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  "documentTitle": "Assured Guaranty (AGO)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2018-04-23 00:00:00",
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  "notes": "The slide clarifies that the $1.3B expected loss is offset by $572M in salvage recoverables, resulting in a net reserve of $844M.",
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      "text": "This does not include a $572 million “salvage recoverable” asset on its Balance Sheet, which AGO expects to recover against these losses. The actual “net reserve” number it quotes is only $844 million.",
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      "text": "Expected Loss: $1,303",
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      "text": "AGO expects to pay out $1.3 billion in claims on its entire portfolio. This does not include a $572 million “salvage recoverable” asset on its Balance Sheet, which AGO expects to recover against these losses. The actual “net reserve” number it quotes is only $844 million.",
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      "text": "Source: AGO 2017 annual report and AGO 2017 financial supplement, both available at http://assuredguaranty.com/investor-information/by-company/assured-guaranty-ltd; and Greenlight calculations.",
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      "text": "Category | Expected Loss ($M) | Net Par ($B) | BIG ($M) | Expected Loss/BIG\nPublic Finance | 1,203 | 252.3 | 8,871 | 13.6%\nStructured Finance | 100 | 12.6 | 3,367 | 3.0%\nTotal | $1,303 | $265.0 | $12,238 | 10.6%",
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