AGO - Earnings call transcript Q3 2024

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Operator

Good morning, and welcome to the Assured Guaranty Limited Third Quarter 2024 Earnings Conference Call. My name is Ezra, 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 over to our host, Robert Tucker, Senior Managing Director, Investor Relations and Corporate Communications. Please go ahead.

Robert Tucker

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

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

Turning to the presentation.

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

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

over turn to I Dominic. call will the now

Dominic Frederico

joining and today's welcome to Thank you, Robert, call. everyone

and first the highs for We $XXX.XX the Assured and end and per operating third during quarter. share at reached build XXXX. continue value record shareholders' at the both months $XXX.XX share per of Adjusted third at value adjusted equity quarter Guaranty X book policyholders to shareholders of

X production U.S. structured with finance, New public strong our non-U.S. market segments: this from of global business year public and been has finance. significant contributions finance

first for the For our $XXX million for year. including million the fifth quarters XXXX, higher for $XXX million, strong year, greater reached X and investors some exceeded on large $XX We in demand coming quarters at of insurance, investor overall than X PVP infrastructure bond or from first benefited transactions. municipal our from institutional last issuance very consecutive the

in per about speak has XX% more Assured this than X Rob months of year. adjusted last share, Year-to-date, will the Guaranty of earned income shortly. first $X.XX more operating

As I surviving mentioned AG in earnings detail AGC on August with a call, merger AGM its formerly AG, company. X on last completed into as

there we ratings. capital efficiency improved believe Moody's no After merger, said better at AG number S&P, merger that was well a the change As and we ratings are there this AG's operating issued merger. believe that KBRA and framework including We is insurance KBRA, is capital to high strong and month strengthening AG's market financial management skilled to future We last in for strength its team, rating have position. structure. risk positioned company maintain strong new plus above capital owning still affirmed management AA what post all to benefits of affirming time, needed our excess position, utilization. statements our growth

return September. inception mark-to-market AHP on to including trading improve $XXX funds was totaling by alternative of on date alignment million. our by our from earnings through approximately XXXX, on The securities performance X returns. of business continue benefited In the managed with capital and and to we optimizing gains and Sound months the on focus to We first return investments investments solid Point XX% opportunities generated

our repurchase this our to to on of million and share common targeted target We years our we outstanding. program which reach share to repurchase annually for expect program, of our in continue have year. committed $XXX remain million management capital focus approximately We $XXX

company of XXXX. the X, As November that were XX% on outstanding has XXXX, repurchased of shares December XX, the

authorized authorization additional our to $XXX has brings million. million, $XXX current Our which approximately an Board

creditor are fair a may year, be share targeting are $XXX reasonable For settlement stakeholders for the to but this as to We million consensual to a since ordered we to and strong committed courts our been the [indiscernible] repurchases. next has exposure, determined their prepare unresolved on Overall, not remain resolution XXXX, time achieved. secured the for Touching for them again all resolve parties in mediation continue rights as enforce [indiscernible] differences. our a of year to the turn we and our extended market. product of new their more more costs has large control help our to More strategically issuers seen efficiently. bond emerging use and we for recognized insurance been business our transactions as Assured on In continue of believe while an increase execute pursue the transactions widely we're capital. specifically, high-profile borrowing that number in provides trajectory have a the value to opportunities, cost privately their XXXX, risk insurance. Guaranty and that growth future by We a

turn call discuss to over now Rob the our to will production I results.

Robert Bailenson

markets. Thank exceptionally results financial Guaranty Year-to-date, having production Assured you, across Dominic. our strong is guarantee X

than of $XXX of higher Dominic last our $XX As year. is PVP first mentioned, million the quarters million X year-to-date

quarter sold third all third bond year-over-year, U.S. primary XX% for municipal the insurance. insured primary leader, significantly market. from was market bond Guaranty's Our year's pars utilizing in and so volume insurance $XX issuance last Assured bond us the make Municipal municipal Sustained continue was in million to insuring first par result market year-to-date quarter. demand includes PVP, of the million up total of months too X $XX in XXXX up year-to-date the

months the period issue last primary Assured XXXX, par the higher a market insured decade. over we've $XX.X During same the X X-month than new This of highest first XX% billion in first is second last year. insured the Guaranty par

largest for guarantee institutional the and the some transactions liquidity Guaranty market can of increased ensured provide. that to our demonstrating continued market, far municipal this came our So demand insurance the year, the Assured

the par. billion insured These Brightline insured transactions or XX passenger During $X.X more of a we the in quarters, X insurance total Florida for included rail with first million of $XXX million Terminal $XXX Airport $XXX of New new for or School and project, revenue State bond F. John for Kennedy York the district million authority DAS X the of [indiscernible] issue. at

