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. 

Assured Guaranty UK Limited (AGUK, formerly known as Assured Guaranty (Europe) plc) and Assured Guaranty (Europe) SA (AGE) are the sole active underwriters of financial guarantees in their respective European markets.

AGUK

Licensed as a United Kingdom (U.K.) insurance company and based in London, AGUK primarily guarantees public finance (including infrastructure) transactions in the U.K. and certain other countries; it may guarantee structured finance transactions, as well.

AGUK was organized in 1990 as Financial Security Assurance (U.K.) Ltd. and issued its first financial guarantee in 1994. Assured Guaranty acquired AGUK’s parent company in 2009.

Since 2009, new transactions guaranteed by AGUK typically are co-guaranteed by one of its U.S. affiliates. 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.

AGE

Licensed as a French insurance company and based in Paris, AGE insures transactions in the European Economic Area (EEA).

Assured Guaranty established AGE in mid-2019 to address the potential impact of the withdrawal of the U.K. from the European Union (E.U.) on its existing portfolio of business in the EEA and to write new business in the EEA.

Effective on October 1, 2020, AGUK transferred to AGE, via an insurance business transfer sanctioned by the UK High Court of Justice, Business and Property Courts of England and Wales, Companies Court, certain of its existing financial guarantees with a nexus to the EEA. To the extent the obligations benefitting from such transferred financial guarantees were rated by S&P Global Ratings (S&P) or Kroll Bond Rating Agency (KBRA) at the time of transfer, they should continue to enjoy the benefit of the same S&P or KBRA ratings, since each of those agencies currently assigns the same rating to both AGUK and AGE. (For additional information, see our ratings page and Company Statement).

AGE is authorised and regulated by the Autorité de Contrôle Prudentiel et de Résolution.
 


Former AGUK Subsidiaries and Their Legacy Insured Obligations

Assured Guaranty (London) plc (AGLN)
AGLN was originally MBIA UK Insurance Limited, the European operating subsidiary of MBIA Insurance Corporation.  Assured Guaranty acquired the company in 2017.

Assured Guaranty (UK) plc 
Assured Guaranty (UK) plc was a long-time subsidiary of AGC that stopped writing new business in 2010.

CIFG Europe S.A. (CIFG EU)
Assured Guaranty acquired the parent of CIFG EU in 2016. 

Business Combination

In November 2018, AGLN, Assured Guaranty (UK) plc and CIFG EU, each of which was previously acquired by AGUK, were merged with and into AGUK, with AGUK as the surviving entity. As a result, all obligations and bonds insured by AGLN, Assured Guaranty (UK) plc and CIFG EU became insured obligations of AGUK. Certain of these policies were then transferred to AGE on October 1, 2020, as described above.


AGE SA GAAP Financial Statements

December 31, 2021 (English)
December 31, 2021 (French)
December 31, 2020 (English)
December 31, 2020 (French)

AGE SA Solvency and Financial Condition Reports

December 31, 2021 (English)
December 31, 2021 (French)
December 31, 2020 (English)
December 31, 2020 (French)

AGUK GAAP Financial Statements
December 31, 2021 Archive
AGUK Solvency and Financial Condition Reports
December 31, 2021 Archive
Assured Guaranty (UK) plc 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
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