Subsidiary Information (Tables)

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2015

(in millions)



	Assured Guaranty Ltd. (Parent)		AGUS (Issuer)		AGMH (Issuer)		Other Entities		Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
ASSETS
Total investment portfolio and cash	$	10	$	156	$	22	$	11,530	$	(360	)	$	11,358
Investment in subsidiaries	5,961		5,569		4,081		377		(15,988		)	—
Premiums receivable, net of commissions payable	—		—		—		833		(140		)	693
Ceded unearned premium reserve	—		—		—		1,266		(1,034		)	232
Deferred acquisition costs	—		—		—		176		(62		)	114
Reinsurance recoverable on unpaid losses	—		—		—		467		(398		)	69
Credit derivative assets	—		—		—		207		(126		)	81
Deferred tax asset, net	—		52		—		357		(133		)	276
Intercompany receivable	—		—		—		90		(90		)	—
Financial guaranty variable interest entities’ assets, at fair value	—		—		—		1,261		—			1,261
Other	98		29		26		571		(264		)	460
TOTAL ASSETS	$	6,069	$	5,806	$	4,129	$	17,135	$	(18,595	)	$	14,544
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unearned premium reserves	$	—	$	—	$	—	$	5,143	$	(1,147	)	$	3,996
Loss and LAE reserve	—		—		—		1,537		(470		)	1,067
Long-term debt	—		842		445		13		—			1,300
Intercompany payable	—		90		—		300		(390		)	—
Credit derivative liabilities	—		—		—		572		(126		)	446
Deferred tax liabilities, net	—		—		91		—		(91		)	—
Financial guaranty variable interest entities’ liabilities, at fair value	—		—		—		1,349		—			1,349
Other	6		82		15		622		(402		)	323
TOTAL LIABILITIES	6		1,014		551		9,536		(2,626		)	8,481
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO ASSURED GUARANTY LTD.	6,063		4,792		3,578		7,222		(15,592		)	6,063
Noncontrolling interest	—		—		—		377		(377		)	—
TOTAL SHAREHOLDERS’ EQUITY	6,063		4,792		3,578		7,599		(15,969		)	6,063
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	6,069	$	5,806	$	4,129	$	17,135	$	(18,595	)	$	14,544

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2014

(in millions)



	Assured Guaranty Ltd. (Parent)		AGUS (Issuer)		AGMH (Issuer)		Other Entities		Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
ASSETS
Total investment portfolio and cash	$	126	$	204	$	47	$	11,382	$	(300	)	$	11,459
Investment in subsidiaries	5,612		5,072		3,965		339		(14,988		)	—
Premiums receivable, net of commissions payable	—		—		—		864		(135		)	729
Ceded unearned premium reserve	—		—		—		1,469		(1,088		)	381
Deferred acquisition costs	—		—		—		186		(65		)	121
Reinsurance recoverable on unpaid losses	—		—		—		338		(260		)	78
Credit derivative assets	—		—		—		277		(209		)	68
Deferred tax asset, net	—		54		—		295		(89		)	260
Intercompany receivable	—		—		—		90		(90		)	—
Financial guaranty variable interest entities’ assets, at fair value	—		—		—		1,402		—			1,402
Other	27		71		27		538		(242		)	421
TOTAL ASSETS	$	5,765	$	5,401	$	4,039	$	17,180	$	(17,466	)	$	14,919
LIABILITIES AND SHAREHOLDERS’ EQUITY
Unearned premium reserves	$	—	$	—	$	—	$	5,328	$	(1,067	)	$	4,261
Loss and LAE reserve	—		—		—		1,066		(267		)	799
Long-term debt	—		841		437		19		—			1,297
Intercompany payable	—		90		—		300		(390		)	—
Credit derivative liabilities	—		—		—		1,172		(209		)	963
Deferred tax liabilities, net	—		—		94		—		(94		)	—
Financial guaranty variable interest entities’ liabilities, at fair value	—		—		—		1,419		—			1,419
Other	7		9		16		764		(374		)	422
TOTAL LIABILITIES	7		940		547		10,068		(2,401		)	9,161
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO ASSURED GUARANTY LTD.	5,758		4,461		3,492		6,773		(14,726		)	5,758
Noncontrolling interest	—		—		—		339		(339		)	—
TOTAL SHAREHOLDERS’ EQUITY	5,758		4,461		3,492		7,112		(15,065		)	5,758
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,765	$	5,401	$	4,039	$	17,180	$	(17,466	)	$	14,919

