Assured Guaranty CEO: Co. Could Be No. 2 For Rest Of 2008
Last Update: 3/4/2008 8:41:42 AM
NEW YORK (Dow Jones)–Assured Guaranty Ltd. (AGO) Chief Executive Dominic
Frederico Tuesday said that he thinks “realistically” the provider of financial
guaranty insurance and reinsurance services could be number two in its market
through the rest of the 2008.
In a CNBC interview, Frederico said that some early statistics in February from
the municipal bond market shows the company with market share of 30% in February,
which would put the company at number two, behind Financial Security Assurance
Holdings Ltd.
In late February, fund manager Wilbur Ross, who specializes in distressed
sectors, invested up to $1 billion in the bond insurer, opting to bet on one of
the industry’s most stable names rather than try to shore up one of its bigger
but struggling companies.
The move, announced by Assured Guaranty, was a blow to others in the industry, in
particular No. 2 bond insurer Ambac Financial Group Inc. (ABK), which is still
trying to raise capital and had been seen by some as a possible partner for Ross.
Following the investment, Frederico said that business is at an all-time high. He
adds that’s one of the reasons the company reached out to Ross in securing the
additional capital.
“You’ll see us have record quarters through the rest of the year,” said
Frederico.
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