UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM S-8

             REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

                              Assured Guaranty Ltd.
-------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

Bermuda                                                                    N/A
-------------------------------------------------------------------------------
(State or other jurisdiction                               (I.R.S. Employer
 of incorporation or organization)                          Identification No.)



               Assured Guaranty Ltd. 2004 Long-Term Incentive Plan
                  Assured Guaranty Ltd. Replacement Award Plan
-------------------------------------------------------------------------------
                            (Full title of the plan)

                                Dominic Frederico
                              Assured Guaranty Ltd.
                            c/o CT Corporation System
                          111 Eighth Avenue, 13th Floor
                            New York, New York 10011
-------------------------------------------------------------------------------
                    (Name and address of agent for service)

                                 (441) 296-4004
-------------------------------------------------------------------------------
          (Telephone number, including area code, of agent for service)

                                    copy to:
                                Laura D. Richman
                          Mayer, Brown, Rowe & Maw LLP
                              190 S. LaSalle Street
                             Chicago, Illinois 60603
<TABLE>
<CAPTION>

                         CALCULATION OF REGISTRATION FEE

---------------------------------- ------------- ----------------------- ---------------------- ----------------------
    Title of securities to be       Amount to       Proposed maximum       Proposed maximum           Amount of
           registered                   be         offering price per       aggregate price       registration fee
                                    registered          share(1)
---------------------------------- ------------- ----------------------- ---------------------- ----------------------
<S>                                <C>           <C>                     <C>                     <C>
Common Shares                      7,938,479             $16.49              $130,905,519              $16,586
$.01 par value
---------------------------------- ------------- ----------------------- ---------------------- ----------------------


(1) Estimated solely for the purpose of computing the registration fee pursuant
to Rule 457(h) and 457(c) under the Securities Act of 1933 on the basis of the
average of the high and low prices of the Common Shares reported on the New York
Stock Exchange Composite Tape on May 21, 2004.
</TABLE>

<PAGE>


                                     Part II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3.  Incorporation of Documents by Reference.

     The following documents, which have heretofore been filed by the
Registrant with the Securities and Exchange Commission (the "Commission")
pursuant to the Securities Act of 1933 (the "Act") and the Securities Exchange
Act of 1934 (the "Exchange Act"), are incorporated by reference herein and
shall be deemed to be a part hereof:

     (a)  Registrant's prospectus filed on April 23, 2004 pursuant to Rule
          424(b)(1) of the Act (File No. 333-111491), which contains audited
          financial statements for the Registrant's latest fiscal year for
          which such statements have been filed.

     (b)  Description of Common Shares included in the Registration Statement
          on Form 8-A dated April 15, 2004 filed under Section 12 of the
          Exchange Act.

     All documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold shall be deemed
to be incorporated herein by reference and shall be deemed a part hereof from
the date of filing of such documents.

Item 4.  Description of Securities.

         Not applicable.

Item 5.  Interests of Named Experts and Counsel.

         Not applicable.

Item 6.  Indemnification of Directors and Officers.


         Bye-law 30 of the Registrant's Bye-Laws provides, among other things,
that the directors, secretary, other officers (such term to include for purposes
of Bye-laws 30 and 31 any person appointed to any committee by the board of
directors and any person who is or was serving at the request of the Registrant
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise) and the resident representative for
the time being acting in relation to any of the affairs of the Registrant and
the liquidator or trustees (if any) for the time being acting in relation to any
of the affairs of the Registrant and every one of them, and their heirs,
executors and administrators: (i) shall be indemnified and secured harmless out
of the assets of the Registrant from and against all actions, costs, charges,
losses, damages and expenses which they or any of them, their heirs, executors
or administrators, shall or may incur or sustain by or by reason of any act
done, concurred in or omitted in or about the execution of their duty, or
supposed duty, or in their respective offices or trusts, and none of them shall
be answerable for the acts, receipts, neglects or defaults of the others of them
or for joining in any receipts for the sake of conformity, or for any bankers or
other persons with whom any moneys or effects belonging to the Registrant shall
or may be lodged or deposited for safe custody, or for insufficiency or
deficiency of any security upon which any moneys of or belonging to the
Registrant shall be placed out on or invested, or for any other loss, misfortune
or damage which may happen in the execution of their respective offices or
trusts, or in relation thereto, provided that, this indemnity shall not extend
to any matter in respect of fraud or dishonesty; (ii) shall not be liable for
the acts, receipts, neglects or defaults of any other director or officer or
other person, or for any loss or expense incurred by the Registrant through the
insufficiency or deficiency of title to any property acquired by the board of
directors for or on behalf of the Registrant, or for the insufficiency or
deficiency of any security in or upon which any of the monies of the Registrant



