Assured Guaranty

We view capital allocation as a competitive advantage.

In 2024, Assured returned about $570 million to shareholders, including $502 million of repurchases; in 1H 2026, it repurchased $120 million and paid $17 million in dividends, further reducing the share count to 44.1 million as of June 30, 2026. Per-share value creation is evident in record ABV and adjusted operating equity per share.

Assured also recycles capital into new business at rational returns, evidenced by healthy PVP conversion and disciplined underwriting.

Strategic M&A and partnerships have been mixed but improving: exiting most of the legacy internal asset manager while retaining a 30% interest in Sound Point aligns fee income with investment capabilities; the Warwick/Assured Life Re acquisition opens annuity reinsurance with targeted MYGA and PRT risk where the firm expects mid-teens returns at scale.

We applaud the measured growth but note it introduces new ALM, longevity, and spread risks that must remain tightly governed.