Condensed Consolidating Statement of Operations and Comprehensive Income

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

FOR THE YEAR ENDED DECEMBER 31, 2015

(in millions)



	Assured Guaranty Ltd. (Parent)			AGUS (Issuer)			AGMH (Issuer)			Other Entities			Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
REVENUES
Net earned premiums	$	—		$	—		$	—		$	783		$	(17	)	$	766
Net investment income	0			1			0			432			(10		)	423
Net realized investment gains (losses)	0			0			1			(19		)	(8		)	(26		)
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements	—			—			—			(18		)	0			(18		)
Net unrealized gains (losses)	—			—			—			773			(27		)	746
Net change in fair value of credit derivatives	—			—			—			755			(27		)	728
Bargain purchase gain and settlement of pre-existing relationships	—			—			—			54			160			214
Other	0			0			—			102			0			102
TOTAL REVENUES	0			1			1			2,107			98			2,207
EXPENSES
Loss and LAE	—			—			—			434			(10		)	424
Amortization of deferred acquisition costs	—			—			—			29			(9		)	20
Interest expense	—			52			54			14			(19		)	101
Other operating expenses	30			1			1			202			(3		)	231
TOTAL EXPENSES	30			53			55			679			(41		)	776
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN NET EARNINGS OF SUBSIDIARIES	(30		)	(52		)	(54		)	1,428			139			1,431
Total (provision) benefit for income taxes	—			18			19			(365		)	(47		)	(375		)
Equity in net earnings of subsidiaries	1,086			923			468			39			(2,516		)	—
NET INCOME (LOSS)	1,056			889			433			1,102			(2,424		)	1,056
Less: noncontrolling interest	—			—			—			39			(39		)	—
NET INCOME (LOSS) ATTRIBUTABLE TO ASSURED GUARANTY LTD.	$	1,056		$	889		$	433		$	1,063		$	(2,385	)	$	1,056

COMPREHENSIVE INCOME (LOSS)	$	923		$	787		$	359		$	967		$	(2,113	)	$	923

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

FOR THE YEAR ENDED DECEMBER 31, 2014

(in millions)



	Assured Guaranty Ltd. (Parent)			AGUS (Issuer)			AGMH (Issuer)			Other Entities			Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
REVENUES
Net earned premiums	$	—		$	—		$	—		$	566		$	4		$	570
Net investment income	0			0			1			412			(10		)	403
Net realized investment gains (losses)	0			0			0			(58		)	(2		)	(60		)
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements	—			—			—			23			—			23
Net unrealized gains (losses)	—			—			—			800			—			800
Net change in fair value of credit derivatives	—			—			—			823			—			823
Other	—			—			—			259			(1		)	258
TOTAL REVENUES	0			0			1			2,002			(9		)	1,994
EXPENSES
Loss and LAE	—			—			—			122			4			126
Amortization of deferred acquisition costs	—			—			—			33			(8		)	25
Interest expense	—			40			54			16			(18		)	92
Other operating expenses	31			1			1			195			(8		)	220
TOTAL EXPENSES	31			41			55			366			(30		)	463
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN NET EARNINGS OF SUBSIDIARIES	(31		)	(41		)	(54		)	1,636			21			1,531
Total (provision) benefit for income taxes	—			14			19			(469		)	(7		)	(443		)
Equity in net earnings of subsidiaries	1,119			983			513			32			(2,647		)	—
NET INCOME (LOSS)	1,088			956			478			1,199			(2,633		)	1,088
Less: noncontrolling interest	—			—			—			32			(32		)	—
NET INCOME (LOSS) ATTRIBUTABLE TO ASSURED GUARANTY LTD.	$	1,088		$	956		$	478		$	1,167		$	(2,601	)	$	1,088

