trending Market Intelligence /marketintelligence/en/news-insights/trending/dXHRP9PBXNG2Znv51AYstw2 content esgSubNav
In This List

Assured Guaranty units make debt service payments after Puerto Rico default

Blog

Insurance Underwriting Transformed How Insurers Can Harness Probability of Default Models for Smarter Credit Decisions

Blog

The Worlds Largest Life Insurers, 2023

Blog

The World's Largest P&C Insurers, 2023

Blog

Essential IR Insights Newsletter Fall - 2023


Assured Guaranty units make debt service payments after Puerto Rico default

AssuredGuaranty Ltd. units AssuredGuaranty Municipal Corp. and Assured Guaranty Corp. made debt service payments toholders of insured general obligation and other bonds on which Puerto Ricodefaulted July 1.

The company reported Puerto Rico obligors to which it hadexposure had $403 million of gross principal and interest payments due July 1.

Of that amount, the companies paid $205 million in grossclaims, or $184 million net of reinsurance assumptions and reimbursements.Approximately $196 million of the gross claims reflect payments on Puerto Ricogeneral obligation bonds. For any obligor where amounts were due but no claimswere paid, the payments were made by the obligor or from the company'savailable reserves, the company said.

Assured Guaranty unit Municipal Assurance Corp. does not have any insuredexposure to Puerto Rico.