Bermudian-based Assured Guaranty Ltd has reported second quarter net income of $78 million, a drop from the prior year figure of $125 million.

Gross written premiums in the quarter were $132 million, which compares with $95 million in the second quarter of 2023.

Adjusted operating income was $80 million, which compares with the prior year quarter figure of $36 million.

Second quarter capital returned to shareholders was $169 million including share repurchases of $152 million and dividends of $17 million.

Dominic Frederico, president and chief executive, said: “We have laid the foundation for an exceptional year in new business production. In the second quarter alone, our US and international public finance and structured finance GWP totalled $132 million, and PVP totalled $155 million. These results were driven by the second best direct GWP and the best direct PVP produced in a second quarter since 2009.

“Our success in second quarter 2024 was a result of insuring several large infrastructure transactions, high US municipal bond market issuance and bond insurance penetration, along with our 58 per cent share of primary-market insured par sold, while still being selective on credit quality and maintaining our pricing discipline.”

He added: “Additionally, we completed the merger of AGM into AG, formerly known as Assured Guaranty Corp, on August 1. This will result in a more efficient utilisation of capital and simplify our organisational structure.

“In connection with the merger, the Maryland Insurance Administration approved, and on August 5 we completed, a $300 million stock redemption (sometimes described as a ‘special dividend’) from the combined company to the holding company level. This followed a $100 million stock redemption by AGM in the second quarter.”