cost (see press release and list of affected transactions). Concurrently, AGC requested that Moody’s withdraw AGC’s rating, which would remove the Moody’s rating that is based on AGC insurance from AGC-insured bonds. (See lists of bonds potentially affected by AGC’s withdrawal request by 6-digit CUSIPs and 9-digit CUSIPs).
For additional information or questions about AGC, please contact Investor Relations.