NEW YORK (AP) <\m> Financial services company Assured Guaranty Ltd. yesterday said reinsurer Ace Bermuda Insurance Ltd. will sell 1.15 million shares of Assured’s stock to Banc of America Securities LLC.Assured Guaranty will not receive any proceeds from this transaction.

Last week, Assured Guaranty Ltd. said its subsidiary, Assured Guaranty US Holdings Inc., priced a notes offering at $150 million.

After the close of both of these deals, Ace’s ownership in Assured Guaranty will fall to 19.2 million shares, or 28 percent of shares outstanding.

Banc of America Securities LLC is sole underwriter for the offering.

Ace Ltd. also reiterated its announcement last week that it would not have to increase its net loss reserves for its Brandywine Holdings Corp. operations, but that it would be increasing its gross loss reserves by $200 million following an external review.

Ace said the review found that Brandywine’s liabilities were lower than they were two years ago when a similar study was carried out. At that time, Ace added $465 million in reserves.