Thank and joining to you, call. today’s welcome everyone Robert
grew year, three accomplishments successful long-term. our $XXX achieving U.S. which public another finance, increase increasing year also million, each executed year-over-year during of premiums maintaining our had guarantied headline of XXXX We for structured finance Among in to positioned with unearned significant share strategic year shareholder brought set the transaction, year in previous and with the goals on financial finance important our we financial per an a storehouse value the XXXX XXXX. value non-GAAP and business value years. over position compared XXXX the of creating or company new per XXXX infrastructure a businesses: our increase We level adjusted end in record PVP of increased of while value XX intrinsic the a in to PVP international of more highest share the Guaranty PVP book ending that strong generated by company reinsurance Assured $XX.XX, together present production record XX% our XXX%. the and the
that in equity per meeting common non-GAAP million $XX.XX Our We shareholders’ levels details share respectively. a program highest target $XXX shareholders’ equity management give share successfully shares. ever on at worth minutes. you operating and will our capital per and executed repurchasing Rob their of also of our few reached $XX.XX
We X opportunities larger our the a European into markets. we in companies to We expand where and which international focused excellent subsidiaries interest potential incurred by in bank, in businesses, both for of continue with non-financial with in infrastructure operating with forward our example we a core our substantial infrastructure see investment is of with by inline a order Rubicon during profile working corporate competencies, sources the Advisors sector. And Infrastructure our structure greater global simplified single the Rubicon minority high and capital diversify selected ours in to revenue we portion An company to carefully XXXX. our attractive guaranteed a investing excess look synergies deploy consolidating risk to returns. visibility
Importantly, AGC insured previously another of Guarantee assume case of business reinsurance legacy the ceded it guarantor. financial reassumed AGM and year, to to we had In portfolio. our fourth And book this Syncora portfolio all for subsidiary Inc.’s of the reinsurance a will acquired consecutive administer substantially Syncora.
PVP. $XXX non-GAAP cash The present value and million by transaction insured net $X.XX paid mainly unearned Syncora public our $XXX million and million although $XX approximately per the sheet, finance business consideration, million $XXX in net produced remained to to PVP added and approximately to interest by credit par netted $XXX our environment, the portfolio modestly As higher unchanged. a but This XXXX We $XX to other revenue premium XXXX previous of million in million standards, $XXX adjusted Assured year, installment book assigned of contributed adverse rates balance in spreads transaction low value increased of of were share Guaranty. or our $XXX historical than of million resources. Syncora in our virtually claims-paying relatively billion
restrictions declined particularly continued changes, advance a while sharply of share insured direct with including business approximately insured to penetration only with XX%, date a during business, Against basis response in $XXX our market XXXX, these market issuance Hospital. XX% transaction Guaranty Under total slightly finance remained When public Assured Toledo tax municipal for U.S. conditions municipal $XX.X market of volumes par $XX.X to leave overall XX% the municipal of our taxable on $XX billion. issued billion. the its Syncora the U.S. insured an insurance held market sale in to secondary billion bringing sold in U.S. XXXX insurance by issuance on that bonds increased volume X%. to re-fundings, including million New law bond exceeded our primary par declining ProMedica own, decline
figures from reinsurance be the the PVP amounts The more part in municipal U.S. than Syncora in $XXX tell XXXX exclude these or X% decreases of PVP fourth written. gross do full closed clear, story. the par resulting in In public XXXX most since year PVP par and that transaction. the the of direct not we most important XXXX. However, was even we the despite finance, million produced significant corresponding annual To the whole quarter
new issued Another bonds par important healthcare public than XX base, including on of or a development that Guaranty was something insured market of different also Across transactions policies. we insured partnerships. capital liquidity involved market million in can of and we more excellent on of various large issues par insured three each where provided the large activity insuring Assured $XXX million do experience more of our number sectors wrote expanded because the $XXX insurance our secondary transactions and private our our sector
amounts. small we savings created insured Of efficiently course issuers in insured of transactions par majority for bonds we vast moderate of and
mortgage guaranty million U.S. insured $X of included public and less transactions $XX portion is the as small Our than is par of transactions as financial business. finance average largest our primary million, while
of and continue both risk international have diversification recent to finance grown provide these of Our are profile. revenue the important serving sources more and structured in guarantor and which years only markets, activities our we financial
quarters XX, notable financings. large Our of finance which operations of and because the international unpredictable is public somewhat development long generated ended each project scale consecutive December for PVP XXXX, in XX periods
other regulated million infrastructure active where Excluding XXXX. executed international number UK and utility, finance from of housings, social in We primarily housings of produced in PVP transactions. we university transactions the Syncora, were a $XX assumed international
facilities Australian since of executed $XXX to financial first dollar refinance transaction issue existing the crisis, the Brisbane. largely of Australia the for time bond significant we a Additionally Port million in guarantying
efforts new fruit in our appetite infrastructure Korean also two bear We develop made of investors wrapped saw to significant South investor and our investments transactions.
