Assured Guaranty Ltd. Thursday night reported a net income of $85.5 million for the first quarter of 2009, compared to a net loss of $169.2 million in the first quarter of last year.

Assured, parent of bond insurer Assured Guaranty Corp., said the improved net-income results from an improvement of pre-tax underwriting results and an after-tax unrealized gain on credit derivatives of $39.1 million compared to an after-tax unrealized loss of $175.8 million.

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