Assured Guaranty reinsures CIFG’s account

Financial guarantor Assured Guaranty Corp has agreed to provide reinsurance of about $13bn of net par insured to the US public finance account of CIFG Assurance North America. After the deal closes, Assured Guaranty and CIFG NA will work together to novate the reinsured policies to Assured Guaranty. The transaction will result in Assured Guaranty receiving unearned premium reserves of about $88m.