Banc of America Securities and Merrill Lynch will act as joint book-runners of the offering. Assured intends to contribute the net proceeds of the offering to its reinsurance subsidiary, Assured Guaranty (AG) Re.
AG Re intends to use the proceeds to capitalize on large reinsurance portfolio opportunities which provide capital relief to unaffiliated mono-line financial guaranty companies as well as to support the growth of Assured Guaranty, Assured’s direct financial guaranty subsidiary, by providing reinsurance.
