Assured Guaranty Corp. announced Wednesday it would begin the process that eventually should lead to it directly guaranteeing bond insurance policies originally issued by the now-defunct CIFG Assurance North America.

Assured entered into an agreement with CIFG in January 2009 to reinsure most of CIFG’s public finance portfolio — now about $11.1 billion of investment-grade bonds. Assured now administers that portfolio but any claims are paid by CIFG, which is then reimbursed by Assured.

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