10-Q 1 ago-20230930.htm 10-Q ago-20230930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________________
FORM 10-Q
☒QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2023
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition Period from              to       
Commission File No. 001-32141 
AG_300 - Logo.jpg
ASSURED GUARANTY LTD.
(Exact name of registrant as specified in its charter) 
Bermuda98-0429991
(State or other jurisdiction of incorporation)(I.R.S. employer identification no.)
30 Woodbourne Avenue
Hamilton HM 08, Bermuda
(Address of principal executive offices)
(441) 279-5700
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:Trading Symbol(s)Name of exchange on which registered
Common Shares$0.01 par value per shareAGONew York Stock Exchange
Assured Guaranty US Holdings Inc. 6.125% Senior Notes due 2028 (and the related guarantee of Registrant)AGO/28New York Stock Exchange
Assured Guaranty US Holdings Inc. 3.150% Senior Notes due 2031 (and the related guarantee of Registrant)AGO/31New York Stock Exchange
Assured Guaranty US Holdings Inc. 3.600% Senior Notes due 2051 (and the related guarantee of Registrant)AGO/51New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No  ☒
The number of registrant’s Common Shares ($0.01 par value) outstanding as of November 6, 2023 was 57,256,573 (includes 38,464 unvested restricted shares).

ASSURED GUARANTY LTD.
INDEX TO FORM 10-Q
  Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

PART I.    FINANCIAL INFORMATION
 
ITEM 1.    FINANCIAL STATEMENTS

Assured Guaranty Ltd.

Condensed Consolidated Balance Sheets (Unaudited) 

(dollars in millions except share data) 
As of
 September 30, 2023December 31, 2022
Assets  
Investments:  
Fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of $86 and $65 (amortized cost of $6,971 and $7,707)
$6,267 $7,119 
Fixed-maturity securities, trading, at fair value350 303 
Short-term investments, at fair value1,426 810 
Other invested assets 765 133 
Total investments8,808 8,365 
Cash108 107 
Premiums receivable, net of commissions payable1,376 1,298 
Deferred acquisition costs158 147 
Salvage and subrogation recoverable282 257 
Financial guaranty variable interest entities’ assets (includes $326 and $413, at fair value)
327 416 
Assets of consolidated investment vehicles (includes $318 and $5,363, at fair value)
330 5,493 
Goodwill and other intangible assets6 163 
Other assets (includes $112 and $148, at fair value)
549 597 
Total assets$11,944 $16,843 
Liabilities  
Unearned premium reserve$3,600 $3,620 
Loss and loss adjustment expense reserve361 296 
Long-term debt1,693 1,675 
Credit derivative liabilities, at fair value50 163 
Financial guaranty variable interest entities’ liabilities, at fair value (with recourse $531 and $702, without recourse $11 and $13)
542 715 
Liabilities of consolidated investment vehicles (includes $0 and $4,431, at fair value)
4 4,625 
Other liabilities393 457 
Total liabilities6,643 11,551 
Commitments and contingencies (Note 13)
Shareholders’ equity
Common shares ($0.01 par value, 500,000,000 shares authorized; 57,819,732 and 59,013,040 shares issued and outstanding)
1 1 
Retained earnings5,815 5,577 
Accumulated other comprehensive income (loss), net of tax of $(97) and $(84)
(565)(515)
Deferred equity compensation 1 1 
Total shareholders’ equity attributable to Assured Guaranty Ltd.5,252 5,064 
Nonredeemable noncontrolling interests (Note 8)
49 228 
Total shareholders’ equity5,301 5,292 
Total liabilities and shareholders’ equity$11,944 $16,843 

The accompanying notes are an integral part of these condensed consolidated financial statements.
1
Assured Guaranty Ltd.

Condensed Consolidated Statements of Operations (Unaudited)
 
(dollars in millions except share data)
Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Revenues
Net earned premiums$95 $89 $261 $385 
Net investment income100 67 270 191 
Asset management fees— 16 53 71 
Net realized investment gains (losses)(9)(14)(20)(39)
Fair value gains (losses) on credit derivatives9 (48)115 (42)
Fair value gain