                                    S-1
<PAGE>


is invested, or for any loss or damage arising from the bankruptcy, insolvency
or tortious act of any person with whom any monies, securities or effects is
deposited, or for any loss occasioned by any error of judgment, omission,
default or oversight on his or her part, or for any other loss, damage or
misfortune whatever which shall happen in relation to the execution of the
duties of his or her office, or in relation thereto, unless the same happens
through fraud or dishonesty on his or her part; and (iii) shall be indemnified
out of the assets of the Registrant against all liabilities, losses, costs and
expenses which he or she or any of his or her heirs, executors or
administrators, incur or may incur or sustain, by or by reason of any act, by
such person, or other person or a collective of persons (including without
limitation the board of directors) or by the Registrant, done, concurred in or
omitted in or about the execution of his, her or their duty, or supposed duty,
or in his, her or their respective offices or trusts, in defending or appearing
or giving evidence in any proceedings (such term to include, for the purposes of
Bye-law 30, threatened proceedings, investigations and enquiries, whether by a
regulatory authority, prosecutions authority or otherwise), whether civil or
criminal, including where allegations of fraud and dishonesty are made against
such director or other person, and, the Registrant shall pay to or on behalf of
such director or other person any and all funds associated in defending or
appearing or giving evidence in such proceedings (including without limitation
independent representation and counseling by an attorney or other professional
selected by such director or other person concerned) as and when such
liabilities, losses, costs and expenses are incurred, provided that in the event
of a finding of fraud or dishonesty (such fraud or dishonesty having been
established in a final judgment or decree not subject to appeal), such director
or other person shall reimburse to the Registrant all funds paid by the
Registrant in respect of liabilities, losses, costs and expenses of defending
such proceedings. The provisions of Bye- law 30 (and Bye-law 31) shall apply to,
and for the benefit of, any person acting as (or with the reasonable belief that
he or she will be appointed or elected as) a director, secretary, other officer,
the resident representative, or liquidator or trustee in the reasonable belief
that he or she has been so appointed or elected notwithstanding any defect in
such appointment or election and to any person who is no longer, but at one time
was, a director, secretary, other officer, resident representative or liquidator
or trustee of the Registrant.

         Bye-law 31 of the Registrant's Bye-Laws provides that the Registrant
and each shareholder agree to waive any claim or right of action it might have,
whether individually or by or in the right of the Registrant, against any
director, secretary, other officer, resident representative or liquidator or
trustee of the Registrant on account of any action taken by such director or
other such person, or the failure of such director or other such person to take
any action in the performance of his or her duties with or for the Registrant,
provided that such waiver shall not extend to any matter in respect of any fraud
or dishonesty which may attach to such director or other such person.

         The Bermuda Companies Act 1981, as amended (the "Companies Act"),
provides that a Bermuda company may indemnify its directors and officers in
respect of any loss arising or liability attaching to them as a result of any
negligence, default, breach of duty or breach of trust of which they may be
guilty. However, the Companies Act also provides that any provision, whether
contained in the company's bye-laws or in a contract or arrangement between the
company and the director or officers, indemnifying such director or officers
against any liability which would attach to him in respect of his fraud or
dishonesty will be void.

         The Registrant has purchased directors and officers liability insurance
policies. Such insurance would be available to the Registrant's directors and
officers in accordance with its terms. In addition, certain directors may be
covered by directors and officers liability insurance policies purchased by
their respective employers.

         The Registrant has entered into a certain underwriting agreement
(included as Exhibit 1.1 in the registration statement on Form S-1 (File No.
333-111491) of the Registrant) which provides that the underwriters are
obligated, under certain circumstances, to indemnify the directors, certain
officers and the controlling persons of the Registrant against certain
liabilities under the Securities Act of 1933, as amended.

