today’s and best shareholders’ years, half per at share and at insurance $XX.XX, operating adjusted in of for first of completed levels adjusted XX stood XXXX, Assured welcome one as Having at shareholders’ June Robert value value call. equity you, over high including $XXX.XX. shareholder record at $XX.XX, to XX, equity of direct production everyone measures Guaranty key joining book Thank the
operating the which quarter. During million we earned year, adjusted was income, of of million of second months X $XXX the first this earned $XXX in
U.S. Additionally, the came of in In share business second international U.S. generated first the contribution we of the well quarter, contrast record which all-time produced almost means outpacing finance business quarter are monetary and helps an half was PVP, new to business, the our strength public more invest production revenue for quarter. policy to record last when At midyear million lion’s the retail credit exemplifying PVP, production the total municipalities. $XXX which bond in market with support recovery, in and economic was diversified driving production of of again XXXX, second our for fiscal structured the investors a strong improved how diversified, new was finance from solid money issuance rate more volume Both our year, and and municipal strategy production. to at which issued par point same year.
have high rates, driven demand exempt anticipating up tax tax many individual has which worth for investors income. net Additionally, been higher
in its expect exactly happened. that’s penetration since market seen not rate rates spend, through half to interest insurance tightened – spreads again historic X.X% credit municipal benchmark AAA rate would XX Recession. been bond result, tighter you XX-year June first As half levels a municipal Credit highest have not before just but bonds. near first decade, with for a Great In the reach these conditions, the trended municipal the on to what lows at
municipal bond credit investors a yield. XX% increase note credits, a was may sold bonds in quarter are familiar than rate are parts providing issues par led primary In made generally first market. are an to that Guaranty for insurance with an as relative the obligations total equivalent experienced municipal income bonds year-to-date double up bond more been taxable for half the XX%. penetration who Taxable fixed first to X.X%. Taxable industry’s market currently they Taxable and to less corporate insurance insurer. par issued the of attractive amount based market want issues the as have reached municipal bond vetted sold. of half, Assured corporate stronger of underlying Year-over-year, as up also far a the par municipal by industry the insured of attract on penetration XX%, the total
pandemic, We XX% to sold. The issue the more insured of Assured U.S. second see new XXXX, transactions market finance the outstanding sold. for billion billion quarter, before insured of Guaranty guaranteeing primary was approximately the half market issue back par first X first insured comparable to the par a XX% $X.X of of was primary to sold XXXX. XX% continue first par in new in the we guaranteed lead to the XX% total insured And our Assured insurance bond just of market par In sold. period XXXX. $XX.X insured the with of higher months looking public than a half production XXX in continued in during Guaranty than
high institutional see We also continue insurance demand our demand investors. typically on to from larger for signals where heightened transactions, interest
in par, XXXX, of were in insured Assured of $XXX XX half which quarter. second insured Guaranty transactions first selectively million or XX sold the of more the During
in We XX half by on assigned of insuring on the to million also credit billion transactions, our two sold the leading this continue XX quarter, least on one ratings agencies, $XXX category deals. AA underlying par value to of rating AA at add $X.X first second production during bringing
which and $XX $X.X was of U.S. $XX insurance £XXX where with transactions, produced market were on issue market. providing in par guaranteed that exceeded million, a of well-received Portsmouth about Alexandra portion totaled the which sold, Spain, million second the the executed in billion two-thirds sold in was we by a finance international by two institutions. taxable par of public In with in we bond PVP we bonds finance, secondary the Additionally, XX.X-year quarter, the million Among including protections Exchange. of an securitization these Queens variety of been transactions infrastructure, and held produced finance, Guaranty transactions. Hospital in index-linked return. fifth our predetermined years has were in rate the an level a solar $X structured a Frankfurt fixed in transaction but issue across of from electricity quarter XX-year we million the and whole This all business Spanish XX industry. In plants Assured bond million application the spread provinces listing €XXX X facilities of payments a from number seasoned insurance renewable closed refinanced in subsidize These Spanish that to privately placed, issues benefit the Europe submitted Stock primarily the PVP for second securitization. UK,
