Assured Guaranty exits equity interest in Assured Healthcare Partners

Assured Guaranty Ltd. (NYSE:AGO), a Bermuda-based, publicly traded holding company, announced that it has transferred the ownership of its entire equity interest in Assured Healthcare Partners LLC (AHP) to an entity owned and managed by its Founder, Jim Pieri.

Jim Pieri has served as the Managing Partner and Chief Investment Officer of Assured Healthcare Partners since its establishment as an independent healthcare-focused investment manager.

Through its subsidiaries, Assured Guaranty offers credit enhancement products to the U.S. and non-U.S. public finance, infrastructure, and structured finance markets. The company also engages in the asset management business through its ownership interest in Sound Point Capital Management, LP.

Earlier in the month, Assured Guaranty merged its asset management business, Assured Investment Management LLC (AssuredIM), with Sound Point Capital Management, LP. Following the merger, Sound Point Capital Management became the sole alternative credit manager of the Assured Guaranty US insurance companies. As part of the merger, Assured Guaranty received a 30% ownership interest in Sound Point’s combined business. This transaction, however, did not include Assured Guaranty’s interest in Assured Healthcare Partners.

“The two transactions we recently completed – our business combination with Sound Point and AssuredIM and now the sale of our interest in AHP – constitute a continuation of our strategy to diversify our earnings stream through alternative investments,” stated Dominic Frederico, CEO and President of Assured Guaranty. He further mentioned that under the AHP transaction, Assured Guaranty will remain a strategic investor in certain AHP-managed funds while retaining its carried interest in existing AHP-managed funds and receiving other consideration.

Dominic Frederico expressed belief that their alternative investment strategy, including with Sound Point Capital Management- and Assured Healthcare Partners-managed funds, will enhance the performance of and diversify their investment portfolio.