Item 7.  Exemption from Registration Claimed.

         Not applicable.


                                      S-2
<PAGE>

Item 8.  Exhibits.

     4.1  Certificate of Incorporation and Memorandum of Association of the
          Registrant (Incorporated by reference to Exhibit 3.1 to the
          Registrant's Registration Statement on Form S-1 (File No.
          333-111491), as amended)

     4.2  Bye-laws of the Registrant (Incorporated by reference to Exhibit 3.2
          to the Registrant's Registration Statement on Form S-1 (File No.
          333-111491), as amended)

     4.3  Specimen Common Share Certificate (Incorporated by reference to
          Exhibit 4.1 to the Registrant's Registration Statement on Form S-1
          (File No. 333-111491), as amended)

     5.1  Opinion of Conyers Dill & Pearman as to the legality of the Common
          Shares

     23.1 Consent of PricewaterhouseCoopers LLP

     23.2 Consent of Conyers Dill & Pearman (included in Exhibit 5.1)

     24.1 Powers of Attorney (included in signature pages)

     99.1 Form F-N

Item 9.  Undertakings.

A.   Rule 415 Offering.

     The undersigned registrant hereby undertakes:

     1.   To file, during any period in which offers or sales are being made,
          a post-effective amendment to this registration statement:

          (i)  To include any prospectus required by Section 10(a)(3) of the
               Securities Act of 1933;

          (ii) To reflect in the prospectus any facts or events arising after
               the effective date of the registration statement (or the most
               recent post-effective amendment thereof) which, individually or
               in the aggregate, represent a fundamental change in the
               information set forth in the registration statement.
               Notwithstanding the foregoing, any increase or decrease in
               volume of securities offered (if the total dollar value of
               securities offered would not exceed that which was registered)
               and any deviation from the low or high end of the estimated
               maximum offering range may be reflected in the form of
               prospectus filed with the Commission pursuant to Rule 424(b)
               if, in the aggregate, the changes in volume and price represent
               no more than a 20 percent change in the maximum aggregate
               offering price set forth in the "Calculation of Registration
               Fee" table in the effective registration statement;

         (iii) To include any material information with respect to the plan
               of distribution not previously disclosed in the registration
               statement or any material change to such information in the
               registration statement; provided, however, that paragraphs
               (a)(1)(i) and (a)(1)(ii) do not apply if the registration
               statement is on Form S-3, Form S-8 or Form F-3, and the
               information required to be included in a post-effective
               amendment by those paragraphs is contained in periodic reports
               filed by the registrant pursuant to section 13 or section 15(d)
               of the Securities Exchange Act of 1934 that are incorporated by
               reference in the registration statement.

                                      S-3
<PAGE>

     2.   That, for the purpose of determining any liability under the
          Securities Act of 1933, each such post-effective amendment shall be
          deemed to be a new registration statement relating to the securities
          offered therein, and the offering of such securities at that time
          shall be deemed to be the initial bona fide offering thereof.

     3.   To remove from registration by means of a post-effective amendment
          any of the securities being registered which remain unsold at the
          termination of the offering.

B.   Filings Incorporating Subsequent Exchange Act Documents by Reference.

     The undersigned registrant hereby undertakes that, for purposes of
     determining any liability under the Securities Act of 1933, each filing
     of the registrant's annual report pursuant to Section 13(a) or 15(d) of
     the Securities Exchange Act of 1934 (and, where applicable, each filing
     of an employee benefit plan's annual report pursuant to Section 15(d) of
     the Securities Exchange Act of 1934) that is incorporated by reference in
     the registration statement shall be deemed to be a new registration
     statement relating to the securities offered therein, and the offering of
     such securities at that time shall be deemed to be the initial bona fide
     offering thereof.

