ACE Ltd. spun off its financial guaranty and reinsurance units in an $882 million initial public offering through a new entity called Assured Guaranty Ltd.

The offering takes the financial guaranty unit, Assured Guaranty Corp., one step closer to fulfilling its plan of securing a second triple-A rating and competing with other established triple-A monoline bond insurers, according to analysts. Currently, Moody's Investors Service rates the guaranty unit Aa2' and Standard & Poor's rates it AAA'.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.