COMPREHENSIVE INCOME (LOSS)	$	1,298		$	1,114		$	577		$	1,570		$	(3,261	)	$	1,298

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

FOR THE YEAR ENDED DECEMBER 31, 2013

(in millions)



	Assured Guaranty Ltd. (Parent)			AGUS (Issuer)			AGMH (Issuer)			Other Entities			Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
REVENUES
Net earned premiums	$	—		$	—		$	—		$	740		$	12		$	752
Net investment income	0			0			1			408			(16		)	393
Net realized investment gains (losses)	0			0			0			87			(35		)	52
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements	—			—			—			(42		)	—			(42		)
Net unrealized gains (losses)	—			—			—			107			—			107
Net change in fair value of credit derivatives	—			—			—			65			—			65
Other	—			—			—			348			(2		)	346
TOTAL REVENUES	0			0			1			1,648			(41		)	1,608
EXPENSES
Loss and LAE	—			—			—			144			10			154
Amortization of deferred acquisition costs	—			—			—			12			0			12
Interest expense	—			28			54			20			(20		)	82
Other operating expenses	22			1			1			199			(5		)	218
TOTAL EXPENSES	22			29			55			375			(15		)	466
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN NET EARNINGS OF SUBSIDIARIES	(22		)	(29		)	(54		)	1,273			(26		)	1,142
Total (provision) benefit for income taxes	—			9			17			(387		)	27			(334		)
Equity in net earnings of subsidiaries	830			768			701			19			(2,318		)	—
NET INCOME (LOSS)	808			748			664			905			(2,317		)	808
Less: noncontrolling interest	—			—			—			19			(19		)	—
NET INCOME (LOSS) ATTRIBUTABLE TO ASSURED GUARANTY LTD.	$	808		$	748		$	664		$	886		$	(2,298	)	$	808

COMPREHENSIVE INCOME (LOSS)	$	453		$	522		$	515		$	309		$	(1,346	)	$	453

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2015

(in millions)



	Assured Guaranty Ltd. (Parent)			AGUS (Issuer)			AGMH (Issuer)			Other Entities			Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
Net cash flows provided by (used in) operating activities	$	513		$	408		$	185		$	52		$	(1,210	)	$	(52	)
Cash flows from investing activities
Fixed-maturity securities:
Purchases	—			(72		)	(21		)	(2,550		)	66			(2,577		)
Sales	—			177			30			1,900			—			2,107
Maturities	—			9			—			889			—			898
Sales (purchases) of short-term investments, net	116			33			19			729			—			897
Net proceeds from financial guaranty variable entities’ assets	—			—			—			400			—			400
Intercompany debt	—			—			—			—			—			—
Investment in subsidiary	—			—			25			—			(25		)	—
Acquisition of Radian Asset, net of cash acquired	—			—			—			(800		)	—			(800		)
Other	—			(5		)	—			74			—			69
Net cash flows provided by (used in) investing activities	116			142			53			642			41			994
Cash flows from financing activities
Return of capital	—			—			—			(25		)	25			—
Capital contribution from parent	—			—			—			—			—			—
Dividends paid	(72		)	(455		)	(234		)	(455		)	1,144			(72		)
Repurchases of common stock	(555		)	—			—			—			—			(555		)
Share activity under option and incentive plans	(2		)	—			—			—			—			(2		)
Net paydowns of financial guaranty variable entities’ liabilities	—			—			—			(214		)	—			(214		)
Net proceeds from issuance of long-term debt	—			—			—			—			—			—
Payment of long-term debt	—			—			—			(4		)	—			(4		)
Intercompany debt	—			—			—			—			—			—
Net cash flows provided by (used in) financing activities	(629		)	(455		)	(234		)	(698		)	1,169			(847		)
Effect of exchange rate changes	—			—			—			(4		)	—			(4		)
Increase (decrease) in cash	—			95			4			(8		)	—			91
Cash at beginning of period	0			0			4			71			—			75
Cash at end of period	$	0		$	95		$	8		$	63		$	—		$	166

