Assured Guaranty sells stake in healthcare investor

Bermuda-based Assured Guaranty has transferred the ownership of its entire equity interest in Assured Healthcare Partners to an entity owned and controlled by its founder, Jim Pieri.

Peiri has acted as the managing partner and chief investment officer of AHP since its formation as an independent healthcare-focused investment manager.

Earlier this month, Assured Guaranty combined its asset management business, Assured Investment Management, with Sound Point Capital Management, and Sound Point became the sole alternative credit manager of the Assured Guaranty US insurance companies.

Assured Guaranty received a 30% ownership interest in Sound Point’s combined business. The transaction with Sound Point did not include Assured Guaranty’s interest in AHP.

"The two transactions we recently completed – our business combination with Sound Point and AssuredIM and now the sale of our interest in AHP – constitute a continuation of our strategy to diversify our earnings stream through alternative investments," said Dominic Frederico (pictured), CEO and president of Assured Guaranty.

He continued: "Under the AHP transaction, Assured Guaranty will remain a strategic investor in certain AHP-managed funds while retaining its carried interest in existing AHP-managed funds and will receive other consideration.

We believe our alternative investment strategy, including with Sound Point- and AHP-managed funds, will enhance the performance of and diversify our investment portfolio."