18 March 2021News

Assured Guaranty renames its UK business to mark a clearer distinction with its Paris-based operation

Assured Guaranty, the Bermuda-based provider of financial guaranty insurance, has renamed its UK subsidiary to Assured Guaranty UK (AGUK) to mark a clearer distinction between its UK and European operations.

Assured Guaranty launched Assured Guaranty Europe (AGE) in Paris in mid-2019 to prepare for the impact of Brexit, although Assured Guaranty said it had already been considering opening an office in Paris. The UK business had also been called AGE.

In 2020, AGUK transferred 79 financial guaranty policies to AGE, representing approximately €6.1 billion of par exposure, which consisted almost exclusively of policies relating to risks in the infrastructure, energy and public debt sectors.

AGUK will continue executing Assured Guaranty’s business in the UK and internationally, while AGE will expand its footprint in Continental Europe.

To date, AGE has been active in the primary and secondary markets. In the primary market it has closed three new Spanish solar transactions with an aggregate original insured par amount of €972 million. It is rated AA+ by Kroll Bond Rating Agency and AA by S&P Global Ratings, both with stable outlooks.

Nick Proud, Assured Guaranty’s senior managing director for international infrastructure and global structured finance, highlighted increasing demand in Europe.

“With AGE becoming the primary platform for Assured Guaranty’s European operations, changing the UK subsidiary’s name to AGUK was a natural step to reflect its headquarters in London and to differentiate the companies going forward,” he explained.

Raphaël de Tapol, deputy managing director of AGE, said the Paris-based business has guaranteed almost €1 billion of new bonds. “Our primary focus will continue to be Europe’s infrastructure and structured finance markets,” said de Tapol. “Finding opportunities to use our capabilities in these areas for the benefit of our clients is a key part of Assured Guaranty’s strategy going forward.”