River million million quarter South $XXX included the Carolina Third Sante the for Service Texas. Authority million transactions $XXX Authority Lower Cooper in $XXX Expressway for the Florida Authority, and Central for Colorado Public

Bond pleased say AA the XX% we of also that transactions This market, Year more insured This months. we of an X attract provides quality. investors complex our category. this large AA We uninsured the Northeast Brightline Buyer billion in more for a transactions. care have transactions, the innovative to around X par first an X the to risk-averse new financing [indiscernible] credit story XX% and/or issuers, the use bond the increase category, transactions of distribution project, Deal of issue the through region the credits XX in AA Airport Moody's category market for the by year been [indiscernible] health categories. X and for Year-over-year, in in ability the insurance their ensured financing new Terminal on and primary X $X.X believe municipal credit category totaled and on among broad bond insure in I S&P year, enhanced respective insurance our the am end and rated in JFK simplified in passing issues awarded the par we saw that basis. approximately

U.S. value this potential and provides for produced million as investors, it unstable year. market $X finance, public public during even $XX liquidity, as at Outside non-U.S. year-to-date, security last safety of finance support of conditions. well than time PVP our higher improved market And and million business market

promising infrastructure and of number of business We pipeline a additional have a regions. across sectors

regulated market million New business [indiscernible] of several first $XX Global produced as the transactions we utility of a Structured in liquidity on well renewal secondary as PVP the XXXX year-to-date, the significant of and Finance, annual X airport contribution. include certain guarantees. In also and in U.K. months

$XX quarter. quarter million, Third million last third year's PVP in was than higher $X

primarily involved sheet bank insurance finance and subscription securitization, Our balance production strong relief year-to-date results transactions.

new to look continue our core by opportunities for expand or markets. financial entering geographic business We guarantee to product

we the approximately portfolio. in Australian The USD their bank, international portfolio transaction on provided business, capital-efficient lending core to third that allowed limits transaction million a example, protection a XXX for manner. quarter, which our an For structured manage finance during more ensured bank

to for the a insured We strong we report pleased finance the start. related this have closed to Australian to redevelopment strong. transactions, am million University quarter, continue bonds in senior million Thomas and for has there. in revenue we X presence of expect to special are and product facilities returned Philadelphia. public I market our our of Among to priced to off U.S. happy gotten fourth to JMA is Airport's Cheson for already have quarter the demand Terminal [$XXX] Company-wide, grow $XXX

We are we expanding year. for new solid the into markets finish are looking forward our to business and a

now call over results. I'll discuss our further to Ben to the financial turn

Benjamin Rosenblum

share, to A Dominic, pleased of which income HP $X.XX after-tax transactions Point or of $XXX Sound million Thank quarter share. third operating you, gain am adjusted XXXX per $XXX Rob of on net the reported and we morning. per or included report million of third good $XXX I adjusted a expenses. and and XXXX the operating quarter income comparison $X.XX and in million

in increased significantly loss a result in primarily the of gain, third a onetime income Excluding XXXX. expense this of benefit adjusted quarter as operating

income I into that model, adjusted in which period. operating guarantee loss I Before the remind development like delve included GAAP you to that in the loss the than expense, quarter, financial developments would economic accounting in different is for

GAAP deferred expected transaction loss insured in loss its premium expense reported excess reach when is below revenue. only investment-grade its is of

a amortizes. economic loss result, time premium will as lower or a expense but given be development the may period, deferred revenue loss higher in over converge than As

benefit a quarter recoveries and both improve to of includes and U.S. exposures, $XX care compared sector, a of finance previous certain and on RMBS the due development Third with second which to a $XX continued economic home And primarily on loans million prices loss in high in U.S. remain exposures. health public $XX first improved benefit our XXXX as assumptions. was million improvements benefit million lien