C.   Indemnification of Directors and Officers.

     Insofar as indemnification for liabilities arising under the Securities
     Act of 1933 may be permitted to directors, officers and controlling
     persons of the registrant pursuant to the foregoing provisions, or
     otherwise, the registrant has been advised that in the opinion of the
     Securities and Exchange Commission such indemnification is against public
     policy as expressed in the Securities Act of 1933 and is, therefore,
     unenforceable. In the event that a claim for indemnification against such
     liabilities (other than the payment by the registrant of expenses
     incurred or paid by a director, officer or controlling person of the
     registrant in the successful defense of any action, suit or proceeding)
     is asserted by such director, officer or controlling person in connection
     with the securities being registered, the registrant will, unless in the
     opinion of its counsel the matter has been settled by controlling
     precedent, submit to a court of appropriate jurisdiction the question
     whether such indemnification by it is against public policy as expressed
     in the Securities Act of 1933 and will be governed by the final
     adjudication of such issue.




                                      S-4
<PAGE>



                                   SIGNATURES

         Each person whose signature appears below constitutes and appoints
Dominic Frederico, Robert B. Mills and James M. Michener and each of them, the
true and lawful attorneys-in-fact and agents of the undersigned, with full power
of substitution and resubstitution, for and in the name, place and stead of the
undersigned, in any and all capacities, to sign any and all amendments
(including post-effective amendments) to this Registration Statement, and to
file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, and hereby grants to
such attorneys-in-fact and agents, and each of them, full power and authority to
do and perform each and every act and thing requisite and necessary to be done,
full to all intents and purposes as the undersigned might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, or their or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.

         Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Hamilton, Bermuda, on May 25, 2004.



                                          Assured Guaranty Ltd.

                                          By:  /s/ Robert B. Mills
                                             ---------------------
                                               Robert B. Mills
                                          Its: Chief Financial Officer

         Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the dates indicated.
<TABLE>
<CAPTION>

         Signature                              Title                                                Date
         ---------                              -----                                                ----
<S>                                     <C>                                                       <C>

/s/ Donald Kramer                        Chairman; Director                                       May 25, 2004
-------------------------------
Donald Kramer

/s/ Dominic Frederico                    President and Chief Executive Officer;                   May 25, 2004
-------------------------------          Deputy Chairman
Dominic Frederico

/s/ Robert B. Mills                      Chief Financial Officer                                  May 25, 2004
-------------------------------          (Principal Fianancial and Accounting Officer)
Robert B. Mills

/s/ Neil Baron                           Director                                                 May 25, 2004
-------------------------------
Neil Baron

/s/ G. Lawrence Buhl                     Director                                                 May 25, 2004
-------------------------------
G. Lawrence Buhl


                                  S-5
<PAGE>



/s/ Stephen A. Cozen                     Director                                                 May 25, 2004
-------------------------------
Stephen A. Cozen


/s/ John G. Heimann                      Director                                                 May 25, 2004
-------------------------------
John G. Heimann

/s/ Patrick W. Kenny                     Director                                                 May 25, 2004
-------------------------------
Patrick W. Kenny

/s/ Walter A. Scott                      Director                                                 May 25, 2004
-------------------------------

Walter A. Scott

/s/ Dominic Frederico                   Authorized Representative in the United States            May 25, 2004
-------------------------------

Dominic Frederico

</TABLE>


                                     S-6
<PAGE>




                                  EXHIBIT INDEX

<TABLE>
<CAPTION>

Exhibit Number                  Description of Document                          Page Number

<S>                 <C>                                                         <C>

4.1                 Certificate of Incorporation and Memorandum of
                    Association of the Registrant (Incorporated by reference
                    to Exhibit 3.1 to the Registrant's Registration Statement
                    on Form S-1 (File No. 333-111491), as amended)

4.2                 Bye-laws of the Registrant (Incorporated by reference to
                    Exhibit 3.2 to the Registrant's Registration Statement on
                    Form S-1 (File No. 333-111491), as amended)

4.3                 Specimen Common Share Certificate (Incorporated by
                    reference to Exhibit 4.1 to the Registrant's Registration
                    Statement on Form S-1 (File No. 333-111491), as amended)

