AGO - Earnings call 2 2023 | Assured Guaranty Ltd.

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Operator

Good morning, and welcome to the Assured Guaranty Limited Second Quarter 2023 Earnings Call. My name is Glenn, and I will be the operator for today's call. [Operator Instructions] Please note that this event is being recorded. I would now like to turn the conference call over to our host, Robert Tucker, Senior Managing Director, Investor Relations and Corporate Communications. Please go ahead.

Robert Tucker

Thank you, operator, and thank you all for joining Assured Guaranty for our Second Quarter 2023 Financial Results Conference Call. pursuant Litigation safe Reform made the provisions is Securities Private Act presentation to harbor the of Today's of XXXX. contain market financial may and that may results presentation forward-looking future our items about The results. our new or credit other outlooks, loss conditions, ratings, spreads, affect credit reserves, financial statements business to should revise to do reliance undue on except as we subject change information by are place to statements law. new or future not or undertake publicly any as required obligation not These them, due events, update Therefore, you them

financial section If filings you're may replay most our note of and the or the since financial call, and of financial that financial presentations the equity website the most risk this recent current to a which references our factors. present presentation, non-GAAP along non-GAAP presentation, Information such Please been measures please comparable have for reading reconciliation financial transcript supplement filings, to current our our We listening to in call. website call, investor presentation are directly with between GAAP today a at GAAP if to this also This non-GAAP on in you're this for made the SEC most and measures. updated measures assuredguaranty.com. our the referenced financial statements refer and includes measures of Investor

presentation. Turning to the

Bailenson, Financial President Dominic Chief the Frederico, Guaranty Executive Rob questions. to open Officer and Chief we your are and today speakers Our After our call their will Assured Limited; Officer. remarks, of

over to now dial you'd enabled is the webcast please ask turn to call question. I like not the a As Dominic. will into the call Q&A, if for

Dominic Frederico

adjusted mark Assured are $XX.XX at everyone per respectively. and call. and history, joining Robert, adjusted At $XXX.XX, the book Guaranty's the welcome share of halfway shareholders' today's levels highest our per and share Thank in equity value to XXXX, operating you,

international public diversified results, New consistent strong, infrastructure finance. with business years U.S. first the for structured across recent and finance, production was global half remained

first PVP Point largest time is $XXX in PVP PVP AssuredIM transaction time the Management first total we period. half XXXX Capital half, separately, that since sold the million and Assured half July, we of Sound Partners. Healthcare transactions In second second a our The completed during $XXX first will with million few minutes. involving and exceeded discuss amount I of that both

was the half XXXX, insured despite XXXX. par of fairly sold. For XXX in market consistent par of We primary XX%, share was guaranteed the XXXX. primary insured of $X.X being first first the of issues the market first amount new the in half half municipal by of billion the of first with Assured with XXXX, XXXX, up XX% from bond bar half of half This down first compared XX% the approximately totaling total

for prior markets. our insured market half billion first sold to secondary the par $XXX and the ] secondary year total $XX.X the Our primary of was in written million bringing [

did We for than continue to before we pandemic. insurance higher see bond demand

XXXX the Total penetration X% the first rate and penetration the for First in for half XXXX's was the was first quarter higher XXXX of half highest than higher since half. significantly market the than penetration of second of X.X% XXXX. XX.X% insured X.X% insured

in Additionally, XXXX. of the XX% of quarter market bond increased insurance for significantly from up first demand the second XXXX, quarter

to last sold same Guaranty quarter the higher of period quarter in the XXXX Assured quarter first billion in increase of the XXXX, an XX% par XXXX, the than year. ensuring compared second saw of second XX% $X.X in insured

that a $XXX [ Assured of ] more brought continue the insurance. total half quarter, guarantee billion. International XX Guaranty's second we first of the During $XX for first million transactions we the utilize each This during in of million benefit of Public PVP total the produced from half sub-transactions $XX insurance Finance billion number par from of investor of institutional million to demand XX up also as of XXXX. our first of $X.X for XXXX, on transactions half $X the to during XXXX or

a includes PVP Second international transactions of we XXXX, regulated utility of producing number activity a of potential a amount largest U.K. XXXX. Global quarter guarantee million and pipeline the first Structured in transactions close $XX PVP. since on to includes finance Finance our that likely consider half significant public direct later was

risk outlook and guarantee a many strong stable banks, describes TRANs capital back and of financial insurance have with capital profile, corporate both clients view with investor our rating, continue sectors, finance. In our business to ratings, AA We report Assured Guaranty. companies, setting earnings foreign July, strong that financial its very risk funds strengths with ]. companies, including Its we review AA across excellent in meaningful S&P's asset financial see buffer [ profile, our and including a very for adequacy reaffirmed opportunities supporting annual pension S&P our

