UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
ASSURED GUARANTY LTD.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.01 Par Value
--------------------------------------------------------------------------------
(Title of Class of Securities)
G0585R106
---------
(CUSIP Number)
January 17, 2008
----------------
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 11
----------------------------- --------------------
CUSIP No. G0585R106 13G Page 2 of 11 Pages
----------------------------- --------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 3,652,242 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
3,652,242 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,652,242 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.4% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 2 of 11
----------------------------- --------------------
CUSIP No. G0585R106 13G Page 3 of 11 Pages
----------------------------- --------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Management, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 3,652,242 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
3,652,242 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,652,242 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.4% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 3 of 11
----------------------------- --------------------
CUSIP No. G0585R106 13G Page 4 of 11 Pages
----------------------------- --------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CR Intrinsic Investors, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 2,000,000 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,000,000 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,000,000 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.0% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 11
----------------------------- --------------------
CUSIP No. G0585R106 13G Page 5 of 11 Pages
----------------------------- --------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Canvas Capital Management, LP
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 342,400 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
342,400 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
342,400 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.5% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 5 of 11
----------------------------- --------------------
CUSIP No. G0585R106 13G Page 6 of 11 Pages
----------------------------- --------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 5,994,642 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
5,994,642 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,994,642 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.9% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 6 of 11
Item 1(a) Name of Issuer:
--------------
Assured Guaranty Ltd.
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
30 Woodbourne Avenue, Hamilton HM 08, Bermuda
Items 2(a) Name of Person Filing:
---------------------
This statement is filed by: (i) S.A.C. Capital Advisors, LLC
("SAC Capital Advisors") with respect to shares of common
stock, $0.01 par value ("Shares"), of the Issuer
beneficially owned by S.A.C. Capital Associates, LLC ("SAC
Capital Associates"), S.A.C. MultiQuant Fund, LLC ("SAC
MultiQuant Fund") and S.A.C. Select Fund, LLC ("SAC Select
Fund"); (ii) S.A.C. Capital Management, LLC ("SAC Capital
Management") with respect to Shares beneficially owned by
SAC Capital Associates, SAC MultiQuant Fund and SAC Select
Fund; (iii) CR Intrinsic Investors, LLC ("CR Intrinsic
Investors") with respect to Shares beneficially owned by CR
Intrinsic Investments, LLC ("CR Intrinsic Investments");
(iv) Canvas Capital Management, LP ("Canvas Capital
Management") with respect to Shares beneficially owned by
Canvas Capital Associates, LLC ("Canvas Capital
Associates"); and (v) Steven A. Cohen with respect to Shares
beneficially owned by SAC Capital Advisors, SAC Capital
Management, SAC Capital Associates, SAC MultiQuant Fund, SAC
Select Fund, CR Intrinsic Investors, CR Intrinsic
Investments, Canvas Capital Management and Canvas Capital
Associates.
SAC Capital Advisors, SAC Capital Management, CR Intrinsic
Investors, Canvas Capital Management and Steven A. Cohen
have entered into a Joint Filing Agreement, a copy of which
is filed with this Schedule 13G as Exhibit 99.1, pursuant to
which they have agreed to file this Schedule 13G jointly in
accordance with the provisions of Rule 13d-1(k) of the
Securities Exchange Act of 1934, as amended.
Item 2(b) Address of Principal Business Office:
------------------------------------
The address of the principal business office of (i) SAC
Capital Advisors, CR Intrinsic Investors and Mr. Cohen is 72
Cummings Point Road, Stamford, Connecticut 06902, (ii) SAC
Capital Management is 540 Madison Avenue, New York, New York
10022, and (iii) Canvas Capital Management is 101 California
Street, Suite 4225, San Francisco, California 94111.
Page 7 of 11
Item 2(c) Citizenship:
-----------
SAC Capital Advisors, SAC Capital Management and CR
Intrinsic Investors are Delaware limited liability
companies. Canvas Capital Management is a Delaware limited
partnership. Mr. Cohen is a United States citizen.