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2014

(in millions)



	Assured Guaranty Ltd. (Parent)			AGUS (Issuer)			AGMH (Issuer)			Other Entities			Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
Net cash flows provided by (used in) operating activities	$	758		$	223		$	144		$	663		$	(1,211	)	$	577
Cash flows from investing activities
Fixed-maturity securities:
Purchases	—			(540		)	(8		)	(2,253		)	—			(2,801		)
Sales	—			464			10			777			—			1,251
Maturities	—			6			1			870			—			877
Sales (purchases) of short-term investments, net	(93		)	(15		)	(3		)	269			—			158
Net proceeds from financial guaranty variable entities’ assets	—			—			—			408			—			408
Intercompany debt	—			—			—			—			—			—
Investment in subsidiary	—			—			50			—			(50		)	—
Other	—			—			—			11			—			11
Net cash flows provided by (used in) investing activities	(93		)	(85		)	50			82			(50		)	(96		)
Cash flows from financing activities																—
Return of capital	—			—			—			(50		)	50			—
Capital contribution from parent	—			—			—			—			—			—
Dividends paid	(76		)	(700		)	(190		)	(321		)	1,211			(76		)
Repurchases of common stock	(590		)	—			—			—			—			(590		)
Share activity under option and incentive plans	1			—			—			—			—			1
Net paydowns of financial guaranty variable entities’ liabilities	—			—			—			(396		)	—			(396		)
Net proceeds from issuance of long-term debt	—			495			—			—			—			495
Payment of long-term debt	—			—			—			(19		)	—			(19		)
Intercompany debt	—			—			—			—			—			—
Net cash flows provided by (used in) financing activities	(665		)	(205		)	(190		)	(786		)	1,261			(585		)
Effect of exchange rate changes	—			—			—			(5		)	—			(5		)
Increase (decrease) in cash	—			(67		)	4			(46		)	—			(109		)
Cash at beginning of period	0			67			0			117			—			184
Cash at end of period	$	0		$	0		$	4		$	71		$	—		$	75

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2013

(in millions)



	Assured Guaranty Ltd. (Parent)			AGUS (Issuer)			AGMH (Issuer)			Other Entities			Consolidating Adjustments			Assured Guaranty Ltd. (Consolidated)
Net cash flows provided by (used in) operating activities	$	128		$	178		$	133		$	347		$	(542	)	$	244
Cash flows from investing activities
Fixed-maturity securities:
Purchases	—			(93		)	(26		)	(1,832		)	65			(1,886		)
Sales	176			1			25			892			(65		)	1,029
Maturities	29			3			2			849			—			883
Sales (purchases) of short-term investments, net	7			(28		)	(15		)	(51		)	—			(87		)
Net proceeds from financial guaranty variable entities’ assets	—			—			—			663			—			663
Intercompany debt	—			—			—			7			(7		)	—
Investment in subsidiary	—			0			49			—			(49		)	—
Other	—			—			—			79			—			79
Net cash flows provided by (used in) investing activities	212			(117		)	35			607			(56		)	681
Cash flows from financing activities
Return of capital	—			—			—			(50		)	50			—
Capital contribution from parent	—			—			—			1			(1		)	—
Dividends paid	(75		)	—			(168		)	(374		)	542			(75		)
Repurchases of common stock	(264		)	—			—			—			—			(264		)
Share activity under option and incentive plans	(1		)	—			—			—			—			(1		)
Net paydowns of financial guaranty variable entities’ liabilities	—			—			—			(511		)	—			(511		)
Payment of long-term debt	—			—			—			(27		)	—			(27		)
Intercompany debt	—			(7		)	—			—			7			—
Net cash flows provided by (used in) financing activities	(340		)	(7		)	(168		)	(961		)	598			(878		)
Effect of exchange rate changes	—			—			—			(1		)	—			(1		)
Increase (decrease) in cash	0			54			—			(8		)	—			46
Cash at beginning of period	—			13			0			125			—			138
Cash at end of period	$	0		$	67		$	0		$	117		$	—		$	184