Assured Guaranty Ltd.

I will now turn the call over to Dominic.

Thank you, Robert, and welcome to everyone joining today's call. Assured Guarantee produced many significant achievements in 2024, our 40th year in business and our 20th year as a publicly traded company. We earned adjusted operating income per share of $7.10 and created significant future earnings from strong financial guarantee originations. Once again, we reached record year-end highs for adjusted book value per share at $170.12, adjusted operating shareholders' equity per share at $114.75, and shareholders' equity per share at $108.80. We continue to build value for both Assured Guaranteed Shareholders and policyholders. AGO's common stock share price rose 20 percent for the year to $90.01. And in our capital management program, we repurchased 11% of the common shares that were outstanding at December 31st, 2023, while meeting our 2024 target of repurchasing $500 million of our shares, further managing our excess capital. In new business production, PVP across our three financial guarantee businesses topped $400 million for the second year in a row. U.S. public finance originated $270 million in PVP its highest annual total in four years, and both non-U.S. public finance and global structured finance saw strong production and built solid pipelines for 2025 and beyond. We insured the winner of the bond buyer's overall 2024 deal of the year in the healthcare financing, northeast regional, and innovative financing category winners. Rob will tell you more about our participation in these exceptional transactions when he reviews our production results in a few moments. We expanded our geographic reach and pursued further opportunities in Australia, New Zealand, and Asia by opening an office in Australia and one in Singapore. We made further inroads in continental Europe and continue to view it as an area of opportunity. As we mentioned on several previous earnings calls, we completed the consolidation of our two primary insurance subsidiaries into one by merging Assured Guaranteed Municipal into Assured Guaranteed Inc. thereby creating a more efficient capital structure and a larger insurer with a more highly diversified insurer portfolio, larger capital base, and greater claims-paying resources. This was one of several strategic moves that we made in recent years that better positioned us for growth, profitability, and corporate efficiencies. The inception of today's return on our alternative investments, including funds managed by SoundPoint and AHP, was approximately 13% through year-end. Regarding our one remaining unresolved Puerto Rico exposure, PREPA, the Title III Court has ordered the parties to continue mediation and extended the time for them to resolve their differences. Additionally, the First Circuit has confirmed that bondholders are secured by an unavoidable security interest in PREPA's past, current, and future net revenues, and twice denied rehearing petitions by the FOMB asking the courts reconsider such rulings. We remain committed to a fair and consensual resolution for all PREPA stakeholders and are determined to enforce our rights as a secure creditor. We are well positioned for success in 2025, and the U.S. municipal bond market has started the year with a very strong new issue volume. Some analysts project that 2025 volume will rival or even exceed the annual record volume of 2024. Another important achievement and another example of assured defending our legal rights In early February 2025, we successfully concluded litigation with Lehman Brothers International Europe, who will recognize a pre-tax gain of approximately $103 million in the first quarter of 2025. Then we'll discuss this further in a few minutes. During our 40-year history, we have proven over and over the value and reliability of our guarantee and the resilience of our business model, even through some extraordinarily difficult global economic environments and geopolitical events. We believe we have untapped business opportunities around the world, as well as the financial strength and talented people to successfully pursue these opportunities over the coming years and decades. I will now turn the call over to Rob to provide more details about our production results.

Thank you, Dominic. Business production across our three main business lines, U.S. public finance, non-U.S. public finance, and global structured finance continued to perform well in 2024. As Dominic mentioned, PVP across our three financial guarantee businesses topped $400 million for the second year in a row and was appreciably higher than the $375 million in 2022. In U.S. public finance, we had a very strong year, reaching $270 million in PVP. Results were primarily driven by continued recognition of the value of our guarantee across the credit spectrum and the use of our insurance on some very large infrastructure transactions, combined with a record year in overall municipal PAR issued, which exceeded $500 billion for the first time. Bond insurance continued to be in strong demand in 2024, with the industry's annual penetration rate at 8.3% of PAR issued. This was the fourth consecutive year when industry PAR penetration reached 8% or higher. Assured Guarantee achieved a 14-year high per annual new issue insured PAR sold, insuring more than $24 billion during 2024, the most since 2010. Assured Guarantee insured 58% of the total insured PAR issued in 2024 as we continued our leadership position in the industry. We insured nearly 800 new issue transactions for the year. We finished the year with an excellent fourth quarter, capturing 61% share of PAR insured in the primary municipal bond market. Total insured municipal PAR sold reached 10% penetration of the municipal bond market during the fourth quarter. For a short guarantee, fourth quarter primary market insured PAR increased by 37% year over year to $7.4 billion. During the year, a short guarantee wrapped PAR amounts of $100 million or more on each of 48 municipal transactions. This tied our 2021 all-time high in this category and included six deals with more than $500 million of AG-insured PAR as we helped launch several of the market's largest and most high-profile transactions. We believe this indicates that institutional investors increasingly place greater value on our guarantee. Among our largest transactions in 2024, three were honored at the Bond Buyers Deal of the Year ceremony. These included the overall 2024 Deal of the Year, the Brightline Florida Passenger Rail Project issue, where we insured $1.1 billion of PAR. This transaction also won in the Innovative Financing category. The Northeast Regional Deal of the Year was awarded to the JFK International Airport New Terminal 1 project where we insured a total of $1.6 billion, $800 million in June 2024, and $800 million in December 2023. And the healthcare financing winner issued by the Westchester Medical Center Health Network serving Westchester County, New York, where we insured $259 million of PAR. These transactions were noteworthy for their underlying credit profiles, PAR amounts, and use of insurance to expand and diversify the bond buyer base and to enhance the overall liquidity of the transaction. Also, in 2024, we saw an increase in the use of our insurance among AA credits, defined as those credits rated in the AA category by S&P and or Moody's on an uninsured basis. Year over year, we insured 27% more of these policies for 38% more PAR, reflecting a total of 103 policies and approximately $4.4 billion of insured PAR. Non-U.S. public finance contributed $67 million of PVP in 2024, a very solid result. In 2024, non-U.S. public finance PVP included secondary market guarantees of several U.K. regulated utilities and airport transactions, as well as the annual renewal of certain liquidity guarantees. Our strong 2024 production results also included $65 million of PVP generated by our global structured finance business. The transactions were primarily in insurance securitizations, bank balance sheet relief, subscription finance, and the guarantee of a diversified real estate portfolio. As part of our new business growth strategy in Australia, for example, we insured a transaction in 2024 for a bank which provided protection on an approximately $600 million core lending portfolio. We continue to pursue both public finance and structured finance opportunities in Australia. All three of our major financial guarantee businesses are providing solid contributions to our bottom line, and we continue to look for opportunities by expanding our geographic reach and exploring new product opportunities. In addition to building our business further in our US and UK markets, We are pursuing opportunities in Australia, New Zealand, continental Europe, and Asia. I will now turn the call over to Ben to discuss our detailed financial results.