AssuredIM, on engaged completed Management entire we July, AGC and and XX% AGM the read substantially for transaction You interest credit as Capital combined report which manager the Point all alternative website the the them contributed a Sound we of and our with assuredguaranty.com. In can we at in entity. returned in for sole

Sound July, Partners, highly bottom equity and interest its Guaranty are accretive immediately line. In new As Management Assured it we Assured this have LLC. be Capital all sold about believe with said, Point optimistic will in our to we venture Healthcare

and interest managed Guaranty Assured existing certain retaining AHP managed remain consideration. carried while in funds a in AHP its received will other funds investor has strategic

Regarding Puerto last Power Puerto Electric the Authority, exposure. PREPA, our is Rico remaining non-bank Rico

the appeal to committed remain through all protect fair on litigation process plan III settlement enforce confirmation will rights said have and Title the we a As and our necessary. and we bondholders reasonable that legal to as negotiating along,

in continue economic investors to development maintained is of been our saw the Given this often remind the appetite increase. first environment, investor volatile. heightened insurance interest for far the that of future global company. so on year, pandemic, year of uncertainty this proven the resiliency In reflect good That bond has the it's we to

interest thrive shortfalls of our to to of incentives We investors' in our positioned succeeded resilience delivering policyholders costs with to and the resilience capital. This on have has more protecting market believe management our creating for the are us now for guarantees. issuers as over Rob. better turn our to cycles, principal we commitments of by serve own risk to use conditions value and disciplined been while prepared We decades proving payments, financial clients, shareholders. I'll against business stewardship never protect and responsible reduce that and call and create have borrowing for economic our

Robert Bailenson

$XX comparable a quarter higher $XX interest to million. call. operating by income adjusted Dominic, adjusted to quarter segment which In $X.XX pleased I contributors Insurance investment $XX the good per had the year were $XX Thank of XXXX gains generated income of corporate to the adjusted Net second by to in division, income by was of Insurance share $XX largest short-term and increased report division's morning components income. operating increased and fair million, $XXX the XXXX. In rates million. Higher second income quarter $XX balances. driven on significant of you, mainly the which of most the everyone and or period, operating net from net operating average was $X.XX adjusted XXXX, of second which and increased million, segment, or segment, the income income of million insurance value per prior million which the am million share the offset was investment the loss loss corporate partially the contributed

we prior the million on in We of contingent value the XXXX. alternative second instruments lastly, of compared second the quarter of quarter year. And of of gains $XX fair gain also investments had had with in $XX $X in million Rico compared on the losses with loss million Puerto XXXX value a of million fair a of second XXXX value $XX our in quarter

$XXX June AssuredIM AssuredIM of managed of funds investments. which the return Inception for date, XX, in will annualized AssuredIM These our the was value funds Point Partners. on with Assured As now Healthcare the XX.X%, Sound million. to or these is investments long-term by expectation in was fair line XXXX, be funds

insurance XXXX funds will the under sampling strategic of Accelerations million $XX XXXX. due quarter exposures. were muted were the due in $XX the quarter from derivative in quarter second at billion. second to in Puerto quarter million development revenues commit economic the remain steady and amount $XX will reserves for certain XXXX, in interest U.S. mainly increased million credit additional loss these second second $XX $X.X in expense earned and 'XX of investment million, of and of activity refunding $XX higher rate environment. Loss approximately Rico was alternative investors our in increases the XXXX remained subsidiaries. Net to to remains We as as manager million for Deferred and revenue to premiums premium the

sold to our from AssuredIM based our the a New Sound fees, entity successfully reports an opportunities. On [ joint of examination insurance to AGM business second on of and entity equity a no issued combined AssuredIM provide U.S. report to AssuredIM exchange adverse and owned are a about AHP, July to completed of its was of XXXX. In their were investment array happy be wider Management accretive reports also reported contributed of the AGC interest The partner. and clean to Point was Maryland in in I'm websites. Asset alternative and earnings integrated entire Maryland results publicly the asset were and subsidiaries to interest stream front, managing adjustments. in available that XXXX ] AGC, examination Point for the York The both Point-AssuredIM Sound in insurers with fully management of and X a AHP equity asset The X-year is provide an in and and our XXXX, larger management combined and income excluding or regulators regulatory transformation minority New have in segment Sound findings examinations by the stake quarters expected entity, York breakeven future of AGM