5.1                 Opinion of Conyers Dill & Pearman as to the legality
                    of the Common Shares

23.1               Consent of PricewaterhouseCoopers LLP

23.2               Consent of Conyers Dill & Pearman (included in Exhibit 5.1)

24.1               Powers of Attorney (included in signature pages)

99.1               Form F-N


                                     S-7
</TABLE>
[{"type": "S-8", "sequence": "1", "filename": "forms8.txt", "secsgml_size_bytes": 23506}]
{"company-data": {"conformed-name": "ASSURED GUARANTY LTD", "cik": "0001273813", "assigned-sic": "6351"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-115893", "film-number": "04832584"}, "mail-address": {"street1": "30 WOOD BOURNE AVE", "city": "HAMILTON BERMUDA", "state": "D0", "zip": "0000"}, "former-company": [{"former-conformed-name": "AGR LTD", "date-changed": "20040122"}, {"former-conformed-name": "AGC HOLDINGS LTD", "date-changed": "20031218"}]}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM S-8

             REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

                              Assured Guaranty Ltd.
-------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

Bermuda                                                                    N/A
-------------------------------------------------------------------------------
(State or other jurisdiction                               (I.R.S. Employer
 of incorporation or organization)                          Identification No.)

               Assured Guaranty Ltd. 2004 Long-Term Incentive Plan
                  Assured Guaranty Ltd. Replacement Award Plan
-------------------------------------------------------------------------------
                            (Full title of the plan)

                                Dominic Frederico
                              Assured Guaranty Ltd.
                            c/o CT Corporation System
                          111 Eighth Avenue, 13th Floor
                            New York, New York 10011
-------------------------------------------------------------------------------
                    (Name and address of agent for service)

                                 (441) 296-4004
-------------------------------------------------------------------------------
          (Telephone number, including area code, of agent for service)

                                    copy to:
                                Laura D. Richman
                          Mayer, Brown, Rowe & Maw LLP
                              190 S. LaSalle Street
                             Chicago, Illinois 60603
CALCULATION OF REGISTRATION FEE

---------------------------------- ------------- ----------------------- ---------------------- ----------------------
    Title of securities to be       Amount to       Proposed maximum       Proposed maximum           Amount of
           registered                   be         offering price per       aggregate price       registration fee
                                    registered          share(1)
---------------------------------- ------------- ----------------------- ---------------------- ----------------------
Common Shares                      7,938,479             $16.49              $130,905,519              $16,586
$.01 par value
---------------------------------- ------------- ----------------------- ---------------------- ----------------------

(1) Estimated solely for the purpose of computing the registration fee pursuant
to Rule 457(h) and 457(c) under the Securities Act of 1933 on the basis of the
average of the high and low prices of the Common Shares reported on the New York
Stock Exchange Composite Tape on May 21, 2004.
Part II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3.  Incorporation of Documents by Reference.

     The following documents, which have heretofore been filed by the
Registrant with the Securities and Exchange Commission (the "Commission")
pursuant to the Securities Act of 1933 (the "Act") and the Securities Exchange
Act of 1934 (the "Exchange Act"), are incorporated by reference herein and
shall be deemed to be a part hereof:

     (a)  Registrant's prospectus filed on April 23, 2004 pursuant to Rule
          424(b)(1) of the Act (File No. 333-111491), which contains audited
          financial statements for the Registrant's latest fiscal year for
          which such statements have been filed.

     (b)  Description of Common Shares included in the Registration Statement
          on Form 8-A dated April 15, 2004 filed under Section 12 of the
          Exchange Act.

     All documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold shall be deemed
to be incorporated herein by reference and shall be deemed a part hereof from
the date of filing of such documents.

Item 4.  Description of Securities.

         Not applicable.

Item 5.  Interests of Named Experts and Counsel.

         Not applicable.

Item 6.  Indemnification of Directors and Officers.

