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.

Our U.S. insurance subsidiary, Assured Guaranty Inc. (AG) employs disciplined underwriting and risk management standards and is dedicated to the highest level of customer service. In addition to the large municipal bond insurance department in AG’s New York headquarters, we maintain a fully staffed western regional office in San Francisco.

AG was previously named Assured Guaranty Corp., and on August 1, 2024, its affiliate Assured Guaranty Municipal Corp. (AGM) merged with and into AG, with AG as the surviving company. As a result, AGM-insured municipal bonds became guaranteed obligations of AG, a larger combined company, and remain in full force and effect.

2025 Results

During 2025, Assured Guaranty insured a total of $27 billion of new issue and secondary market insured par, an 11% increase over our 2024 total insured par. 

For insured new issue par sold in 2025, Assured Guaranty achieved a 15-year high, wrapping more than $25 billion. Assured Guaranty led the insured market in 2025 with 58.4% of new issue insured par sold, and our new issue deal count grew 15% year-over-year to 908 deals. We also continued to build on our secondary market activity, which increased our secondary insured par more than 260% year-over-year to $2.0 billion.

We attribute our continued success and leadership in the bond insurance market to our unique value proposition. We believe that our insurance can broaden market distribution and attract diverse investors for large and small transactions alike. For investors, it provides safety and security.  

During 2025, the municipal market experienced a second consecutive year of record issuance, with bond insurance continuing to see strong demand. Strong market demand on larger transactions showed continuing institutional appetite for our guaranty on such transactions. In 2025, Assured Guaranty wrapped 51 deals with approximately $100 million or more in insured par for a total of approximately $12.6 billion in insured par. This is our largest number of these transactions in over a decade. Some of our larger deals in 2025 were: $1 billion for the Dormitory Authority of the State of New York; $844 million for the Downtown Revitalization Public Infrastructure District (PID) in Utah; $730 million for the Alabama Highway Authority; $650 million for the Beth Isreal Lahey Health, Massachusetts Development Finance Agency; and $600 million for the New York Transportation Development Corp.’s New Terminal One at JFK Airport.

Two of our larger transactions were honored at the 2025 Bond Buyer’s Deal of the Year ceremony. JFK International Airport’s Terminal Six Redevelopment Project, for which we insured $920 million of par, was recognized as the Green Financing Deal of the Year, and Alaska Railroad Corporation’s Cruise Port Revenue Bonds, where we insured $108 million, was named the Far West Region Deal of the Year.

Also in 2025, we saw an increase in the use of our insurance among AA credits (defined as those credits rated in the double-A category by S&P and/or Moody’s on an uninsured basis). Year-over-year, including both the primary and secondary markets, we insured 58% more of such policies representing approximately 60% more par, for a total of 163 policies and approximately $7.0 billion of insured par.

In the fourth quarter of 2025, our primary and secondary market insured par sold totaled $5.2 billion. The par of our 206 primary transactions was $4.7 billion. This included 11 deals of approximately $100 million or more. Our 191 secondary transactions in the fourth quarter represented $535 million of par.

Forward-Looking Statements

Any forward-looking statements made in this press release reflect Assured Guaranty’s current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These risks and uncertainties include, but are not limited to, difficulties executing Assured Guaranty’s business strategy; the demand for Assured Guaranty’s financial guarantees; actions that the rating agencies may take with respect to Assured Guaranty’s financial strength ratings; adverse developments in Assured Guaranty’s guaranteed portfolio; other risks and uncertainties that have not been identified at this time; management’s response to these factors; and other risk factors identified in Assured Guaranty’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of January 26, 2026. Assured Guaranty undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.