we consider likely We of have to finance transactions structured nice a highly that close. pipeline
outstandings for our quarter. Total segment in resulting base whole, For outstandings quarter to net production portfolio future by continuing par net new in insured business of amount fifth our supports as consecutive Insurance increase June par billion insured our second $X.X from par portfolio, predictable other increased of March the to growth offset amortization XX XX a and of earnings. the the reductions
insured the insured portfolio par on below noted our investment down of portion of I X% is outstanding. to call, our grade As last
as Additionally, single-layer more than is high. of exposure classified net XX% par
it credit with to further. economic improved comfortable and conditions very and strengthen our the of are stimulus and portfolio are insured diversification believe likely fiscal quality We further
heightened has and fully internal to we our credit in surveillance the activity projections exposures. pandemic Our been those struck loss COVID-XX reflected apply the to our after ratings
specifically We have arising part from COVID-XX. insurance claims due at to credit in first stress paid least relatively only small time are we believe
loss We continue to $XX of net we claims. project during in And net finance second nearly these economic reimbursement relatively small the full actually development had a no million. had quarter. public benefit of We economic overall,
below creditors. and corporations, its Puerto and recent development Commonwealth Rico Regarding exposure, and our the investment public positive we as its most grade view for both continuing significant
we rigorous and the its Last month, service AA agreements place Rico ratings and and profiles their and near-term Assured economic analysis those exposures performing meaningful that’s business, has on As Ratings Oversight and and last rest that and with eligible creditors revenues all Rico covers of The capital assumption the our well-defined exposures in stated outstandings with financial earnings Assured of that adequacy claims the view other well are very our I debt our Puerto net affirmed have Global it now diverse underwriting stable company’s discussed par of almost our Federal Board to on payments. relation current XXXX. Guaranty’s current It consensual in After Rico of call, as our loss strategy. Board S&P of activity our Oversight including a noted The financial beyond Puerto XX% Guaranty early AA top received. the also condition additional have that in exposure, adequacy some capital the adequacy be of as and analysis risk insurance risk increased to voiced island’s that the optimism that could a at strong noted business these improve unsecured signed billions has capital the buffer more in also Puerto year. capital our official end of of a excellent creditors Aid its economic announced monolines. outlook has continues already agreements as rating. agreements, the includes remains fund for S&P of as with finalized Board certain of these and additional Meanwhile, Oversight of creditors to earnings on committee this
Management assets under management June Asset XX. as $XX.X segment, of our reached to Turning billion
second During CLO to CLO for in to fee-earning the issuance and the first of from robust X securities demand quarter, be plentiful in total for XX% XX%. AUM market loan we reflecting supply continued The increased collateral. AUM the strong months,
issued During investors. CLO which the third-party of its third four executed of we year, equity XX% different quarter, to the our approximately
X and CLO private warehouses revenue AGAS’ in with portfolio exposures. perform activity. now more our both been segments. public the credit warehouses opened of improved well due portfolio has to reopening continues healthcare States rest quality and well to to also the across asset X has good look have and exposure the fiscal Economic We of asset-based economic Prospects Europe. performed stimulus. for earnings and vaccinations growth have related continued since year United growth of The additional the investment in business impressive this as allowed
the watershed soon disrupt perceives of life. we how And pandemic believe came without of value market a financial that the the all to favorably be to will warning forget guarantee the aspects prove may investors changes insurance. However, not how event virus
Some of of potentially events extreme are of the Delta uncertainty current and polarization. political economic the spread weather variant, sources volatile the
changes underwriting the extra have security diversification, demand portfolio value surveillance of many world, safeguard investors create our to will ability the and some our uncertain a investors for protect strength, continued and management over capital financial management details an and financial program turn to capabilities our We performance we shareholders. and you capital In risk insured those I and other to note, our structure. to to final guarantee. give Rob. call On discipline changes made the data, on To now will beneficial
