Assured posts Q2 net loss of $47m

08-08-2022

Assured posts Q2 net loss of $47m

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Assured Guaranty, the bond insurer based in Bermuda, has reported a net loss of $47 million for the second quarter, a fall from a $98 million profit in the same period of 2021.

This includes after-tax losses of $63 million connected with foreign exchange remeasurement, $27 million on alternative investments, $25 million on available-for-sale investments, and $15 million on trading securities.

“New business production in our insurance segment remained strong during both the first half and second quarter, resulting in $135 million of first half gross written premiums and $145 million of first half PVP, derived from all three of our market sectors,” said Assured’s president and chief executive officer Dominic Frederico.

“We again led the U.S. municipal bond insurance market, where industry penetration reached 8.9% of new-issue par sold in second quarter and 8.8% year-to-date,” he added.

In the insurance segment, gross written premium decreased by 23% year on year to $65 million from $84 million.

Assured, earnings

Bermuda Re