Bermudian-based Assured Guaranty Ltd has reported net income of $171 million in the third quarter of the year, which compares with $157 million in the prior year quarter.

The company recorded gross written premiums of $61 million, a more than 50 per increase on the 2023 third quarter total of $40 million.

Third quarter capital returned to shareholders was $147 million including share repurchases of $131 million and dividends of $16 million.

The company’s share repurchase authorisation was increased by $250 million on November 8.

“Assured Guaranty has continued to build both shareholder and policyholder value this year,” said Dominic Frederico, president and chief executive.

“Shareholders’ equity per share on September 30, 2024 was a record $111.09. Adjusted book value per share also set a record at $166.47, as did adjusted operating shareholders’ equity per share at $113.96.

“For the first three quarters, net income has increased to $6.44 per share, up 8 per cent year-over-year, and adjusted operating income reached $5.80 per share, up 13 per cent year-over-year.”

He added: “New business production has been strong this year. GWP and PVP (present value of new business production) for the first three quarters reached $254 million and $281 million, respectively, which were $33 million and $32 million higher than for last year’s comparable period.

“Municipal production benefited from greater overall issuance and solid investor demand. We also saw significant contributions from our non-US public finance and global structured finance businesses.

“After the merger of AGM into AG (formerly AGC) in the third quarter, we believe the new AG is positioned for significant growth, as we pursue further expansion into new product and geographic markets.”