Assured Guaranty (Europe) plc 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, subject to receipt of all necessary regulatory and court approvals.

In a step toward completing such combination, on June 26, 2017 Assured Guaranty Municipal Corp. (AGM) purchased from Assured Guaranty Corp., and contributed to its London-based subsidiary Assured Guaranty (Europe) plc (AGE), the other three European subsidiaries listed below. The ultimate result of the combination will be the merger of these three subsidiaries with and into AGE, with AGE as the surviving entity of the merger.  Upon the merger, all outstanding obligations and bonds originally insured by any of the four European subsidiaries will be insured obligations of AGE and will, therefore, receive AGE’s financial strength ratings. 

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

Assured Guaranty (Europe) plc (AGE) (formerly Assured Guaranty (Europe) Ltd.)

Assured Guaranty writes financial guarantees in Europe through AGE. 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) plc (AGLN) (formerly Assured Guaranty (London) Ltd.)

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).  AGLN was reregistered as a public limited company (plc) on June 1, 2017. As described above, AGE acquired AGLN in June 2017.  AGLN is in run-off and does not write new business. AGE 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, AGM 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) plc (AGUK) (formerly Assured Guaranty (UK) Ltd.)

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. Although AGE has acquired AGUK, AGC continues to provide support for AGUK’s insurance obligations through quota share and excess of loss reinsurance agreements and a net worth maintenance agreement. Upon completion of the combination described above, AGC’s excess of loss reinsurance and net worth maintenance support will terminate, but AGC will continue to provide quota share reinsurance for the legacy AGUK insurance obligations assumed by AGE pursuant to the combination.

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.  These remain obligations of AGC, notwithstanding AGE’s acquisition of CIFG Europe, and will continue to be obligations of AGC following completion of the combination.  

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 found in the press release announcing completion of the transaction. 

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