Assured Guaranty to merge its European subsidiaries
Bermuda-based Assured Guaranty has announced its plan to combine the portfolios and operations of its four international financial guaranty insurance companies.
The company stated that its European subsidiary Assured Guaranty Europe (AGE) has acquired the other three companies involved in the combination - Assured Guaranty London (AGLN), Assured Guaranty UK (AGUK) and CIFG Europe SA (CIFG EU).
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. The transaction is expected to complete by the end of 2017.
The merger is subject to various insurance regulatory approvals, and authorisation from the UK High Court for the transfer of the AGUK and AGLN portfolios to AGE.
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