ASSURED GUARANTY LTD
For the period ended Mar 31, 2026. Filed May 8, 2026.
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Mar 31, 2026 · Filed May 8, 2026
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Insured Portfolio
Financial Guaranty Exposure
The following tables present information in respect of the financial guaranty insured portfolio to supplement the disclosures and discussion provided in Item 1. Financial Statements, Note 4. Outstanding Exposure.
The following table presents the financial guaranty portfolio by sector, net of cessions to reinsurers. It includes all financial guaranty contracts outstanding as of the dates presented, regardless of the form written (i.e., credit derivative form or traditional FG insurance form) or the applicable accounting model (i.e., FG insurance, credit derivatives or FG VIE).
Net Par Outstanding by Sector
| As of March 31, 2026 | As of December 31, 2025 | |
|---|---|---|
| Sector · (in billions) | ||
| Public finance: | ||
| U.S. public finance: | ||
| General obligation | $83.1 | $82.3 |
| Tax backed | 36.0 | 36.1 |
| Municipal utilities | 31.6 | 31.4 |
| Transportation | 27.5 | 23.5 |
| Healthcare | 17.3 | 16.8 |
| Infrastructure finance | 11.2 | 15.1 |
| Higher education | 8.3 | 8.4 |
| Renewable energy | 0.2 | 0.2 |
| Other public finance | 1.2 | 1.2 |
| Total U.S. public finance | 216.4 | 215.0 |
| Non-U.S. public finance: | ||
| Regulated utilities | 23.0 | 23.5 |
| Infrastructure finance | 15.7 | 16.0 |
| Sovereign and sub-sovereign | 8.1 | 8.3 |
| Renewable energy | 1.6 | 1.7 |
| Pooled infrastructure | 1.1 | 1.1 |
| Total non-U.S. public finance | 49.5 | 50.6 |
| Total public finance | 265.9 | 265.6 |
| Structured finance: | ||
| U.S. structured finance: | ||
| Insurance reserve financings and securitizations | 4.4 | 4.4 |
| RMBS | 1.3 | 1.4 |
| Fund finance facilities | 0.8 | 0.1 |
| Pooled corporate obligations | 0.6 | 0.6 |
| Financial products | 0.4 | 0.4 |
| Other structured finance | 0.8 | 1.0 |
| Total U.S. structured finance | 8.3 | 7.9 |
| Non-U.S. structured finance: | ||
| Fund finance facilities | 2.5 | 1.6 |
| Pooled corporate obligations | 0.4 | 0.5 |
| RMBS | 0.2 | 0.2 |
| Other structured finance | 1.3 | 1.3 |
| Total non-U.S. structured finance | 4.4 | 3.6 |
| Total structured finance | 12.7 | 11.5 |
| Total net par outstanding | $278.6 | $277.1 |
Exposure to Puerto Rico
All of the Company’s insured exposure to various authorities and public corporations of Puerto Rico is rated BIG. The Company’s Puerto Rico net par and net debt service outstanding as of March 31, 2026 were $553 million and $632 million, respectively, compared with net par and net debt service outstanding as of December 31, 2025 of $553 million and $643 million, respectively.
As of March 31, 2026, the Company’s only remaining outstanding unresolved insured Puerto Rico exposure subject to a payment default was PREPA, to which the Company had net par and debt service outstanding of $464 million and $528 million, respectively. As of December 31, 2025, the Company’s PREPA net par and debt service outstanding were $464 million and $537 million, respectively. See “—Liquidity and Capital Resources—Insurance Subsidiaries, Financial Guaranty Policies” below and Item 1. Financial Statements, Note 5. Expected Loss to be Paid (Recovered), for more information.
The following table shows the scheduled amortization for PREPA. When PREPA defaults on its obligations, the Company is only required to pay the shortfall between the debt service due in any given period and the amount paid by PREPA; although in certain circumstances the Company may elect to pay such amounts on an accelerated basis.
Amortization Schedule of PREPA
Net Par Outstanding and Net Debt Service Outstanding
| Scheduled Net Par Amortization · Scheduled Net Debt Service Amortization | ||
|---|---|---|
| (in millions) | ||
| 2026 (April 1 - June 30) | $— | $2 |
| 2026 (July 1 - September 30) | 106 | 114 |
| 2026 (October 1 - December 31) | — | 1 |
| Subtotal 2026 | 106 | 117 |
| 2027 | 106 | 122 |
| 2028 | 68 | 80 |
| 2029 | 39 | 47 |
| 2030 | 44 | 52 |
| 2031-2037 | 101 | 110 |
| Total | $464 | $528 |
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