Assured Guaranty (Europe) Ltd., is our principal underwriter for European insured transactions.

Assured Guaranty is the only financial guaranty insurance company that has remained active in Europe, where it has maintained a continuous presence marketing financial guarantees since the mid-1980s.  As a result of acquisitions, Assured Guaranty currently has four European subsidiaries, which it is actively working to combine.  Because any such combination is subject to regulatory and court approvals, Assured Guaranty cannot predict when, or if, such a combination will be completed.

Bonds guaranteed by these European subsidiaries are not obligations of, or guaranteed or otherwise supported by, Assured Guaranty Ltd.

Assured Guaranty (Europe) Ltd. (AGE)

Assured Guaranty writes financial guarantees in Europe through AGE, a London-based subsidiary of Assured Guaranty Municipal Corp. (AGM).  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 and issued its first financial guarantee in 1994. 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.

Assured Guaranty (London) Ltd. (AGLN)

On January 10, 2017, AGC acquired MBIA UK Insurance Limited, the European operating subsidiary of MBIA Insurance Corporation, and subsequently renamed it Assured Guaranty (London) Ltd.  AGLN is in run-off and does not write new business. AGC currently maintains AGLN as a stand-alone entity. 

Bonds guaranteed by AGLN are obligations of AGLN solely, and are not obligations of, or guaranteed or otherwise supported by, AGC or any other subsidiary of Assured Guaranty Ltd. 

AGLN 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.  Additional information about AGC’s acquisition of AGLN can be found in the press release announcing completion of the transaction.

Assured Guaranty (UK) Ltd. (AGUK)

A long-time subsidiary of AGC, AGUK stopped writing new business in 2010, following Assured Guaranty’s 2009 acquisition of AGE, and has been running off its exposure since then.  AGC provides support for AGUK’s insurance obligations through quota share and excess of loss reinsurance agreements.

AGUK 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.

CIFG Europe S.A. (CIFG Europe)

In connection with its July 2016 acquisition of CIFG Holding Inc., AGC acquired CIFG Europe, a French insurance company. CIFG Europe is in run-off and does not write new business. CIFG Europe’s financial guaranty exposures had been reinsured by CIFG Assurance North America, Inc. (CIFGNA), which was merged into AGC in July 2016.  CIFGNA also provided a financial guaranty insurance policy that guarantees any amounts due from CIFG Europe under its financial guaranties that are not paid by CIFG Europe after all conditions to payment are satisfied (a “second to pay” guaranty). As a result of the merger of CIFGNA into AGC, AGC assumed all of CIFGNA’s obligations, including those to CIFG Europe under the reinsurance agreement and “second to pay” guaranty.  CIFG Europe no longer has an insurance license but continues to be regulated by the Autorité de Contrôle Prudentiel (the French prudential insurance regulator).  Additional information released at the time of AGC’s acquisition of CIFGNA can be in the press release announcing completion of the transaction. 

AGE UK GAAP Financial Statements
December 31, 2016 Archive
AGE Solvency and Financial Condition Reports
December 31, 2016 Archive
AGUK Solvency and Financial Condition Reports
December 31, 2016 Archive
CIFG Europe Solvency and Financial Condition Reports
December 31, 2016 Archive