Going of equity forward, the asset management will our investment will point in presentation which accounted the be under the for simplify results. method, South

fair consolidation are that deconsolidate we of the evaluating the Sound was be entities. second third of in AHP the will a AssuredIM, these in increase income Point the loss, with statements. Expenses $XX which some value of We the $XX most with quarter insurance of $XX also quarter division of gain was consolidation in these million as able in reflected is the loss of result operating to and in the all million were transactions, the The driver be the XXXX. financial a includes CLOs of second VIEs the a of compared the with expect in will corporate entities operating second of and expenses of the and Point were Sound effect million in for and of associated process adjusted net a effect the reflected. quarter funds changes Adjusted AHP conclusions VIE which benefits we FG of and of these This associated Trusts. primary is XXXX. changes and of primarily Rico the transactions quarter function consolidating resulting losses including where VIEs, Puerto The XXXX

advancing by bonds to strategically as and recovery continue And our metrics. new loss assumed with objectives have of of In the segment, resolution our continue accretive majority we our value. and business, Sound mitigation management sources Point we strategic addition book long-term to to benefit front, investments which of Rico last key insured the alternative on value Insurance asset shareholder year part and the diversified the to company the we and other of had to grow received in our maximize Puerto the enhance focus selling we transactions, initiatives the key on economic In AHP exposures. are

on quarter. in of our XX% contingent of repurchase week, respect portfolio the had As ] the our we $XX the million the of million $XXX bonds end sold have resumed portfolio. With share our and CVIs million in program value, XX% we approximately and recovery second currently -- of of We [ remaining have CVIs. Based capital we recovery fair approximately the bonds last investment of the investment remaining in the in $XXX authorization. management to in initiative, strategic

U.K. million additional redeeming additional million capacity $XXX U.K. currently dividend million to AGM, $XX of and we our subsidiary investments level, our to capital AGM. the addition, or holding AGM In distribute paid GBP These approximately from pursuit capital. Adjusted X XXX U.K. the in equity use for both operating of adjusted resides including year's and years. available and over we provided debt operating a manage subsidiaries have adjusted strategic are million $XX records our a of XXXX. At and excess business million, $XXX plan potentially next service initiatives, of share over operating in value reached debt cash and/or positive company repurchasing of have $XX expenses This which in dividend of in to dividend book the funds capital for respectively, production for our and demonstrating shareholders' corporate due the our to the all new new per results the income and $XXX, quarter, value of initiatives. strong shares

to I'll period. for give to the now call the operator turn the Q&A the over instructions you

Operator

We our Instructions] have question Tommy KBW. [Operator McJoynt from first comes from

Thomas Mcjoynt-Griffith

So I'll question. off with start the big

of kind Now you through of targeting specials of just that plans talk that just just are AGM that seek mentioned bills, audits to requesting Maryland sort toward special how in-process Can there York Or subsidiaries? works? various just about clean are kind or AGC? New out steps walk you dividends and from have you the complete, with next before? are been can And

Dominic Frederico

the requests We'll AG company for with dividends, we Tommy, to you've doing. audits do any as dividend With now, which these capital excess clean the subsidiary. on it seen. that proceed to has able from U.K. the We special paid plan we're

do their us, we're as we the to we and look at free to the So behind other same the now capital now plan with give have audit positions for subsidiaries you that.

Robert Bailenson

plan year. next that within the half We second to do of this

Thomas Mcjoynt-Griffith

I a of cash holdco potentially And insurance the be dividends, kind it. the residual buybacks interest, that capital the like out the think and the level, What amount coming of redemption you or when just inflowing might corporate like minimum just subsidiaries. guess, Got at that Okay. debt available annualized of expenses about are expenses we liquidity buffer that's for like?

Robert Bailenson

Yes, exactly right. that's

in -- you look If at Page it's presentation, Robert.

Robert Tucker

the In equity presentation.

Robert Bailenson

Assured Guaranty -- of and Tommy. we presentation. service Yes. of million annual $XX distributions have dividend million, annual net say overview, that there, debt The $XX It's $XX In annual equity million. of expenses we

add up, those you all of the for are uses that So if funds the company. holding

Thomas Mcjoynt-Griffith

talked right buffer? And You about having hand any XX on minimum liquidity now?

