Assured Guaranty hails best quarter for new business development in more than 10 years

Assured Guaranty increased its third quarter profitability year on year and hailed the best quarter for new business development in more than a decade.

The group reported a net profit of $86 million for Q3 2020, up from the $69 million reported in the same quarter of 2019.

Meanwhile, its insurance segment delivered gross written premiums of $121 million in Q3 2020, up from $69 million the previous year.

Dominic Frederico, president and chief executive officer at Assured Guaranty, said the group had “achieved the best direct new business production in more than a decade for both the third quarter and the first nine months of 2020.”