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United States : Assured Guaranty acquires CIFG Holding for $450m.

Assured Guaranty (AGC) has acquired CIFG Holding, the parent of financial guaranty insurer CIFG Assurance North America, in a deal worth around $450m. In April, the deal was initially announced by both firms.

With the conclusion of the deal, all insurance policies issued by CIFG will be direct insurance obligations of AGC.

It covered $2.7bn of CIFG public finance and infrastructure insurance policies assumed by AGC in 2009 which were not replaced to AGC following that reinsurance transaction.

As of March 2016, CIFG had about $644m statutory capital.

Assured Guaranty president and CEO Dominic Frederico said, "We are pleased to have completed our third acquisition of a legacy bond insurer, adding $5.5 billion to Assured Guaranty's insured portfolio.

"Much like our previous acquisitions of Financial Security Assurance and Radian Asset Assurance, this acquisition will strengthen Assured Guaranty's franchise by adding a solid book of financial guaranty business and will also increase AGC's shareholders' equity and statutory capital."

AGC earlier in April 2015, had acquired Radian Asset Assurance from Radian Guaranty, for around $804.5m in cash.

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Publication:Mena Report
Date:Jul 5, 2016
Words:191
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