Robert Bailenson

generally Yes. our buffers. We of That's months that. X as generally worth liquidity we keep what keep service. Generally debt

Thomas Mcjoynt-Griffith

lastly, right of thinking due that? us your and Can then about now? your about comfortable kind debt with about it. guys redeeming. just through talked next have are you're you how why the Got some consider -- redeeming whether And that puts walk Okay. debt threshold leverage How might that takes rating existing and to you year potentially capital of agencies you some

Robert Bailenson

we We're and it, appropriate. we it. should actually not And have execution, want whether But If appropriate now, -- we then should we redeem we we that. of more constantly whether refinance it, evaluating appropriate price, it whether do or or could at go to on then not not depends But redeem quarters all to would it's go all we refinance we or want think we'll evaluate where about refinance to it's right feel if that. to we number if want redeem. we a if it's have rates, that before

Operator

UBS. from Meredith Brian from comes question next The

Brian Meredith

you just there's there? be the if Rico Rico wondering happened And into additional frame maybe cap your potential PREPA kind dive which could the I'm what's Puerto you kind going development, of Puerto loss services to bit a can stuff? what opposite debt and if on I loss? a mean, of to little

Dominic Frederico

of always a new have got. probability We on the to past, Brian, any claim. exposure information any like believe, we has said react we've in that we've the to

on So new obviously, information there's been PREPA. some

We have to our scenarios. update

say adjust and consulting the is the reserve our probabilities are currently the to be. We the Obviously, have table, going to change on least. is then offer at what PREPA, look to

view the mind seen marketplace. that going is changes my been so is there's that take in we're litigation I've the our obviously, far to So nothing that path and

go is accordingly. our the just and we information is that models my adjust to litigation along provided us But So view anyway. with this a situation

Brian Meredith

loss additional reserves Is PREPA the solely the solely just related?

Dominic Frederico

Predominantly PREPA.

Robert Bailenson

Predominantly.

Brian Meredith

above buffer question, now? second to Okay. just it. then of is report Great. that maybe kind there And over curious, read and have capital I the any and just level you I missed all I'm AAA But the S&P

Dominic Frederico

see Of the above that capital course, I AAA. buffer

in the I number. we number you last think billion the gave is $X.X

Robert Tucker

billion. $X.X

Dominic Frederico

we're AAA, down, insulting capital well. at is excess remember, S&P us still which a at call AA as But beyond $X.X billion notches us even company, though only they Yes.

Operator

from Our next & Dowling question comes from Geoffrey Partners. Dunn

Geoffrey Dunn

that to as you true that company. company is have that, $X.X million from with think I that to to companies? capital excess necessarily capital true $XXX the a any want $XXX of or now that have think capital. you capital would what I Rob, imagine retained to way cushion. consider? billion is back mentioned there dividends growing fact excess go a excess is the XX years buffer think How do special companies to we being framework all different you say, request right is business the Dominic, million, Or AAA excess. about not ago, and the might I Is AAA standard that you're And again a across AA held

Dominic Frederico

Remember, lot we've business. in our of got a regulators

look So is at premium you you write excess the position do S&P part also but the you of the not reserve Remember, a -- our think by have And at -- at will we I to states, look on But large, you significantly agencies. look fairly other to capital as capital number have S&P the the not that. of calculation. good benefit itself number. of as and get the we the business, growth, impact only

And that additional written be not PVP is to about I capital we'd of business terms of think of in XX% XX% the maybe the would business excess. lose dilutive So to capital.

number. So it's a big not

different buckets the said, like to to hurdles you that through all measurements that go get by meet. counted. are entities the So different there are all the excess capital, have There I

therefore, all help to us criteria to what we've see out do the can be process on capital dividend and this capital at entire and that implementing. we through go the we excess management program have evaluating what So been look companies

Robert Bailenson

And with the that regulators. will part of the discussion be

can now over and ever $X.X want a a So be believe past, is level. such. cushion situation would we actually in to number higher of billion, we start keep based that to a maybe because have been the you Rico Puerto never where of can appropriate. with Geoff, where at you what as want drop lower the in And downgrade volatility AAA a jeopardize in you buffer that you we the number we situation of But upon years put