Item 2(d) Title of Class of Securities:
----------------------------
Common Stock, $0.01 par value per share
Item 2(e) CUSIP Number:
------------
G0585R106
Item 3 Not Applicable
Item 4 Ownership:
---------
The percentages used herein are calculated based upon the
Shares issued and outstanding as of November 1, 2007 as
reported on the Issuer's quarterly report on Form 10-Q filed
with the Securities and Exchange Commission by the Issuer
for the quarterly period ended September 30, 2007.
As of the close of business on January 25, 2008:
1. S.A.C. Capital Advisors, LLC
(a) Amount beneficially owned: 3,652,242
(b) Percent of class: 5.4%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 3,652,242
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
3,652,242
2. S.A.C. Capital Management, LLC
(a) Amount beneficially owned: 3,652,242
(b) Percent of class: 5.4%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 3,652,242
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
3,652,242
3. CR Intrinsic Investors, LLC
(a) Amount beneficially owned: 2,000,000
(b) Percent of class: 3.0%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 2,000,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
2,000,000
Page 8 of 11
4. Canvas Capital Management, LP
(a) Amount beneficially owned: 342,400
(b) Percent of class: 0.5%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 342,400
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
342,400
5. Steven A. Cohen
(a) Amount beneficially owned: 5,994,642
(b) Percent of class: 8.9%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 5,994,642
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
5,994,642
Pursuant to investment management agreements, each of SAC
Capital Advisors and SAC Capital Management share all
investment and voting power with respect to the securities
held by SAC Capital Associates, SAC MultiQuant Fund and SAC
Select Fund. Pursuant to an investment management agreement,
CR Intrinsic Investors maintains investment and voting power
with respect to the securities held by CR Intrinsic
Investments. Pursuant to Canvas Capital Associates'
operating agreement, Canvas Capital Management maintains
investment and voting power with respect to the securities
held by Canvas Capital Associates. Mr. Cohen controls each
of SAC Capital Advisors, SAC Capital Management, CR
Intrinsic Investors and Canvas Capital Management. CR
Intrinsic Investments is a wholly owned subsidiary of SAC
Capital Associates. By reason of the provisions of Rule
13d-3 of the Securities Exchange Act of 1934, as amended,
each of (i) SAC Capital Advisors, SAC Capital Management and
Mr. Cohen may be deemed to own beneficially 3,652,242 Shares
(representing approximately 5.4% of the Shares outstanding),
(ii) CR Intrinsic Investors and Mr. Cohen may be deemed to
own beneficially 2,000,000 Shares (representing
approximately 3.0% of the Shares outstanding) and (iii)
Canvas Capital Management and Mr. Cohen may be deemed to own
beneficially 342,400 Shares (representing approximately 0.5%
of the Shares outstanding). Each of SAC Capital Advisors,
SAC Capital Management, CR Intrinsic Investors, Canvas
Capital Management and Mr. Cohen disclaim beneficial
ownership of any of the securities covered by this
statement, and SAC Capital Associates disclaims beneficial
ownership of any securities held by CR Intrinsic
Investments.
Page 9 of 11
Item 5 Ownership of Five Percent or Less of a Class:
--------------------------------------------
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following. [ ]
Item 6 Ownership of More than Five Percent on Behalf of Another
--------------------------------------------------------
Person:
------
Not Applicable
Item 7 Identification and Classification of the
----------------------------------------
Subsidiary Which Acquired the Security Being
--------------------------------------------
Reported on By the Parent Holding Company:
-----------------------------------------
Not Applicable
Item 8 Identification and Classification of Members
--------------------------------------------
of the Group:
------------
Not Applicable
Item 9 Notice of Dissolution of Group:
------------------------------
Not Applicable
Item 10 Certification:
-------------
By signing below the signatory certifies that, to the best of his knowledge
and belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.
Page 10 of 11
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: January 28, 2008
S.A.C. CAPITAL ADVISORS, LLC
By: /s/ Peter Nussbaum
------------------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
------------------------------------
Name: Peter Nussbaum
Title: Authorized Person
CR INTRINSIC INVESTORS, LLC
By: /s/ Peter Nussbaum
------------------------------------
Name: Peter Nussbaum
Title: Authorized Person
CANVAS CAPITAL MANAGEMENT, LP
By: /s/ Peter Nussbaum
------------------------------------
Name: Peter Nussbaum
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Peter Nussbaum
------------------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 11 of 11