Assured Guaranty (AGC) has completed the acquisition of CIFG Holding, the parent of financial guaranty insurer CIFG Assurance North America, for about $450m.

The deal was first announced by both firms in April this year.

As the deal concluded, all insurance policies issued by CIFG will become direct insurance obligations of AGC.

It included $2.7bn of CIFG public finance and infrastructure insurance policies assumed by AGC in 2009 that were not replaced to AGC following that reinsurance transaction.

CIFG had about $644m statutory capital, as of March this year.

Assured Guaranty president and CEO Dominic Frederico said: "We are pleased to have completed our third acquisition of a legacy bond insurer, adding $5.5 billion to Assured Guaranty’s insured portfolio.

"Much like our previous acquisitions of Financial Security Assurance and Radian Asset Assurance, this acquisition will strengthen Assured Guaranty’s franchise by adding a solid book of financial guaranty business and will also increase AGC’s shareholders’ equity and statutory capital."

In April 2015, AGC acquired Radian Asset Assurance from Radian Guaranty, for around $804.5m in cash.

Radian Asset provides private mortgage insurance and related risk mitigation products and services to mortgage lenders in the US.

AGC carries out financial guaranty insurance business in all 50 states of the US, the District of Columbia and Puerto Rico.