So a cushion is we're cushion. going keep conservative always a to

Geoffrey Dunn

issue. has And I'm obviously, challenge $XXX then previous your was been ROE. picking X-year wondering, excess audit that for supported with aggressive the rightsize that to race? And annually, measured Okay. more is being that Does the ROE? consider size trying specials the at the clearing more the the you a million to of was correct Or a away of allow and capital excess long capital target buyback of and to company it by

Dominic Frederico

of a kind No, combination I of Geoff. both, think it's

book We requirements the we take stock the to see will et bottom best the cetera. relative Obviously, to regulation continue the that we rating we terms line, evaluating book and the course the are the versus action to is advantage value have in we'll that. can opportunity meet agency, if what's trades to value for still all of where numbers, accretion do where and us accelerate, the to of huge a accretion

to We gotten. look can. We've results what lot a we have been to every gone for that for We've where if opportunity years. see following So of we've process been. accelerate we the

that rear. We've of cleared the together our Rico put us the behind strategic really an units. plan opportunities Puerto We've growth got is profitably. now to as across in rest asset and we got functioning audit, time company and now correct all basically the good the the business the really of it's management Now

that. in position think great do exactly a I we're to So

Robert Bailenson

breakeven and said be just I And just what that. is at I the the will asset that that profitable just should accretive wanted basically with right we sampling everyone now end. mean X X. to had focus manager we've that around an on Dominic combined day emphasize fact was

growth our So part of opportunity. that's a significant

Geoffrey Dunn

Can credit, then And It looks X occurring with particular, question exposure? on went elaborate had on from last in Okay. is list. some you migration like Healthcare you what my that X BIG is X. to your

Dominic Frederico

Yes.

credits As we've we are the appropriate talked highly still at healthcare actions and and we of those about, healthcare Remember, where in we take look protected. some stress credits saw seen fit. most to got but got other from we've our how marketplace mindful And very to of ratings. therefore, at opportunities we that the save the we've look credit, our result workouts, in take measures few internal we be therefore, payment,

Operator

With Philadelphia Hymowitz Jordan our next Management. comes from question from

Jordon Hymowitz

past [ couple cube. A this been company emphatically One on has Page growing for is the is different increased. In strong the will at a XX, melting first XX is ice you EGO of Could ] time story actually of production the there's point decade, stopped again? a that questions. lot that the given this declines say and that the Page PVP have the the

Dominic Frederico

as and over think last the the like and the been we is looks it's what growth opportunity we're Well, year good looks like. for as of about what optimistic next years, year number

higher. So is growing. our is PVP getting premium reserve

across pointed business you opportunities of nobody can we're as see kind say we units. the all I'm relative as -- over been the But absolutely to market So the another that of we've to that say our emphatically at of optimistic ever end ball. crystal and power day, as the not going out,

As as both opportunities Rob insurance the will that division and side. management we well asset mentioned, of also it create have investment amount for functioning

Robert Bailenson

seeing infrastructure. great U.S. structured And global international infrastructure, guarantee, and Public in structured Jordan, financial pipelines finance we're on global finance,

in X strong business, our legs of All guarantee we have very financial pipelines.

Jordon Hymowitz

point. percent years shrinking And to Page gains decade again investment-grade you at level investment is the in lowest you percentage XX, it's look at growing in below been over this if of addition plot, after a below the

better regulators that or way growing should you think give to less that Is quality, alone more not dividend. ] that? a special about reasonable the confidence than a confidence So approve to buyback in credit only with [

Dominic Frederico

growth Rico, think I reasonable today's everything is investment-grade, in opportunities. below including Puerto marketplace,

cetera. with in of with, -- et The out the dealt dealt other noise basically audit the the company

the of However, business. melting the bought little one rundown company the to that other half four companies. or ice a were Remember, a we getting cube and I'm continued sensitive

a had That a market So riding the we've now. kind earning growth years. over and five a through reserve. been a is But a we to consistently earning on early for We've ship you've but depressed have half we start were of business it's our a half in five like are couldn't any units. companies of market, other because declining, terms good reserve, redeemed, running in companies than of five that time we as caused have we off now number But I and did. And in And redeems. we X have of caused offset written volumes said, the and most which our company premium and looks on of corrected of half the without focusing drop our business the spike. highly across earnings to in companies redemptive premium premium now that business faster it that think earned business that been all run

Jordon Hymowitz

million back with least the a part XXX you buyback. sure you think the given or of the dividend get won't base the XXX to if a at the have commenting less is, And much final the do, Without do you special will question U.K., do from weren't XXX later end at year? the you you this on capacity what buyback,

