Assured Guaranty Dividend, New Chairman
The Board of Directors of Assured Guaranty Ltd.– a publicly traded Bermuda-based holding company — authorized an additional $115 million of repurchases of the Company’s common shares, restoring its current repurchase authorization to approximately $200 million.
Since announcing a $200 million share repurchase program on January 18, 2013, the Company has repurchased shares and today’s action effectively restores that authorization to substantially the full amount.
The Company also declared a quarterly dividend of $0.10 per common share. The dividend is payable on June 5, 2013 to shareholders of record at the close of business on May 22, 2013.
They also announced that Mr. Robin Monro-Davies has been elected Chairman of the Board of Directors; he replaces Mr. Walter Scott, who is retiring. Mr. Simon W. Leathes has been elected an independent director.
Mr. Monro-Davies has been an Assured Guaranty Ltd. director since 2005. From 1997 until his retirement in 2001, he was Chief Executive Officer of Fitch Ratings. He is also an independent director of the Company’s U.K. insurance subsidiaries, Assured Guaranty (Europe) Ltd. and Assured Guaranty (UK) Ltd.
Mr. Leathes became an independent, non-executive director of Assured Guaranty (Europe) Ltd. and Assured Guaranty (UK) Ltd. in January 2012. He served as Vice Chairman and Managing Director of Barclays Capital from January 2001 until his retirement in December 2006.