         Bye-law 30 of the Registrant's Bye-Laws provides, among other things,
that the directors, secretary, other officers (such term to include for purposes
of Bye-laws 30 and 31 any person appointed to any committee by the board of
directors and any person who is or was serving at the request of the Registrant
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise) and the resident representative for
the time being acting in relation to any of the affairs of the Registrant and
the liquidator or trustees (if any) for the time being acting in relation to any
of the affairs of the Registrant and every one of them, and their heirs,
executors and administrators: (i) shall be indemnified and secured harmless out
of the assets of the Registrant from and against all actions, costs, charges,
losses, damages and expenses which they or any of them, their heirs, executors
or administrators, shall or may incur or sustain by or by reason of any act
done, concurred in or omitted in or about the execution of their duty, or
supposed duty, or in their respective offices or trusts, and none of them shall
be answerable for the acts, receipts, neglects or defaults of the others of them
or for joining in any receipts for the sake of conformity, or for any bankers or
other persons with whom any moneys or effects belonging to the Registrant shall
or may be lodged or deposited for safe custody, or for insufficiency or
deficiency of any security upon which any moneys of or belonging to the
Registrant shall be placed out on or invested, or for any other loss, misfortune
or damage which may happen in the execution of their respective offices or
trusts, or in relation thereto, provided that, this indemnity shall not extend
to any matter in respect of fraud or dishonesty; (ii) shall not be liable for
the acts, receipts, neglects or defaults of any other director or officer or
other person, or for any loss or expense incurred by the Registrant through the
insufficiency or deficiency of title to any property acquired by the board of
directors for or on behalf of the Registrant, or for the insufficiency or
deficiency of any security in or upon which any of the monies of the Registrant

                                    S-1
is invested, or for any loss or damage arising from the bankruptcy, insolvency
or tortious act of any person with whom any monies, securities or effects is
deposited, or for any loss occasioned by any error of judgment, omission,
default or oversight on his or her part, or for any other loss, damage or
misfortune whatever which shall happen in relation to the execution of the
duties of his or her office, or in relation thereto, unless the same happens
through fraud or dishonesty on his or her part; and (iii) shall be indemnified
out of the assets of the Registrant against all liabilities, losses, costs and
expenses which he or she or any of his or her heirs, executors or
administrators, incur or may incur or sustain, by or by reason of any act, by
such person, or other person or a collective of persons (including without
limitation the board of directors) or by the Registrant, done, concurred in or
omitted in or about the execution of his, her or their duty, or supposed duty,
or in his, her or their respective offices or trusts, in defending or appearing
or giving evidence in any proceedings (such term to include, for the purposes of
Bye-law 30, threatened proceedings, investigations and enquiries, whether by a
regulatory authority, prosecutions authority or otherwise), whether civil or
criminal, including where allegations of fraud and dishonesty are made against
such director or other person, and, the Registrant shall pay to or on behalf of
such director or other person any and all funds associated in defending or
appearing or giving evidence in such proceedings (including without limitation
independent representation and counseling by an attorney or other professional
selected by such director or other person concerned) as and when such
liabilities, losses, costs and expenses are incurred, provided that in the event
of a finding of fraud or dishonesty (such fraud or dishonesty having been
established in a final judgment or decree not subject to appeal), such director
or other person shall reimburse to the Registrant all funds paid by the
Registrant in respect of liabilities, losses, costs and expenses of defending
such proceedings. The provisions of Bye- law 30 (and Bye-law 31) shall apply to,
and for the benefit of, any person acting as (or with the reasonable belief that
he or she will be appointed or elected as) a director, secretary, other officer,
the resident representative, or liquidator or trustee in the reasonable belief
that he or she has been so appointed or elected notwithstanding any defect in
such appointment or election and to any person who is no longer, but at one time
was, a director, secretary, other officer, resident representative or liquidator
or trustee of the Registrant.

         Bye-law 31 of the Registrant's Bye-Laws provides that the Registrant
and each shareholder agree to waive any claim or right of action it might have,
whether individually or by or in the right of the Registrant, against any
director, secretary, other officer, resident representative or liquidator or
trustee of the Registrant on account of any action taken by such director or
other such person, or the failure of such director or other such person to take
any action in the performance of his or her duties with or for the Registrant,
provided that such waiver shall not extend to any matter in respect of any fraud
or dishonesty which may attach to such director or other such person.

         The Bermuda Companies Act 1981, as amended (the "Companies Act"),
provides that a Bermuda company may indemnify its directors and officers in
respect of any loss arising or liability attaching to them as a result of any
negligence, default, breach of duty or breach of trust of which they may be
guilty. However, the Companies Act also provides that any provision, whether
contained in the company's bye-laws or in a contract or arrangement between the
company and the director or officers, indemnifying such director or officers
against any liability which would attach to him in respect of his fraud or
dishonesty will be void.

         The Registrant has purchased directors and officers liability insurance
policies. Such insurance would be available to the Registrant's directors and
officers in accordance with its terms. In addition, certain directors may be
covered by directors and officers liability insurance policies purchased by
their respective employers.

