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  "documentTitle": "Assured Guaranty (AGO)",
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  "authorName": "David Einhorn",
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  "notes": "The slide uses a direct quote from a financial filing to support a claim about how internal credit ratings impact balance sheet reserves.",
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      "text": "These internal credit ratings flow straight into the loss estimating process, which affects reserves and the balance sheet.",
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      "text": "And I believe this may be one of the main reasons. These internal credit ratings flow straight into the loss estimating process, which affects reserves and the balance sheet.",
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      "text": "The Company's loss reserve committees estimate expected loss to be paid for all contracts by reviewing analyses that consider various scenarios with corresponding probabilities assigned to them. Depending upon the nature of the risk, the Company's view of the potential size of any loss and the information available to the Company, that analysis may be based upon individually developed cash flow models, internal credit rating assessments, sector-driven loss severity assumptions and/or judgmental assessments",
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      "text": "\"The Company’s loss reserve committees estimate expected loss to be paid for all contracts by reviewing analyses that consider various scenarios with corresponding probabilities assigned to them. Depending upon the nature of the risk, the Company’s view of the potential size of any loss and the information available to the Company, that analysis may be based upon individually developed cash flow models, internal credit rating assessments, sector-driven loss severity assumptions and/or judgmental assessments\" — AGO 10-K, February 23, 2018",
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      "text": "Source: AGO annual report available at http://assuredguaranty.com/investor-information/by-company/assured-guaranty-ltd.",
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