Assured Guaranty reported a net loss for Q1 2020, but said it was well positioned to withstand the stress caused by the COVID-19 pandemic.
Assured Guaranty has reported a net loss of $55 million for Q1 2020, down from a profit of $54 million for the same period in 2019.
Net earned premiums and credit derivative revenues were $107 million for Q1, compared with $126 million in Q1 2019.
Dominic Frederico, president and chief executive at Assured Guaranty, said the results reflected some of the dislocation experienced in the financial markets.
“We produced $51 million of present value of new business production, 21 percent higher than in last year’s first quarter, even after experiencing the negative impact of the market shutting down in the latter part of March,” he said. “Based on our liquidity, low insured leverage, diversified, granular portfolio and significant excess capital, we are structured to withstand the financial stress that can result from this pandemic.”
Assured Guaranty, Dominic Frederico, Results