Highlights Very Strong Competitive Position, Excellent Capital and Earnings, Exceptional Liquidity, Well-Defined and Diverse Underwriting Strategy and Very Strong Business Risk Profile

Assured Guaranty Ltd. (NYSE:AGO) announced today that S&P Global Ratings (S&P) has affirmed the AA financial strength ratings on U.S. bond insurers Assured Guaranty Municipal Corp. (AGM) and Assured Guaranty Corp. (AGC); U.K. financial guarantor Assured Guaranty UK Limited (AGUK) and European financial guarantor Assured Guaranty (Europe) SA (AGE); and Bermuda insurers Assured Guaranty Re Ltd. (AGRe) and Assured Guaranty Re Overseas Ltd. (AGRO). The outlooks of all the Assured Guaranty entities are stable.

In its July 8^th research update, S&P noted Assured Guaranty’s:

• “excellent capital and earnings with a meaningful capital adequacy buffer at the current rating”
• “exceptional” liquidity
• “very strong competitive position”
• “well-diversified global underwriting strategy and stable share of the insured U.S. public finance market”
• “combination of a very strong business risk profile and very strong financial risk profile”
• “experienced management team” that “demonstrates a strong understanding of the various risks the company has as it executes its corporate strategy”
• “positive” risk management culture “reflecting Assured's robust risk reporting and significant oversight from senior management”
• “strong demand in the insured secondary market because the economics of bond insurance are appealing to institutional investors as a risk mitigation tool”
• “well thought out, measured” approach to writing business in non-U.S. public finance markets
• and that “Assured most likely [has] reached an inflection point where the amount of new insured par written is greater than the runoff of the legacy exposure.”

Additionally, S&P wrote, “Assured's liquidity is exceptional as a result of a conservative investment strategy that we believe adequately supports its liquidity needs. The company is sufficiently covered for loss and loss adjustment expenses payable in the next 12 months, and we do not foresee any longer-term material liquidity risks at this time. Given Assured's investment strategy, we believe the company maintains sufficient liquidity to cover unexpected stress in the insured portfolio….While the pandemic has led to fiscal challenges for all U.S. public finance sectors, we view the potential impact on Assured as somewhat low.”

In response to the report, Dominic Frederico, President and CEO of Assured Guaranty said: “Once again, S&P’s affirmation of our AA, stable financial strength ratings reflects Assured Guaranty’s strong capital adequacy and competitive position, exceptional liquidity, well thought out and measured approach to underwriting a diverse insurance portfolio and the financial strength to withstand even the most challenging of market cycles. Our resilience during the COVID-19 pandemic and our value proposition to both issuers and investors are also reflected in S&P’s report.”

Any forward-looking statements made in this press release reflect Assured Guaranty’s current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These risks and uncertainties include, but are not limited to, difficulties executing Assured Guaranty’s business strategy; those risks and uncertainties resulting from changes in rating agency models or opinions; the development, course and duration of the COVID-19 pandemic and the governmental and private actions taken in response, and the global consequences of the pandemic and such actions; adverse credit developments in Puerto Rico or other portions of Assured Guaranty’s insured portfolio and the impact of those developments on rating agency models and opinions; other risks and uncertainties that have not been identified at this time, management’s response to these factors, and other risk factors identified in Assured Guaranty’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of July 12, 2021. Assured Guaranty undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Assured Guaranty Ltd. is a publicly traded (NYSE: AGO) Bermuda-based holding company. Its operating subsidiaries provide credit enhancement products to the U.S. and international public finance, infrastructure and structured finance markets. More information on Assured Guaranty Ltd. and its subsidiaries can be found at AssuredGuaranty.com.

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