         The Registrant has entered into a certain underwriting agreement
(included as Exhibit 1.1 in the registration statement on Form S-1 (File No.
333-111491) of the Registrant) which provides that the underwriters are
obligated, under certain circumstances, to indemnify the directors, certain
officers and the controlling persons of the Registrant against certain
liabilities under the Securities Act of 1933, as amended.

Item 7.  Exemption from Registration Claimed.

         Not applicable.

                                      S-2
Item 8.  Exhibits.

     4.1  Certificate of Incorporation and Memorandum of Association of the
          Registrant (Incorporated by reference to Exhibit 3.1 to the
          Registrant's Registration Statement on Form S-1 (File No.
          333-111491), as amended)

     4.2  Bye-laws of the Registrant (Incorporated by reference to Exhibit 3.2
          to the Registrant's Registration Statement on Form S-1 (File No.
          333-111491), as amended)

     4.3  Specimen Common Share Certificate (Incorporated by reference to
          Exhibit 4.1 to the Registrant's Registration Statement on Form S-1
          (File No. 333-111491), as amended)

     5.1  Opinion of Conyers Dill & Pearman as to the legality of the Common
          Shares

     23.1 Consent of PricewaterhouseCoopers LLP

     23.2 Consent of Conyers Dill & Pearman (included in Exhibit 5.1)

     24.1 Powers of Attorney (included in signature pages)

     99.1 Form F-N

Item 9.  Undertakings.

A.   Rule 415 Offering.

     The undersigned registrant hereby undertakes:

     1.   To file, during any period in which offers or sales are being made,
          a post-effective amendment to this registration statement:

          (i)  To include any prospectus required by Section 10(a)(3) of the
               Securities Act of 1933;

          (ii) To reflect in the prospectus any facts or events arising after
               the effective date of the registration statement (or the most
               recent post-effective amendment thereof) which, individually or
               in the aggregate, represent a fundamental change in the
               information set forth in the registration statement.
               Notwithstanding the foregoing, any increase or decrease in
               volume of securities offered (if the total dollar value of
               securities offered would not exceed that which was registered)
               and any deviation from the low or high end of the estimated
               maximum offering range may be reflected in the form of
               prospectus filed with the Commission pursuant to Rule 424(b)
               if, in the aggregate, the changes in volume and price represent
               no more than a 20 percent change in the maximum aggregate
               offering price set forth in the "Calculation of Registration
               Fee" table in the effective registration statement;

         (iii) To include any material information with respect to the plan
               of distribution not previously disclosed in the registration
               statement or any material change to such information in the
               registration statement; provided, however, that paragraphs
               (a)(1)(i) and (a)(1)(ii) do not apply if the registration
               statement is on Form S-3, Form S-8 or Form F-3, and the
               information required to be included in a post-effective
               amendment by those paragraphs is contained in periodic reports
               filed by the registrant pursuant to section 13 or section 15(d)
               of the Securities Exchange Act of 1934 that are incorporated by
               reference in the registration statement.

                                      S-3
2.   That, for the purpose of determining any liability under the
          Securities Act of 1933, each such post-effective amendment shall be
          deemed to be a new registration statement relating to the securities
          offered therein, and the offering of such securities at that time
          shall be deemed to be the initial bona fide offering thereof.

     3.   To remove from registration by means of a post-effective amendment
          any of the securities being registered which remain unsold at the
          termination of the offering.

B.   Filings Incorporating Subsequent Exchange Act Documents by Reference.

     The undersigned registrant hereby undertakes that, for purposes of
     determining any liability under the Securities Act of 1933, each filing
     of the registrant's annual report pursuant to Section 13(a) or 15(d) of
     the Securities Exchange Act of 1934 (and, where applicable, each filing
     of an employee benefit plan's annual report pursuant to Section 15(d) of
     the Securities Exchange Act of 1934) that is incorporated by reference in
     the registration statement shall be deemed to be a new registration
     statement relating to the securities offered therein, and the offering of
     such securities at that time shall be deemed to be the initial bona fide
     offering thereof.

