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Article Excerpt
HAMILTON, Bermuda -- Assured Guaranty Ltd. (NYSE:AGO) ("Assured" or "the Company") today announced selected financial information for the fourth quarter ended December 31, 2007. Assured provided this information prior to its fourth quarter 2007 earnings release in order to provide the market with recent information regarding the level of new business production, the Company's closely monitored credit ("CMC") list, the Company's loss expenses for the quarter and the impact of market value declines on the valuation of the Company's guaranties written in the form of credit default swaps ("CDS"). Additionally, the Company provided information on the performance of the Company's U.S. residential mortgage-backed securities ("RMBS") par exposure. Assured's preannouncement is limited to the information contained in this press release. Full fourth quarter 2007 financial information will be released at approximately 5:00 p.m. ET on February 11, 2008.
"The fourth quarter was an eventful quarter for the financial guaranty industry. During the quarter, we achieved record new business production results in both our direct and reinsurance segments, reflective of continued strong market demand and broad market acceptance for our triple-A rated financial guaranty policies," stated Dominic Frederico, President and Chief Executive Officer. "In addition, we continued to monitor and stress test our portfolio exposures and underwriting standards, especially in light of the turbulent market environment and, more specifically, the deterioration of the U.S. residential housing market. In line with our previous concerns, our home equity line of credit exposures continue to experience rising delinquencies, but the remainder of our portfolio, including our pooled corporate and U.S. subprime residential mortgage-backed securities exposures, is performing in line with expectations."
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