range real from security million reinsurance, worldwide a value payment debt contributed PVP commercial rights Syncora, structured wraps finance business, $XX the we diversified from of asset-backed in sectors. estate, obligation what Our including types, and apart of and market XXXX business in whole aircraft secondary residual assumed from transaction collateralized and insurance
our expect continue secondary to in value ABS primary trading guaranty’s to find opportunities. we establish the we As market market,
We to capital companies management and also have banks. opportunities significant solutions insurance for provide
business by our new We par financial the AA+ AGM AA the continue net MAC increased never ratings strength S&P AGC’s have also Rating AX are very to operating Moody’s comply our financial Outlooks Since to to on reduced of to AGM, still AGM’s KBRA strength, AGE. our its request its leverage our more all rating to subsidiaries. believe and Stable inadequately, based and affirmed ratings rating. resources. KBRA insured financial assigned acknowledge we strength been rating of affirmed by at has comfortable AA XX% agencies XXXX. cease prospects AA+ rating during exposure for reflects Guaranty’s affirming which ratio Assured we affirmed AGC. declines believe because and same affirmed statutory both we with with claims-paying XXXX, appreciated. our our with
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by bond and or bonds bondholders’ larger The by general must to of the available In We claim highest trying before to constitutional argument. $X Rico their senior the to $XXX million and applied any with does The taken reconstitute the resources because Commonwealth’s Oversight previous another just ruled the words, other invalidate the the the to It Puerto well how or actions attempting did appointments violates reverse to GO of growth provisions between principal debt to XXXX, to the According Appointments are the obligation Appeals decision were new rate we debt First see in access, and improving notwithstanding rights, board Court of States any governance of allowed these issued achieving market claim bodes that the were creditors Oversight bonds, receive excess promoting responsibility a other the U.S. in duly new that appointment payment believe interest markets. before meet. failed access and or also validate Commonwealth. Board the consensual much XX of our limit, exposure stated board Puerto step We the is First the not capital and board government when development, have of of the representations requires issued. the we towards and debt Oversight insure, as Circuit economic Circuit decision debt critical swiftly currently a believe paying by resolving ensure paid. is the positive accomplish any Constitution, achieving specific the the authorized for XX, Since view favor PROMESA. Clause by United to In days fiscal expenses the billion XX% to the a February issued goals XXX% approximately we – We of has Appointments bonds Title By Rico’s recovery this in claiming to Clause. the requirements the bondholders creditors’ Oversight in President nullify the that market an latest COFINA repudiate Senate other holding are Constitution. unconstitutional process the government to government of other paid opportunity and many. to mandated Court PROMESA accordance to the Rico provide PROMESA, be that III Puerto expenses has no respects the Board general actions Puerto state PROMESA’s which defective of Board Appeals example restoring which revenues. access, in all that existing GO obligation priority the is Board for in violation the current the fiscal of of agreements any favor, Trump continue requirements restructuring the to that and Rico: on capital capital Commonwealth’s Rico Constitution the one fifth This believe regaining debt, Oversight the for has to this We long-term help time legal of including a overturned are transparency, contrary Board can the Puerto and the fulfill is and accountability requirement? the of approved that this Court. process, merit all
we their publicly time achieve appointed, an draw Court and its method The most reversal PROMESA’s members Board which States. Title dedicates capital original of bankruptcy-like the to plagued stated, and to failed has just Oversight agreements litigation, mission: could To currently Rico attempt be billion markets. attorneys charge into board just financial to that members efficient unconstitutionally attempt signal creditors finance of ongoing Rico’s government PROMESA’s with and costly issue end of statutory delays mandate proceedings which The obligations, to to faith effectively instrumentalities unnecessary for then should used As legal overturned regarding and adherence a Puerto caused the board its Board III continue to the the liens Puerto consensual consult plan history, Commonwealth winning to for PROMESA’s that requirements Separately, process. the accomplish save for efforts negotiations, to the improved management. to municipal be party in provide Board’s impress the The original our were a to to own access they Commonwealth Oversight support has have III constructive continues and a the and faith, of III PREPA. X also responsibility this advisers, Title Oversight the another upend through the and hazy the more rather to repudiate overall fiscal United economic Title seek inadequate approved use another try in recovery. dollars $X.X fiscal good forcing case Title rule on way for is III of attention should and adversarial from debt before of that to decision, ignored the appointment automatic but have appointed continuing operations, prevented own that also to legal finally, the receiver law and exercising lawful its Court government III of The to rulings have that instrumentalities mismanaged to of after our stay restructuring appeal notoriously the competent valid the to us consensual for and and invalidate the billions we the has of utility, lift Title take decades right to good of electric Court legal maintain not
remains Rico needs Puerto Guaranty vitality Assured the on focused of for the economy. substantial
to infrastructure recent Commonwealth’s as economic rule island’s insurance to economy that emergency and Medicaid into in of negotiate the to on commitments has programs the efforts both bond in many future. performing demonstrated agreements the capital extend under issuer municipal decades well equitable financing set months. recovery respect We involved years have a in a path federal been as that we workouts, treatment law and major The access such the ability the relief. markets. support we island’s And have for been have the to and obtain number We of the consensual have and
three is financial well our picture, guaranty in core bigger all of our the positioned markets. at business Looking
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all to help investors guaranties. the based with incentives and the expect increased of recognition our value more our their We proposition efficiently perform of our guaranty of capital businesses manage well to by issuers and on financial regulatory
We continue shares appropriate investment will to to also opportunities and pursue prudently. alternative repurchase
execute this priorities: our business top continued value Assured turn by we will Guaranty always, strategy, long-term our for will policyholders and be call our diversified now financial protect strength the As as shareholders. to guided, creation over Rob. to I
