NEW YORK (Bloomberg) — Bermuda-based Assured Guaranty Ltd., the bond insurer backed by billionaire Wilbur Ross, said that its shareholders approved of two proposals related to its plan to buy competitor Financial Security Assurance Inc. from Dexia SA, based in Brussels and Paris.

At the company's annual general meeting in Hamilton yesterday, shareholders agreed to allow the issuance of new common stock to Dexia, as well as to funds affiliated with Ross if needed, the company said yesterday.

The New York state insurance department has approved of the transaction, which is expected to close next quarter, Assured said. The deal still requires the approval of Oklahoma's insurance department. It also requires that rating companies say it won't hurt the companies' insurance grades, according to the statement.