Assured Guaranty Reinsures Substantially All of Syncora’s Insured Portfolio in $14.5 Billion Transaction

February 7, 2018

Willkie represents Assured Guaranty in the transaction.

Assured Guaranty Ltd. (NYSE: AGO) announced an agreement with Syncora Guarantee Inc. (SGI), under which Assured Guaranty Corp. (AGC) will reinsure SGI-insured financial guaranty insurance policies and commute a book of business previously ceded to SGI by Assured Guaranty Municipal Corp. (AGM). The transactions reinsured and commuted will total approximately $14.5 billion in net par amount.

Additionally, on behalf of SGI, AGC will provide certain administrative services on the reinsured portfolio, including surveillance, risk management, and claims processing. The transaction will help Assured Guaranty continue its successful strategy of acquiring, reinsuring and administering legacy financial guarantors or their insured portfolios. The transaction is expected to close by the end of the second quarter of 2018.

The Willkie team was led by partner Michael Groll and included partners Thomas French, Alessandro Turina, Jeffrey Goldfarb and Arthur J. Lynch; senior counsel Donald B. Henderson Jr.; counsel Ajanaclair Nicole Lynch; and associates Albert Theodore Powers III and Neesha Mallavarapu.