Assured Guaranty has announced that it is combining the portfolios and operations of its four international financial guaranty insurance companies.
The company said that its subsidiary Assured Guaranty Europe has now acquired the other three companies involved in the combination, Assured Guaranty London (AGLN), Assured Guaranty UK (AGUK) and CIFG Europe (CIFG EU).
According to the company the ultimate result of the planned combination will be the merger of AGLN, AGUK and CIFG EU with and into AGE, with AGE as the surviving entity. Upon the merger, obligations and bonds insured by AGLN, AGUK and CIFG EU will become insured obligations of AGE and, therefore, receive AGE’s financial strength ratings. AGE is working to complete the combination by the end of 2017.
The combination is subject to various insurance regulatory approvals and, in addition, the approval of the UK High Court is required for the transfers of the AGUK and AGLN portfolios to AGE.
Assured Guaranty, Merger, M&A, Assured Guaranty Europe, AGLN, AGUK, CIFG EU, Bermuda