UNITED STATES

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

Current Report

Pursuant to Section 13 or 15 (d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) — May 4, 2011

 

ASSURED GUARANTY LTD.

(Exact name of registrant as specified in its charter)

 

 

Bermuda

 

001-32141

 

98-0429991

 

 

 

 

 

(State or other jurisdiction of
incorporation or organization)

 

(Commission File Number)

 

(I.R.S. Employer Identification No.)

 

 

Assured Guaranty Ltd.

30 Woodbourne Avenue

Hamilton HM 08 Bermuda

 

(Address of principal executive offices)

 

Registrant’s telephone number, including area code: (441) 279-5700

 

Not applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 


 

Item 2.02

 

Results of Operations and Financial Condition

 

On May 9, 2011, Assured Guaranty Ltd. (“AGL” or the “Company”) issued a press release reporting its first quarter 2011 results and the availability of its March 31, 2011 financial supplement. The press release and the financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated by reference herein. In addition, the press release is available on the Company’s website at www.assuredguaranty.com/news and the financial supplement is available on the Company’s website at www.assuredguaranty.com/investor-information/by-company/assured-guaranty-ltd/financial-information/.

 

 

 

 

 

 

Item 5.03

 

Amendment to the Articles of Incorporation or Bylaws; Change in Fiscal Year

 

On May 4, 2011, the shareholders of AGL approved and adopted an amendment to the Bye-Laws of AGL to provide for the annual election of all directors. The amendment is described in more detail on (i) page 69 of AGL’s proxy statement dated March 18, 2011, and (ii) Exhibit B to AGL’s proxy statement dated March 18, 2011, which contains the text of the Bye-Law 12 (marked to show the amendment), each of which is incorporated by reference herein.

 

A copy of the Bye-Laws of AGL, as amended, is attached hereto as Exhibit 3.1 and is incorporated by reference herein.

 

 

 

 

 

 

Item 5.07

 

Submission of Matters to a Vote of Security Holders

 

 

 

 

 

AGL convened its annual general meeting of shareholders on May 4, 2011 pursuant to notice duly given.  The matters voted upon at the meeting and the results of such voting are set forth below:

 

1.  Election of four directors

 

 

 

 

 

01      Election of Francisco L. Borges:

 

 

 

 

 

 

For

Withheld

Broker Non-Votes

 

 

 

 

 

 

 

 

 

 

 

145,904,763

12,387,403

13,531,617

 

 

2


 

 

 

 

 

02      Election of Patrick W. Kenny:

 

 

 

 

 

 

For

Withheld

Broker Non-Votes

 

 

 

 

 

 

 

 

 

 

 

147,366,629

10,925,537

13,531,617

 

 

 

 

 

 

 

 

 

 

03      Election of Robin Monro-Davies

 

 

 

 

 

 

 

 

 

 

For

Withheld

Broker Non-Votes

 

 

 

 

 

 

 

 

 

 

 

147,394,097

10,898,069

13,531,617

 

 

 

 

 

 

 

 

 

 

04      Election of Michael T. O’Kane

 

 

 

 

 

 

 

 

 

 

For

Withheld

Broker Non-Votes

 

 

 

 

 

 

 

 

 

 

 

147,397,731

10,894,435

13,531,617

 

 

 

 

 

 

 

 

 

 

 

 

 

2.  Amendment of the Company’s Bye-Laws

 

 

 

 

 

 

 

 

 

 

 

For

Against

Abstain

Broker Non-Votes

 

 

 

 

 

 

 

 

 

 

 

 

171,524,664

166,801

132,318

13,531,617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.  Advisory Vote on Executive Compensation

 

 

 

 

 

 

 

 

 

 

 

For

Against

Abstain

Broker Non-Votes

 

 

 

 

 

 

 

 

 

 

 

 

127,135,942

30,668,798

487,426

13,531,617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.  Frequency Vote on Submission of Executive Compensation Advisory Votes

 

 

 

 

 

 

 

 

 

One-Year

Two Years

Three Years

Abstain

Broker Non-Votes

 

 

 

 

 

 

 

 

 

132,033,893

71,819

25,599,619

586,835

13,531,617

 

 

 

 

 

 

 

 

 

 

 

 

 

5.  Ratification of PricewaterhouseCoopers LLP as the Company’s Independent Auditors for year ending December 31, 2011

 

 

 

 

 

 

 

 

 

 

For

Against

Abstain

 

 

 

 

 

 

 

 

 

 

 

170,508,883

1,204,994

109,906

 

 

3


 

 

 

6.  Subsidiary Proposals

 

 

 

 

 

 

 

 

 

