Assured Guaranty Municipal says New York approves stock redemption plan
Assured Guaranty Municipal Corp, an indirect subsidiary of Assured Guaranty, announced that the New York State Department of Financial Services has approved its request to implement a stock redemption plan. Under the plan, AGM will repurchase shares from its direct parent, Assured Guaranty Municipal Holdings, for approximately $300M. AGL will use these funds predominantly to repurchase its publicly traded common shares. As of close of business on November 25, AGL had approximately $325M remaining under its current share repurchase authorizations. At September 30, AGM's claims-paying resources totaled $5.7B, excluding its investment in its affiliate Municipal Assurance Corp.