U.S. increase temps includes however, important certain the It a losses expected company are senior by $XX third our operating required including in below exposures, TMS obligations. downgraded investment at holding we It exposures. million that grade company, in A Class not weights to the RMBS scenarios. the even third loss also that is and to expected we we losses therefore, expected In quarter component probability on GAAP regulated one note, our to our debt in if U.K. the GAAP expected our apply loss the to calculating benefit quarter, a utilities most of all heavily care. most weighted determining do of may and income includes possible health In adjusted XXXX, in report to scenarios losses, expect of not and operating related

the However, premium regulated expense loss included loss deferred development sufficient is of losses. cover U.K. on was revenue utilities to the effect economic not in because

Turning XXXX. in $XXX net third premiums. with quarter the quarter $XX third to of compared XXXX earned million in reported the We of million

revenue storehouse premium the which the new at earnings segment is of $X.X result Insurance deferred Rob the discussed. billion direct Our business represents strong remained future of a in and that production

quarter to a In from the well inception-to-date income alternative alternative third quarter with rate diverse continues basis, well million annualized million portfolio of $XXX income fixed and of XXXX the investments. equity maturity compared million XXXX. of from Net income value from interest of quarter investment third compared investments an of approximately our both million alternative investment investments XX%. of was Our stable quarter return in in having an of internal portfolio $XX in have demonstrates $XX earnings On was the a and with of XXXX. third as XXXX, generated the the portfolio stream third $XX perform as

income decline was investment of to externally in investment attributable is The loss short-term our portfolio income managed Net mitigation securities. from our year-over-year. portfolio and consistent

that recent mitigate these reminder, portfolio this In or the managed over expect continue in revenue alternative third years, been the a million, million securities and in expectations operating insured XXXX line Sound reporting. are fees largest have in time be with recognition performance with purchased pay towards contributor contributed recognized lag Point's the megation the at by quarter loss quarter segment. those results investment to down due $XXX calendar of guarantee and and the the GAAP sure our actively end was we adjusted we results the $X Asset in seasonally quarter discount purchasing expected losses, result in segment in which generally proceeds had reflected bonds down Breaking had Insurance As not income reinvested losses. the Management a which is fourth to to which adjusted therefore, year, the portfolios. we first rules as being to will with externally

$XX The corporate million. loss was division

be repurchases. an In of stock capital XXXX, most week, And front, average the $XXX our shares our On X.X additional [$XXX] management last strategies. an buybacks in share price authorized accretive per Board one continue share. at the repurchased to we $XX.XX third million quarter million of million of for

The equity adjusted operating along collectively production adjusted book operating income and records almost per remaining of adjusted and business our approximately today, and of million are share company million As program, $XXX contributed repurchase value share our with new authorization for approximately which is over and shareholders' share resides $XXX balances new to $XXX. $XXX cash of investment in AGL. million holding $XX per of

the operating successful income all execution turn these call period. reflect the now initiatives how value in instructions quarterly give you strategic book operator over from adjusted consistent long period, our the to of term. I'll for to build our Q&A to increases shareholder the value the While the period metrics key varies over

Operator

from question [Operator Meredith UBS. is with Brian Instructions] Our first

Unknown Analyst

capital Maybe It's actually [indiscernible] start for Brian management. on we with Lobo could today.

Specifically, outlook the on the the utilities with U.K. company? the capacity impact impact management dividend holding capital developments to have XXXX? it how does And do your any for

Dominic Frederico

Good expect this next we question. you reach year million reach expect year. But and to can $XXX as the to million again $XXX see,

or not on obviously, capacity any program. So whatsoever buyback it's having impact dividend the

Unknown Analyst

it. Got

insure And us more around bit context a municipal XXXX to for quarter? is market insured lower muni you Okay. increase little give you think And par the your this slightly Could your penetration you Do what issuance. issuance? outlook penetration further? moving can

Dominic Frederico

basically been market in ways, increasing well. penetration we've been is of lot year, the in And on the has deals AA The see insurance that value you penetration recognized. of overall getting Insured can year-to-year. the a large as and this penetration better

in, bond insurance be for obviously, that real a of issuer. value spread So we're really in expect a as still to execution in savings these there's to the allows execution opportunity to the made we ease the makes marketplace, the it continue continues benefit be for that to And for environment from.

remain to across of as high. a is investment We crying expect issuance There internationally. well country the need as infrastructure

So our volumes, we continue as to expect to grow well.