6.1  Authorizing the Company to vote for directors of its subsidiary, Assured Guaranty Re Ltd. (“AG Re”):

 

 

 

 

 

 

 

 

 

01      Election of Howard Albert:

 

 

 

 

 

 

 

 

 

 

For

Withheld

Broker Non-Votes

 

 

 

 

 

 

 

 

 

 

 

147,414,955

10,877,211

13,531,617

 

 

 

 

 

 

 

 

 

 

02      Election of Robert A. Bailenson:

 

 

 

 

 

 

 

 

 

 

For

Withheld

Broker Non-Votes

 

 

 

 

 

 

 

 

 

 

 

147,418,390

10,873,776

13,531,617

 

 

 

 

 

 

 

 

 

 

03      Election of Russell B. Brewer II:

 

 

 

 

 

 

 

 

 

 

For

Withheld

Broker Non-Votes

 

 

 

 

 

 

 

 

 

 

 

147,411,638

10,880,528

13,531,617

 

 

 

 

 

 

 

 

 

 

04      Election of Gary Burnet:

 

 

 

 

 

 

 

 

 

 

For

Withheld

Broker Non-Votes

 

 

 

 

 

 

 

 

 

 

 

147,413,490

10,878,676

13,531,617

 

 

 

 

 

 

 

 

 

 

05      Election of Dominic J. Frederico:

 

 

 

 

 

 

 

 

 

 

For

Withheld

Broker Non-Votes

 

 

 

 

 

 

 

 

 

 

 

147,528,652

10,763,514

13,531,617

 

 

 

 

 

 

 

 

 

 

06      Election of James M. Michener:

 

 

 

 

 

 

 

 

 

 

For

Withheld

Broker Non-Votes

 

 

 

 

 

 

 

 

 

 

 

147,524,552

10,767,614

13,531,617

 

 

 

 

 

 

 

 

 

 

07      Election of Robert B. Mills:

 

 

 

 

 

 

 

 

 

 

For

Withhold

Broker Non-Votes

 

 

 

 

 

 

 

 

 

 

 

147,529,652

10,762,514

13,531,617

 

 

4


 

 

 

 

 

08      Election of Kevin Pearson:

 

 

 

 

 

 

For

Withheld

Broker Non-Votes

 

 

 

 

 

 

 

 

 

 

 

147,408,838

10,883,328

13,531,617

 

 

 

 

 

 

 

 

 

 

6.2   Authorizing the Company to vote for the appointment of PricewaterhouseCoopers LLP as AG Re’s independent auditors for the year ending December 31, 2011:

 

 

 

 

 

 

 

 

 

 

For

Against

Abstain

 

 

 

 

 

 

 

 

 

 

 

170,659,553

1,015,810

148,420

 

 

 

 

 

 

 

 

 

 

After taking into account the results of the shareholder advisory vote on the frequency of say-on-pay conducted at the 2011 annual general meeting, the Board of Directors decided that it shall be the Company’s policy to submit the compensation of its named executive officers to shareholders for a non-binding advisory vote annually, at least until the Company’s next annual general meeting at which an advisory vote on the frequency of say-on-pay votes is conducted.

 

 

Item 9.01

 

Financial Statements and Exhibits.

 

 

 

 

 

(d)  Exhibits

 

 

 

Exhibit
Number

 

Description

3.1

 

First Amended and Restated Bye-laws of Assured Guaranty Ltd., as amended

 

 

 

4.1

 

First Amended and Restated Bye-laws of Assured Guaranty Ltd., as amended (Incorporated by reference to Exhibit 3.1)

 

 

 

99.1

 

Assured Guaranty Ltd. Press Release dated May 9, 2011 reporting first quarter 2011 results

 

 

 

99.2

 

March 31, 2011 Financial Supplement of Assured Guaranty Ltd.

 

5


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

ASSURED GUARANTY LTD.

 

 

 

 

 

By:

/s/ Robert B. Mills

 

 

 

Name: Robert B. Mills

 

 

Title: Chief Financial Officer

 

DATE:  May 10, 2011

 

6


 

EXHIBIT INDEX

 

Exhibit
Number

 

Description

3.1

 

First Amended and Restated Bye-laws of Assured Guaranty Ltd., as amended

 

 

 

4.1

 

First Amended and Restated Bye-laws of Assured Guaranty Ltd., as amended (Incorporated by reference to Exhibit 3.1)

 

 

 

99.1

 

Assured Guaranty Ltd. Press Release dated May 9, 2011 reporting first quarter 2011 results

 

 

 

99.2

 

March 31, 2011 Financial Supplement of Assured Guaranty Ltd.

 

7