Assured Guaranty in the European Market

Assured Guaranty is the only financial guarantee insurance company that has remained active in Europe, where it has maintained a continuous presence since the mid-1980s. In November 2018, Assured Guaranty announced the successful combination of its four international financial guarantee insurance companies. Assured Guaranty (London) plc (AGLN), Assured Guaranty (UK) plc (AGUK) and CIFG Europe SA (CIFG EU), which were previously acquired by Assured Guaranty (Europe) plc (AGE), have been merged with and into AGE, with AGE as the surviving entity. As a result, all obligations and bonds insured by AGLN, AGUK and CIFG EU are insured obligations of AGE and are expected to receive AGE’s financial strength ratings. AGE will continue as the sole active underwriter of financial guarantees in the European market.

List of Transactions That Became Direct Obligations of AGE Following the Combination

Assured Guaranty (Europe) plc

Licensed as a U.K. insurance company and currently “passported” to provide financial guarantees in various countries in the European Economic Area, AGE was organized in 1990 as Financial Security Assurance (U.K.) Ltd. and issued its first financial guarantee in 1994. It was renamed after Assured Guaranty acquired AGE’s parent company in 2009. AGE insures primarily public finance (including infrastructure) transactions and may insure structured finance transactions as well.

Since 2009, new transactions guaranteed by AGE are co-guaranteed with a U.S. affiliate. AGE is authorized by the U.K. Prudential Regulation Authority and regulated by both the U.K. Prudential Regulation Authority and the U.K. Financial Conduct Authority.

Legacy Obligations of Former Subsidiaries

As a result of the combination, obligations originated by the following former companies are all now direct obligations of AGE and are expected to be rated based on AGE’s financial strength ratings.

Assured Guaranty (London) plc
AGLN was originally MBIA UK Insurance Limited, the European operating subsidiary of MBIA Insurance Corporation. It was acquired by AGC in January 2017 and transferred to AGE in June of that year.

Assured Guaranty (UK) plc 
AGUK was a long-time subsidiary of AGC that stopped writing new business in 2010, following Assured Guaranty’s 2009 acquisition of AGE, and has been running off its exposure since then.

CIFG Europe S.A.
CIFG Europe was a French insurance company that was acquired by AGC. in connection with its July 2016 acquisition of CIFG Holding Inc., a French insurance company.

AGE UK GAAP Financial Statements
December 31, 2017 Archive
AGE Solvency and Financial Condition Reports
December 31, 2017 Archive
AGUK Solvency and Financial Condition Reports
December 31, 2017 Archive
CIFG Europe Solvency and Financial Condition Reports
December 31, 2017 Archive
AGLN Solvency and Financial Condition Reports
December 31, 2017 Archive

Contact

  • Nick Proud
  • Senior Managing Director
  • 44 0 20 7562 1910
  • Email