Robert Bailenson

completed the last And capturing both product over add portion in year. our large standpoint transactions transaction. the on the execution of the benefit uninsured market. significant to It to that I want much be we in a the liquidity the of spread. shows more with and We're efficient of allows the it deal a that for transaction, the insured from

Unknown Analyst

I to Bermuda updated how affect rate tax helpful. corporate XX% That's any your the if going income XXXX? And finally, in on thoughts rate is tax could,

Robert Bailenson

Yes.

year put will you as tax now, of for begin end Bermuda, right the our to we last that So benefit we know, use next at up year.

I'd in our same expect tax everything going forward, rate look in if corporate So slight the a corporate you tax at assuming rate, XXXX. forward a stays decrease

Operator

is Philadelphia Hymowiz Financial. with Our from Jordan next question

Jordon Hymowitz

profitable would it's continuing exceptionally this company the last believe I price. clarity they better. Eagles on Only the likely bidder In there's that's sale of well opinion, themselves you perform putting for themselves to week but run. Congratulations accounting only and consider third time, doing in PREPA is up just difficult and that after and my sale. announced put MBA are is up QX. they my one kind for that about an

guess dollars capital stock no how And losing are, well MBA dramatically. got be matter has they're your management what is, the at done and to And my out small well so I has your looking question how been.

there of question to based is, contingent the way up? contingency is a payment guess payment PREPA would a you a if possible and with on And I that ended outcome consider PREPA? an based my So how on preamble, consider offer depending

Dominic Frederico

of trading Jordan, course, the anymore. to as not consolidate repeatedly you know, And companies the the one been where market are in largest other is left. we've MBA industry basically the

can And everything you price us. them to would that done make to that making of we've think but we sense I make is in So assume it an right. properly not offer highlighted could sense the more you that terms

weight here right. sideline we're on So until standing the is price the

Jordon Hymowitz

this the Republican there is be any all push Rican money fight all authority the this the going might do out or that should you -- Puerto -- to electricity the have rid be new only get new going is they with and Puerto there? money legal Rico, bills governor think to more money anything of there not as the out that economy in governor control And of independent because of to or regard

Dominic Frederico

to Yes. I obviously elect think I cover wouldn't Puerto Democrat, they're Rico. the or Pro governor Republican current be

to to the we that look to continue our PREPA relative and ability So what got on means at recover exposure. to that

is more the important now the for be change it the control we of the the that presidency new haul, got and short there long think board board could a haul, I is and potentially the Congress. as members various not in on members change has a the --

looking the we're activity by year the in to coming forward the big up that current So XXXX. as

Jordon Hymowitz

Well, Okay. AGO wearing call. on congratulations I'm this again. swag some

phenomenal over a done many years. job You've many,

Dominic Frederico

you, Thank Jordan.

Operator

Partners. Geoffrey Our question Downing is from with next Dunn &

Geoffrey Dunn

was actually against what hoping what these was I water protections there de And economic But deal understand could the the into that you relative support minimis. the loss? the an are you What revenues exposure, to can more provision water on provision get deals. do? get -- ultimate this I utilities quarter into in bonds?

Dominic Frederico

Sure Sure.

the has that And water, water nationalize to the competition U.K. the they There's are need access lot but to looking you're water water services. a Jeff, has monopoly there's clear, they're be going a for these be So supported services, capital these not government are sector. clear, that investment to right essential obviously need for that let's now of on utilities. markets. the U.K. and been certain of exists providing

bondholders you to specifically. be So you down really And access badly the talk about let's the really that can't work. capital exposure push our because too to do markets

the exposure company. senior the at debt operating Our is

there not I think companies. at there operating level, be So in us the we're holding infirmities below may the where company some debt and is

Also, And of any exposures on to not principal exposure went our XXXX. we P&I all do as due. any payments know, you our have

help we them we significantly that out. to work So to to sector. know groups equity hands -- more of right funding to markets now, of work equity to number looking supportive both and plenty market obviously, out time get able short-term some through as to doesn't on new impair we're and our And there's let position. our supply very have to the of long this be in it as the support we're raise being new raised debt And it

particularly So didn't bothersome. put see this something as the I right We that assertion you're we up big think that's a in don't loss quarter. this

is it's it's at order there just things sit we're well, think a support this, to and how I played this a not natural and think all. just saying, I happy that of something be going basis we're or looking natural and at have out. but this if reserve insignificant, any is a a expect problem basis, losses capital from from to this a from a relatively we

