AGO — what changed in the latest 10-Q
A section-by-section comparison of AGO's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-08 vs the prior 10-Q · 2025-11-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +175 | −170 | ~82 | 73 |
| Market risk (Item 3) | Text added/removed | +6 | −1 | 0 | 0 |
| Controls & procedures | Text added/removed | +3 | −2 | 0 | 1 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Risk factors, Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-08
factors identified in AGL’s filings with the U.S. Securities and Exchange Commission; (xxxi) other risks and uncertainties that have not been identified at this time; and (xxxii) management’s response to these factors.
In the Financial Guaranty segment (which, prior to the three-month period ended March 31, 2026 (first quarter 2026), was called the Insurance segment), the Company provides credit protection products to the United States (U.S.) and non-U.S. public finance (including infrastructure) and structured fi…
Demand for the financial guaranties issued by the Company’s financial guaranty (FG) insurance subsidiaries may be impacted by changes in the credit ratings assigned to them by the rating agencies. The financial strength ratings (or similar ratings) assigned to AGL’s FG insurance subsidiaries, along …
In addition, the Company’s annuity reinsurance subsidiary, Assured Life Re, is rated BBB (Outlook Positive) (1/28/26) by Fitch Ratings, Inc.
Ratings are subject to continuous rating agency review and revision or withdrawal at any time. In addition, the Company periodically assesses the value of each rating assigned to each of its companies, and as a result of such assessment may request that a rating agency add or drop a rating from cert…
Text removed vs the prior filing · source: 10-Q · 2025-11-07
public health crises, including pandemics and endemics, and the governmental and private actions taken in response to such events; (xxiv) natural or man-made catastrophes; (xxv) the impact of climate change on Assured Guaranty’s business and regulatory actions taken related to such risk; (xxvi) othe…
In the Insurance segment, the Company provides credit protection products to the U.S. and non-U.S. public finance (including infrastructure) and structured finance markets. The Company participates in the asset management business through its ownership interest in Sound Point. See Item 1, Financial …
On April 2, 2025, the U.S. government announced a “reciprocal tariff” strategy under the authority of the International Emergency Economic Powers Act (IEEPA) entailing extensive global tariff increases, with the objective of rectifying trade practices that contribute to large and persistent annual U…
At the end of August 2025, the latest published data available, the U.S. unemployment rate, seasonally adjusted, stood at 4.3%, higher than the 4.1% where it started the year. As of November 6, 2025, the U.S. Bureau of Economic Analysis (BEA) had not released the three-month period ended September 3…
According to the U.S. Bureau of Labor Statistics, the inflation rate in the U.S. before seasonal adjustment for the 12-month period ending September 2025, as measured by the Consumer Price Index for All Urban Consumers, was 3.0%, as compared to 2.4% for the 12-month period ending September 2024. Acc…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-08
On January 21, 2026, the Company purchased all of the outstanding share capital in Warwick, which is the 100% indirect owner of Assured Life Re, formerly known as Warwick Re Limited, an annuity reinsurer, which currently reinsures one U.K. PRT transaction and one MYGA transaction.
The Company’s annuity reinsurance business is exposed to fluctuations in interest rates, inflation indices and foreign exchange rates. The Company manages interest rate, inflation and currency risk as part of its asset and liability management strategies, which includes maintaining a portfolio with …
The PRT liabilities represent long-dated pound sterling-denominated, inflation-linked pension benefits with the largest tranche of benefits escalating with the U.K. Retail Price Index subject to a floor of 0% and a cap of 5%. The reinsured book of business covers periodic pensioners’ payments as wel…
The table below shows the carrying value of invested assets, derivatives and future policy benefits for annuity reinsurance contracts associated with the annuity reinsurance business as well as the estimated sensitivity of the carrying value to hypothetical changes in interest rates, foreign currenc…
Carrying Value100 bps Decrease100 bps Increase1% Depreciation of U.S. Dollar1% Appreciation of U.S. Dollar25 bps Decrease25 bps Increase
Text removed vs the prior filing · source: 10-Q · 2025-11-07
There were no material changes to the market risks to which the Company is exposed since December 31, 2024.
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-08
On January 21, 2026, the Company purchased all of the outstanding share capital in Warwick, which is the 100% indirect owner of Assured Life Re. The Company is currently in the process of assessing the internal control over financial
reporting associated with this acquired business. As of March 31, 2026, the Warwick acquisition accounted for approximately 7% of consolidated assets and approximately 5% of consolidated revenues. As discussed in SEC staff guidance, a company may conclude it will exclude an acquired business from th…
Management of the Company, with the participation of its President and Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of March 31, 2026. Based on their evaluation as of March 31, 2026 covered by this Form 10-Q, …
Text removed vs the prior filing · source: 10-Q · 2025-11-07
Management of the Company, with the participation of its President and Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of September 30, 2025. Based on their evaluation as of September 30, 2025 covered by this For…
There were no changes in the Company’s internal control over financial reporting during third quarter 2025 which were identified in connection with the evaluation required pursuant to Rules 13a-15 or 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice