|By PR Newswire||
|March 20, 2014 05:43 PM EDT||
NEW YORK, March 20, 2014 /PRNewswire/ -- Funds managed by WL Ross & Co. LLC and its affiliates (collectively, WLR) announced that WLR sold 4 million common shares of Assured Guaranty Ltd. (NYSE: AGO)(Assured Guaranty) yesterday. After this transaction, WLR will hold approximately 10.9 million (or approximately 5.95%) of Assured Guaranty's outstanding common shares.
"This block had not been actively offered for sale," said Mr. Ross. "We simply responded to inbound inquiries and for portfolio management reasons sold the block. We continue to have the greatest respect for Assured Guaranty's management and business plans and have no present intention to sell any more shares. It is our understanding that these shares were purchased by institutional investors. I intend to remain actively engaged as a member of Assured Guaranty's Board of Directors, and our funds have retained a majority of the shares they owned prior to the sale."
About WL Ross & Co. LLC
WL Ross & Co. LLC, founded by Wilbur L. Ross, Jr. in 2000, has sponsored and managed more than $10 billion of private equity investments in a number of sectors including financial services, steel, energy, textiles, shipping and automotive components. WL Ross managed funds have investments in Virgin Money in the United Kingdom, Bank of Ireland and several U.S. community banks including BankUnited. Other financial services investments include single family mortgage servicing and originations, insurance and railcar and aircraft leasing.
SOURCE WL Ross & Co. LLC