A subsidiary of bond insurer Assured Guaranty Ltd. agreed to acquire CIFG Holding Inc. in a $450 million cash transaction that will add $5.6 billion to the company’s insured portfolio.
The deal, expected to be completed mid-year, would have Assured Guaranty Corp. assume the assets and obligations of CIFG Assurance North America Inc., according to a company statement released Wednesday. Assured estimates the transaction will increase 2016 statutory capital by $300 million to $325 million. All CIFG bonds will take Assured’s financial strength rating of AA from Standard & Poor’s.
