Assured Guaranty

Pricing is cyclical and linked to credit spreads and investor risk appetite. When spreads widen or complexity rises, Assured can command higher premiums and PVP, as evidenced by 2Q 2026 PVP of $79 million with insured par of $8.4 billion and strong first-half production.

The franchise’s AA ratings and scarce capacity help maintain rational pricing and underwriting discipline. However, in benign markets, competition and narrow spreads can cap rate increases, and premiums may require concessions to sustain volumes. Net, pricing power is moderate and situational rather than absolute.