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AGO > SEC Filings for AGO > Form 8-K on 18-Oct-2011All Recent SEC Filings

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Form 8-K for ASSURED GUARANTY LTD


18-Oct-2011

Other Events


Item 8.01 Other Events

On October 18, 2011, Assured Guaranty Ltd. ("AGL") issued a press release in which it reported that it is restating its financial results for the years ended December 31, 2009 and 2010, and each of the previously issued quarters of 2010 and 2011.

In respect of AGL's insurance subsidiary Assured Guaranty Corp. ("AGC"), the estimated impact of the restatement through the second quarter of 2011 is a decrease in shareholder's equity of less than 1%, from $913.1 million to $906.6 million. The estimated impact of the restatement on net income was a decrease of $2.3 million for the year ended December 31, 2010 and a decrease of $2.4 million for the six months ended June 30, 2011. The restatement has no effect on AGC's claims-paying resources or its regulatory or rating agency capital.

The table below sets forth the impact of the restatement on the affected line items of the balance sheets and income statements of AGC as of and for the periods ended December 31, 2010 and June 30, 2011.

                             Assured Guaranty Corp.
             Restatement of Previously Issued Financial Statements

                                                     As of June 30, 2011
                                       As
                                   Previously        FG VIE           Other
                                     Filed        Eliminations     Adjustments    Restated
                                                        (in millions)
Cash                               $      67.7     $        6.3     $         -   $    74.0
Deferred tax asset, net                  412.2              2.3             1.2       415.7
Total assets                           5,537.4              8.6             1.2     5,547.2
Credit derivative liabilities          1,667.0                -             3.3     1,670.3
Financial guaranty variable
interest entities' liabilities
with recourse, at fair value             542.9             13.0               -       555.9
Total liabilities                      4,624.3             13.0             3.3     4,640.6
Retained earnings (deficit)             (180.0 )           (4.4 )          (2.1 )    (186.5 )
Total shareholder's equity               913.1             (4.4 )          (2.1 )     906.6
Total liabilities and
shareholder's equity                   5,537.4              8.6             1.2     5,547.2




                                                   As of December 31, 2010
                                        As
                                    Previously       FG VIE           Other
                                      Filed       Eliminations     Adjustments    Restated
                                                        (in millions)
Fixed maturity securities,
available-for-sale, at fair
value                               $   2,488.9    $      (12.7 )   $         -   $ 2,476.2
Total investment portfolio              2,737.1           (12.7 )             -     2,724.4
Cash                                       16.6             1.2               -        17.8
Deferred tax asset, net                   342.6             2.8            (1.0 )     344.4
Total assets                            5,542.9            (8.7 )          (1.0 )   5,533.2
Credit derivative liabilities           1,360.4               -            (2.7 )   1,357.7
Financial guaranty variable
interest entities' liabilities
with recourse, at fair value              523.5            (3.6 )             -       519.9
Total liabilities                       4,468.8            (3.6 )          (2.7 )   4,462.5
Retained earnings (deficit)                15.9            (5.8 )           1.7        11.8
Accumulated other comprehensive
income                                      6.1             0.7               -         6.8
Total shareholder's equity              1,074.1            (5.1 )           1.7     1,070.7
Total liabilities and
shareholder's equity                    5,542.9            (8.7 )          (1.0 )   5,533.2


                                             Six Months Ended June 30, 2011
                                   As             Financial
                               Previously       Guaranty VIE         Other
                                  Filed         Eliminations      Adjustments    Restated
                                                     (in millions)
Net unrealized gains
(losses) on credit
derivatives                     $    (283.9 )      $         -     $      (5.9 )  $ (289.8 )
Net change in fair value of
credit derivatives                   (292.2 )                -            (5.9 )    (298.1 )
Net change in financial
guaranty variable interest
entities                              (62.1 )              2.7               -       (59.4 )
Total revenues                       (248.8 )              2.7            (5.9 )    (252.0 )
Loss and loss adjustment
expenses                               (0.7 )              0.5               -        (0.2 )
Total expenses                         48.9                0.5               -        49.4
Income (loss) before income
taxes                                (297.7 )              2.2            (5.9 )    (301.4 )
Deferred income tax
provision (benefit)                   (80.7 )              0.8            (2.1 )     (82.0 )
Total provision (benefit)
for income taxes                     (111.8 )              0.8            (2.1 )    (113.1 )
Net income (loss)                    (185.9 )              1.4            (3.8 )    (188.3 )




                                               Year Ended December 31, 2010
                                     As           Financial
                                 Previously      Guaranty VIE        Other
                                    Filed        Eliminations     Adjustments    Restated
                                                      (in millions)
Net unrealized gains (losses)
on credit derivatives             $    (151.2 )   $          -     $       2.7    $ (148.5 )
Net change in fair value of
credit derivatives                      (77.5 )              -             2.7       (74.8 )
Net change in financial
guaranty variable interest
entities                                 11.2             (8.0 )             -         3.2
Total revenues                          133.2             (8.0 )           2.7       127.9
Loss and loss adjustment
expenses                                111.2              1.0            (2.7 )     109.5
Total expenses                          226.5              1.0            (2.7 )     224.8
Income (loss) before income
taxes                                   (93.3 )           (9.0 )           5.4       (96.9 )
Deferred income tax provision
(benefit)                               (71.6 )           (3.2 )           1.9       (72.9 )
Total provision (benefit) for
income taxes                            (45.4 )           (3.2 )           1.9       (46.7 )
Net income (loss)                       (47.9 )           (5.8 )           3.5       (50.2 )


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