Highlights Very Strong Competitive Position, Excellent Capital and Earnings, Exceptional Liquidity, Well-Defined and Diverse Underwriting Strategy and Very Strong Business Risk Profile

Assured Guaranty Ltd. (NYSE:AGO) announced today that S&P Global Ratings (S&P) has affirmed the AA financial strength ratings on U.S. bond insurers Assured Guaranty Municipal Corp. (AGM) and Assured Guaranty Corp. (AGC); U.K. financial guarantor Assured Guaranty UK Limited (AGUK) and European financial guarantor Assured Guaranty (Europe) SA (AGE); and Bermuda insurers Assured Guaranty Re Ltd. (AGRe) and Assured Guaranty Re Overseas Ltd. (AGRO). The outlooks of all the Assured Guaranty entities are stable.

In its July 8, 2022 research update, S&P noted Assured Guaranty’s:

• “excellent capital and earnings with a meaningful capital adequacy buffer at the current rating”
• “exceptional” liquidity
• “very strong competitive position based on a well-defined, diverse underwriting strategy”
• “combination of a very strong business risk profile and very strong financial risk profile”
• “vigilant approach to its global underwriting strategy,” which “does not expose the company to outsized risk”
• “experienced management team” that “demonstrates a strong understanding of the various risks the company has as it executes its corporate strategy”
• “positive” risk management culture “reflecting Assured's robust risk reporting and significant oversight from senior management”
• “strong demand in the insured secondary market”
• and “well thought out and measured” approach to writing business in non-U.S. public finance markets

S&P also wrote, “In 2020, Assured most likely reached an inflection point where the amount of new insured par written is greater than the runoff of the legacy exposure.” In addition, S&P assessed “Assured's liquidity as exceptional resulting from a conservative investment strategy that we believe adequately supports its liquidity needs. The company is sufficiently covered for loss and loss adjustment expenses payable in the next 12 months, and we do not foresee any longer-term material liquidity risks at this time. Given Assured's investment strategy, we believe the company maintains sufficient liquidity to cover unexpected stress in the insured portfolio.”

In response to the report, Dominic Frederico, President and CEO of Assured Guaranty said: “The affirmation of our AA S&P financial strength ratings reflects S&P’s continued recognition of our very strong capital position, excellent capital and earnings, exceptional liquidity, very strong business risk profile and vigilant approach to our global underwriting strategy. We concur with S&P’s observation that trends in the U.S. public finance market combined with Assured Guaranty's growing global structured finance business afford strong growth opportunities for our company.”

Any forward-looking statements made in this press release, including those regarding growth opportunities for Assured Guaranty, reflect Assured Guaranty’s current views with respect to future events 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. These risks and uncertainties include, but are not limited to, difficulties executing Assured Guaranty’s business strategy; those risks and uncertainties resulting from changes in rating agency models or opinions; the development, course and duration of the COVID-19 pandemic and the governmental and private actions taken in response, the effectiveness, acceptance and distribution of COVID-19 vaccines and therapeutics, and the global consequences of the pandemic and such actions; consequences of the conflict in Ukraine, including economic sanctions, volatility in energy prices, and the potential for increased cyberattacks; adverse credit developments in Puerto Rico or other portions of Assured Guaranty’s insured portfolio and the impact of those developments on rating agency models and opinions; other risks and uncertainties that have not been identified at this time, management’s response to these factors, and other risk factors identified in Assured Guaranty’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of July 12, 2022. Assured Guaranty undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Assured Guaranty Ltd. is a publicly traded (NYSE: AGO) Bermuda-based holding company. Through its subsidiaries, Assured Guaranty provides credit enhancement products to the U.S. and international public finance, infrastructure and structured finance markets, and also provides asset management services. More information on Assured Guaranty Ltd. and its subsidiaries can be found at AssuredGuaranty.com.

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