Dominic Frederico

on but predicated to on is We X can't special comment we're dividends, remember X go. everything that, and down,

Jordon Hymowitz

capacity the XXX have million? do you do the down, X the to with But

Dominic Frederico

or say, state We do won't publicly that math. not. I'd the

Robert Bailenson

it $XXX I by got my dividend -- we helped said million, our the capacity mean did obviously increased $XXX million. commentary I it we in that

and we to if for are going are So a we dividend. -- look special

Operator

Giuliano Point. comes With Compass from our question last Bologna from

Giuliano Anderes-Bologna

kind were on curious by increased thought. I'd like where about dividend or Jordan's year $XX balance versus capacity Congrats right on or could AGMs. quarter. weighted to of thing of Is potentially half that a like million maybe And so What based -- about about thinking [indiscernible], again. and AGM, really that you're you of -- It an year in getting scale the know had looks about is One the about there's the you're of little to schedule. as ballpark that your performance the the capacity a for Is half for deploying fair following about that the plus back good of several great to back million you trying the you more see million or think last million half [indiscernible] it from before back $XX up be a on $XXX up back how there you're bit -- or you we buyback what think dividends also $XXX do you today? half up up do think 'XX way came how in also

Dominic Frederico

issue remember, much especially The in given any back can have way day. the lot got and dividend that back-end how other it we that terms Giuliano, of special said we've about buy also to was the request volume in of it, and enhance plans think you stock obviously, weighted, and a from you regulators U.S. significantly will

at objectives. But So we what that we our we days of management volume, the have as might significant actually buy could to run able out capital trading key strategic look can one be to problem. -- back relative funds of to to be expect a

Robert Bailenson

into Yes. end take based day. why back was based volume, you buy towards loaded. your were the during you you the important get this That's on What the only down certain -- on loaded, when year of we trade And the point, this that a expecting account I really we we back-end get that can -- point, the saying to would dividend back-end U.K. it And were from subsidiary.

capital forward So It get news the we if the us it, good program. next year. just management with might is, it's going bleed our going help to into

Giuliano Anderes-Bologna

thinking you request Then few very perfect to usually that out months quick realize Is making timeline no about terms Got it of yes, that turnaround special there's quarters? over if a relatively That's dividends. I think a or or about think helpful. can I'm like curious few about, stretch probably but special it. in the dividend, for weeks -- a a

Dominic Frederico

of is the time Well, essence.

as with can take clean to as going the think, to And position excess and said, opportunity we position audit the criteria we're audit strong this I and us getting put possibly gives you've company's opinion audit much proposed adjustments result. really was they're to So try that no as with capital during of an real the anyway. pressure course, advantage regulators the of the

to we're into is the states. think getting shape in request. of relative a And time good essence in it special obviously, getting I the

Robert Bailenson

and Obviously going -- our their remember, best deal hopefully, with to regulator, do in to place and put we the to have we're do plan schedules.

put we of So can them. only front what control in we

Giuliano Anderes-Bologna

then one And is one new business. helpful. last very around of That's kind

on it show -- picking thinking a like on it's that It [indiscernible] you of basis? curious not the pipeline quarter. or be pipeline business. maybe resemble as look And a about transaction reinsurance of linear looks also, to to quarter-to-quarter that -- And Is obviously seems decent a new up you up. cadence good think X I the to bit about out there's in it's it similar perfectly transaction did there. a opportunities there things. You be the just like continue think going on is I'm first reinsurance or I'd reinsurance

Dominic Frederico

of through it. the we'll and to change. our both more and for continue accept happy And and direct continue side there's there as very, out all opportunities And are about, or we underwriting both either reinsurance obviously, business, the reinsurance we goes strong. to piece But our very that standards philosophy, we're direct pipelines to that's if markets, look side, business it before follow the our business Well, doesn't of across entertain the we've that. direct talked than business. on And

driving of rest terms to from our PVP the and that what about reserve a view, on year able of point optimistic premium in higher. very of we're higher we're So achieve the

Operator

now the host, I Tucker remarks. the over would for This closing to question-and-answer conference concludes to like turn our session. Robert

Robert Tucker

Thank to I'd you, like on call. for operator. today's thank us everyone joining

If you you a questions, give to very feel have additional us free much. call. Thank please

Operator

today's you attending. This you. call. Thank all Thank for concludes conference

day. a You disconnect may your now Have lines. great

Assured Guaranty (AGO) 9 Aug 232023 Q2 Earnings call transcript