Benjamin Rosenblum

entire here, the real issue except fund a debt amount difficulties required We're operations. in senior capital And Jeff, are having across working maintain terms expect we're markets regulated. highly rely to -- a investment-grade regulated They're we flow. we cash board ratings. of They all on utilities. the There's they're no the significant position in of in short-term remember, the on to

Robert Bailenson

when goes to the we add, all something required just grade, wait me let [indiscernible] under have And probably below accounting model, as scenarios.

put a all not under gap while scenarios we're might required but expect So loss, those in. to we

Geoffrey Dunn

utilities? like the sounds for a causing these is cash What -- it Understood. shortfall

Benjamin Rosenblum

pulled over I think years money equity and out, right in they've pulled what's water reinvested have the owners sector. happened the money now haven't money out, is the they the

the and to lot a like improvements, and that every permits headlines the just in infrastructure some the they make need need system countries the drinking water. that's what's articles forward I U.K. driving can that definitely think read probably they're so piece raise clean the can around new improvements the you in So the going have people of suggest of equity in see And you'll to world. the

Dominic Frederico

an provide regulatory areas it's which has problem in so which bodies think treatment, problem, by required a the to make that are significant CapEx the continue operating to the services but are CapEx not sewer you saying I solved improvements, like be that they now to the capital. problem, need waste got to do requires

capital. the reach to got we've So

Benjamin Rosenblum

think the is year. was on, waiting early obviously, appealed. rate determination a I thing being determination the that in we're rate there other

So is out think if of what appeal to results deal slightly successful done improvements need what's again. rate And to need they'll to be water the don't the capital see increase the is. There we're for I they really is sitting waiting But my get the that's a help the guess support resolution, that a to sector. there.

Operator

Tommy from KBW. is question McJoynt next with Our

Thomas Mcjoynt-Griffith

the on that U.K. event water rates guys waiting adjust how coming have U.K. view determination you impactful of not is are Or to Staying on. necessarily of focused that adjustments? the sort sort final topic, like December loss from of it or you'll that for important something Do for January. we're an you in as water sounds the regulator

Benjamin Rosenblum

a ahead to process. can and as comes see historically, again. decent they through. CMA don't There a mentioned, the want for relatively water it's go what Obviously, to And I outcome of is you to been want the appeal -- results, process see utilities. you they like

and is December, that I tell stay a that I'm So bad that going you change think this numbers. don't really our get going it's to resolution they to something in

obviously, investments that or over I rates we'll year have this to short-term to play support is so mentioned, We issue liquidity. water improve next as that the raise what we this will the the out rate is work to as not losses. they think that -- expect something we is we get think not really they that through do a And capital do to sector. just right have

Dominic Frederico

operations, the will excess which rates opco CapEx, the paid daily them normal Remember, fund terms help time. over of of its out the of gets the the rates in

this rates the increased funds go how enough So see play to the raise then be obviously, out, and therefore, we're but equity we'll expecting CapEx. for flow to to and operations continues the out to make

Thomas Mcjoynt-Griffith

Got is utility Is historical us ultimately point business it. seemingly of frequency that exposure similar distress face the study there some AGO where emerged scape. the rather to even And on headlines I this insured or better a there claims could an a non-U.S. guess, low. and case out in for you utility insured then with financial

you process? point Something us just to could for kind this of learn about

Dominic Frederico

really. essential Not -- the highly remember, are The these services, utilities monopolies. regulated or

we're or funding seen why So to for little then typically, so losses it's they can't out debt take mean problem. a rely even debt in service relative activity the critical. of market capacity to the loss there. they and expect to write-downs think it, because of way That's the allow on we've of I market very any or terms funding be

So issue opco. cannot the is an old more the for this

Thomas Mcjoynt-Griffith

Yes.

water any par extent in? uninsured of to market, that trading see those? which strategy Or you're something so the do security to you doing bonds the the just to be mitigation pursuing then is substantial that consider not purchasing at you in loss And Okay. appear a would discount in interested terms they

Dominic Frederico

increase our onshore, bonds can is insured just therefore, loss same impairment, we do. no buying don't Our And the mitigation the exposure. take there you

pretty very water is a the expectation that essentially, -- that yes, no So our market's for where RAP other, the the securities, exist deep much utilities doesn't money like buy we RMBS discounts. opportunity can there's like good. own actually for

So...

