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Assured Guaranty to Buy CIFG Holding for $450 Million in Cash

  • Company adds $5.6 billion to insured portfolio, boosts capital
  • The acquisition is the third for Assured Guaranty since 2009

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.