Assured Guaranty Further Expands U.S. Public Finance Group in Response to Market Demand for Financial Guaranties.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Assured Guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. Corp. ("Assured" or the "Company"), the triple-A (stable) rated financial guaranty subsidiary of Assured Guaranty Ltd. (NYSE NYSE See: New York Stock Exchange :AGO), announced today the hiring of six additional employees since April 2008, focused on the U.S. public finance market. Beginning in the fourth quarter of 2007, Assured experienced a significant increase in demand for its U.S. public finance financial guaranties and has been hiring employees to support its expansion in that market. The Company underwrote 495 new issue U.S. public finance transactions for $17.8 billion of par for the first half of 2008 compared to $1.2 billion for the first half of 2007. The Company underwrote $11.0 billion of new issue par in the second quarter of 2008, for an estimated market share of 35.1%. The Company's new public finance hires since March 2008 include two additional employees for its U.S. public finance underwriting group, three employees for the legal group who will specifically work on U.S. public finance transactions and one employee in risk management and surveillance who will focus on U.S. public finance credits. Assured also hired six new employees for its U.S. public finance group in the first quarter of 2008. Including these recent hires, Assured has 27 professionals focused on the U.S. public finance market as of July 2008, an increase of 12 employees since December 2007. "The additional underwriting talent will help sustain Assured's track record of providing timely and responsive service to the U.S. public finance market," said Michael Schozer, President of Assured Guaranty Corp. "Our recent hires will expand our ability to service important business sectors including utilities, higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. , project finance, public private partnerships, and general government core products." Assured Guaranty Ltd. is a publicly-traded Bermuda-based holding company. Its operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. provide credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing products to the U.S. and international public finance, structured finance and mortgage markets. More information on the Company and its subsidiaries can be found at www.assuredguaranty.com. Any forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made in this press release reflect the Company's current views with respect to future events and financial performance and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. For example, the Company's forward-looking statements, including its statements regarding new business opportunities and new business production, could be affected by many events. These events include a significant reduction in the amount of reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. ceded by one or more of our principal ceding cede tr.v. ced·ed, ced·ing, cedes 1. To surrender possession of, especially by treaty. See Synonyms at relinquish. 2. companies, rating agency action such as a ratings downgrade, difficulties with the execution of the Company's business strategy, contract cancellations, developments or volatility in the world's financial and capital markets, more severe or frequent losses associated with products affecting the adequacy of the Company's loss reserves, changes in regulation or tax laws, governmental actions, natural catastrophes, the Company's dependence on customers, decreased demand or increased competition, loss of key personnel, technological developments, the effects of mergers, acquisitions and divestitures, changes in accounting policies or practices, changes in general economic conditions, other risks and uncertainties that have not been identified at this time, management's response to these factors, and other risk factors identified in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. |
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