Operator

with Our next Compass from question Bologna comes Giuliano Point.

Giuliano Anderes-Bologna

and years a it there's XX-plus the to guarantee. capacity Maybe Yes, off, pace. buyback question about kick

that point? there? not a mistaken, of I'm you think I'm on where at next towards I income also have the is But how you [indiscernible]? other a investments backlog in ways that big even much year, just it obviously if curious your some other around would is how that. levers some you curious push if And to count up how just I'm dividend have held of guys how special subsidiary. and much dividend this curious that alternative lot stands. I'm are were And accumulated that the

Benjamin Rosenblum

Yes.

download. we point, we ways increase So to obviously to not move push There's have that to capacity. long to Obviously, we simple run warehouse it and want certainly I do short at this magic and sense it. sell It up place to happy it as no back the both I in capital -- obligations dividend Point, have all we're we buy our do do it can't up order level. I to makes Sound sure find to our we capital move cases it. us it's explore shares, to to options appropriately. that as money sense, make manage continue ability holding our in so company that run exploring for But have makes to are could works. the to our

Dominic Frederico

year. that And making it We're next remember, our goal making this is we're the $XXX million that again that we feel year. comfortable

deploying strategy buyback. fund where can terms to to of the assets continue that make what that sure we're we're obviously million in that's we So moving $XXX

Giuliano Anderes-Bologna

is curious to compares to be? what business? That's example. as that grams I look but over domestic or some every premiums curious at other that some big how common when more look you I'm transaction different, you're of then of helpful. that know jumping to the the curious you've or the like transaction, I'm side. that the doing international or how transactions Australian And can returns an international the done impact of transactions that and

Robert Bailenson

to insurance providing would the we're transactions I capital and that returns is in better relief tell bank that business, tenor companies. shorter, are Yes. you the

expand really excited continue in to we're that to market. So

Benjamin Rosenblum

a realize attractive that do business than a to short quicker versus accelerated to any Yes. imagine, earnings can return. content we and earnings capital and to tenor capital you get other It's because very the of higher that release business of we it's got release makes a ROE higher the those

on why continue you that's see, more can international relies expand are sure address an the issuance opportunity taking as global So maintain We're a that the of operations become significant we presentation, we on on great global. to opportunity it's based it's make to to And pressure want borders overall international as Rob's segment demand here, and presence. and trying we model, our opportunity domestic to a and really international our making that is well. continue the company our market it.

Giuliano Anderes-Bologna

That's are helpful. the very dated. exposure, at one of one. long coupons as low And maybe and TMS very looking the most exposures But last

obviously, the only principal pain think I you're time interest. in ensuring

ability that's the to because in factor before But have of MTV some might there lot similar something has more -- to coupon if a dynamic, curious things I to have the there could even that there benefit that would that you huge flow you loss So be consider both [indiscernible] side. weakness realize I'm the point probably become see if at your anything consider? a through or or that duration exposures like to on situation.

Dominic Frederico

we've Tom, regulated capital done we've the credits. kind distressed think we rightly. get I opco, I terms to I well. on, think that Well, of mitigation, of at, organization, to think handle I proven loss deals been way regulated, we we'll on we mean our and are to and metal results you we've at look of in those proved the based all to as the something we've we to loss RMBS the for any continue continue will as securities is key rights And position, portfolio of look need and work that troubled exercise the I very made going the off good highly achieve position, mitigation in at them said, to RMBS able that our it way credit really we've strength at our back and had of to the we're access this how get and within hard made and money senior look markets, amount how

Giuliano Anderes-Bologna

about there's transaction legal out worked a Puerto Rico? as in but similar a the And utility pretty in helpful. different comment restructuring entity a That's regulated pro a a system, it's well different way

Dominic Frederico

Right. That's things not market in before. the these in

we So water worked would have Puerto is and it Rico even down.

Operator

next Dunn & Our Geoffrey is Dowling from question Partners. with

Geoffrey Dunn

answered. was follow-up actually and My asked

Dominic Frederico

I to was second Jeff, question. pay say, going for you the

careful. So be

Operator

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

Robert Tucker

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

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

Operator

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

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

Assured Guaranty (AGO) 12 Nov 242024 Q3 Earnings call transcript