C.   Indemnification of Directors and Officers.

     Insofar as indemnification for liabilities arising under the Securities
     Act of 1933 may be permitted to directors, officers and controlling
     persons of the registrant pursuant to the foregoing provisions, or
     otherwise, the registrant has been advised that in the opinion of the
     Securities and Exchange Commission such indemnification is against public
     policy as expressed in the Securities Act of 1933 and is, therefore,
     unenforceable. In the event that a claim for indemnification against such
     liabilities (other than the payment by the registrant of expenses
     incurred or paid by a director, officer or controlling person of the
     registrant in the successful defense of any action, suit or proceeding)
     is asserted by such director, officer or controlling person in connection
     with the securities being registered, the registrant will, unless in the
     opinion of its counsel the matter has been settled by controlling
     precedent, submit to a court of appropriate jurisdiction the question
     whether such indemnification by it is against public policy as expressed
     in the Securities Act of 1933 and will be governed by the final
     adjudication of such issue.

                                      S-4
SIGNATURES

         Each person whose signature appears below constitutes and appoints
Dominic Frederico, Robert B. Mills and James M. Michener and each of them, the
true and lawful attorneys-in-fact and agents of the undersigned, with full power
of substitution and resubstitution, for and in the name, place and stead of the
undersigned, in any and all capacities, to sign any and all amendments
(including post-effective amendments) to this Registration Statement, and to
file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, and hereby grants to
such attorneys-in-fact and agents, and each of them, full power and authority to
do and perform each and every act and thing requisite and necessary to be done,
full to all intents and purposes as the undersigned might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, or their or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.

         Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Hamilton, Bermuda, on May 25, 2004.

                                          Assured Guaranty Ltd.

                                          By:  /s/ Robert B. Mills
                                             ---------------------
                                               Robert B. Mills
                                          Its: Chief Financial Officer

         Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the dates indicated.
Signature                              Title                                                Date
         ---------                              -----                                                ----
/s/ Donald Kramer                        Chairman; Director                                       May 25, 2004
-------------------------------
Donald Kramer

/s/ Dominic Frederico                    President and Chief Executive Officer;                   May 25, 2004
-------------------------------          Deputy Chairman
Dominic Frederico

/s/ Robert B. Mills                      Chief Financial Officer                                  May 25, 2004
-------------------------------          (Principal Fianancial and Accounting Officer)
Robert B. Mills

/s/ Neil Baron                           Director                                                 May 25, 2004
-------------------------------
Neil Baron

/s/ G. Lawrence Buhl                     Director                                                 May 25, 2004
-------------------------------
G. Lawrence Buhl

                                  S-5
/s/ Stephen A. Cozen                     Director                                                 May 25, 2004
-------------------------------
Stephen A. Cozen

/s/ John G. Heimann                      Director                                                 May 25, 2004
-------------------------------
John G. Heimann

/s/ Patrick W. Kenny                     Director                                                 May 25, 2004
-------------------------------
Patrick W. Kenny

/s/ Walter A. Scott                      Director                                                 May 25, 2004
-------------------------------

Walter A. Scott

/s/ Dominic Frederico                   Authorized Representative in the United States            May 25, 2004
-------------------------------

Dominic Frederico
S-6
EXHIBIT INDEX
Exhibit Number                  Description of Document                          Page Number
4.1                 Certificate of Incorporation and Memorandum of
                    Association of the Registrant (Incorporated by reference
                    to Exhibit 3.1 to the Registrant's Registration Statement
                    on Form S-1 (File No. 333-111491), as amended)

4.2                 Bye-laws of the Registrant (Incorporated by reference to
                    Exhibit 3.2 to the Registrant's Registration Statement on
                    Form S-1 (File No. 333-111491), as amended)

4.3                 Specimen Common Share Certificate (Incorporated by
                    reference to Exhibit 4.1 to the Registrant's Registration
                    Statement on Form S-1 (File No. 333-111491), as amended)

5.1                 Opinion of Conyers Dill & Pearman as to the legality
                    of the Common Shares

23.1               Consent of PricewaterhouseCoopers LLP

23.2               Consent of Conyers Dill & Pearman (included in Exhibit 5.1)

24.1               Powers of Attorney (included in signature pages)

99.1               Form F-N

                                     S-7