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Exhibit 21.1

Subsidiaries of the Registrant
(All subsidiaries are wholly-owned)

Name							Jurisdiction of Incorporation
Assured Guaranty Re Ltd.							Bermuda
	Assured Guaranty Overseas US Holdings Inc.						Delaware
		Assured Guaranty Re Overseas Ltd.					Bermuda
			Assured Guaranty Mortgage Insurance Company				New York
			AG Intermediary Inc.				New York
Assured Guaranty Finance Overseas Ltd.							England
Cedar Personnel Ltd.							Bermuda
Assured Guaranty Ireland Holdings Limited							Ireland
	Assured Guaranty US Holdings Inc.						Delaware
		Financial Security Assurance Holdings Ltd					New York
			Assured Guaranty Municipal Corp.				New York
				FSA Insurance Company			Oklahoma
					FSA Mexico Holdings Inc		New York
					FSA Seguros Mexico, S.A. de C.V		Mexico
					Financial Security Assurance International Ltd		Bermuda
						FSA International Credit Protection (Cayman) Limited	Cayman Islands
					Assured Guaranty (Europe) Ltd		England
			FSA Portfolio Management Inc				New York
			CLFG Corp				Delaware
			Transaction Services Corporation				New York
		Assured Guaranty (UK) Services Limited.					England
		Assured Guaranty Corp.					Maryland
			Assured Guaranty (UK) Ltd.				England
		AG Financial Products Inc.					Delaware
		AG Analytics Inc					Delaware

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Exhibit 21.1

Subsidiaries of the Registrant (All subsidiaries are wholly-owned)