26 February 2021News

Assured Guaranty sees profits dip in 2020

Assured Guaranty saw a moderate decline in its profits in 2020, but stressed a number of notable achievements in what it described as “a pivotal year” for the business.

Assured Guaranty and its consolidated entities reported a net profit of $362 million in 2020, a little down on the $402 million profit recorded in 2019.

Profit was up in the fourth quarter of 2020, to $148 million, from $137 million in the same period of 2019.

Gross written premiums were $454 million for the full year in 2020, compared to $677 million in 2019, and $120 million for the fourth quarter of 2020, compared to $518 million in the same period the previous year.

Dominic Frederico, president and chief executive of Assured Guaranty, said it had been “a pivotal year” for the company, given the challenging circumstances represented by COVID-19.

“In the highest volume municipal bond market on record, we led a surging bond insurance market with a 58 percent market share, increased our municipal present value of new business production (PVP) by 45 percent year-over-year, and set ten-year records for direct municipal par insured and PVP,” he said.