AGM is located and domiciled in New York. The merger is expected to be effective on April 1, 2021. Through AGE, Assured Guaranty intends to continue to write new business in the EU. Currently, there is no such outstanding business at AGUK. A subprime borrower is a borrower with higher risk characteristics. Such risks include rising sea levels, hurricanes, wildfires and earthquakes. Each of these risks is addressed through the Company\'s underwriting process. That measure reached a historical low of 1.27% in August. This account invests in CLO tranches managed by unaffiliated managers. The Company has committed capital to this strategy through AGAS. Depending on the characteristics of a fund, fees may be higher or lower. This training is mandatory for all employees globally on an annual basis. The degree and type of regulation varies from one jurisdiction to another. AGUK guarantees AGCPL's obligations under such derivative contracts. The Company believes its employee relations are satisfactory. Diversity and inclusion initiatives. The current standard rate of VAT is 20%. Partners of a partnership owning AGL\'s shares should consult their tax advisers. 8226;Risks related to the asset management business. Conversely, if interest rates decrease, AUM and management fees will increase. Actual losses will ultimately depend on future events or transaction performance. Significant claim payments may reduce the Company\'s liquidity. Business, Tax Matters "— Taxation of AGL and Subsidiaries— United States.