Assured Guaranty Ltd. (NYSE:AGO) (“Assured” or the “Company”) announced today that its Board of Directors has approved a new share repurchase program for up to two million of Assured’s common shares. Share repurchases will take place at management's discretion depending on market conditions. These repurchases may take place from time to time in the open market, in privately negotiated transactions, block trades, accelerated repurchases and/or through option or other forward transactions. The Company completed its previous 1.0 million share repurchase program in the third quarter of 2007.
“We believe in strong capital management and providing value to our shareholders. This modest share repurchase is reflective of the accretive opportunity we see at current share price levels. We have abundant opportunities to leverage our capital in our business and this will not impede that progress,” stated Dominic Frederico, President and Chief Executive Officer.
Assured Guaranty Ltd. is a Bermuda-based holding company. Its operating subsidiaries provide credit enhancement products to the U.S. and international public finance, structured finance and mortgage markets. More information can be found at www.assuredguaranty.com.
Any forward-looking statements made in this press release reflect the Company’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. For example, the Company’s forward-looking statements, including statements regarding share repurchases, capital and accretion could be affected by many events. These events include a significant reduction in the amount of reinsurance ceded by one or more of our principal ceding companies, rating agency action such as a ratings downgrade, difficulties with the execution of the Company’s business strategy, contract cancellations, developments or volatility in the world’s financial and capital markets, more severe or frequent losses associated with products affecting the adequacy of the Company’s loss reserves, changes in regulation or tax laws, governmental actions, natural catastrophes, the Company’s dependence on customers, decreased demand or increased competition, loss of key personnel, technological developments, the effects of mergers, acquisitions and divestitures, changes in accounting policies or practices, changes in general economic conditions, other risks and uncertainties that have not been identified at this time, management’s response to these factors, and other risk factors identified in the Company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
Assured Guaranty Ltd., Hamilton
Investors and Media
Sabra Purtill, CFA, Managing Director, Investor Relations
and Strategic Planning, 212-408-6044 or 441-278-6665
spurtill@assuredguaranty.com
or
Christopher McNamee, Vice President, Investor Relations
212-261-5509
cmcnamee@assuredguaranty.com