Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
MICHENER JAMES M
  2. Issuer Name and Ticker or Trading Symbol
ASSURED GUARANTY LTD [AGO]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
General Counsel and Secretary
(Last)
(First)
(Middle)
30 WOODBOURNE AVENUE
3. Date of Earliest Transaction (Month/Day/Year)
03/02/2017
(Street)

HAMILTON, D0 HM08
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Shares 03/02/2017   M   30,000 A $ 23.27 343,613.0005 D  
Common Shares 03/02/2017   F   22,838 D $ 41.16 (1) 320,775.0005 D  
Common Shares 03/02/2017   M   40,000 A $ 19.79 360,775.0005 D  
Common Shares 03/02/2017   F   28,597 D $ 41.16 (1) 332,178.0005 D  
Common Shares 03/02/2017   M   8,964 (2) A $ 17.44 341,142.0005 D  
Common Shares 03/02/2017   F   6,133 D $ 41.16 (1) 335,009.0005 D  
Common Shares 03/02/2017   M   10,398 (2) A $ 19.24 345,407.0005 D  
Common Shares 03/02/2017   F   7,362 D $ 41.16 (1) 338,045.0005 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Options to Acquire Common Shares $ 23.27 03/02/2017   M     30,000   (3) 02/14/2018 Common Shares 30,000 $ 0 0 (4) D  
Options to Acquire Common Shares $ 19.79 03/02/2017   M     40,000   (5) 02/24/2020 Common Shares 40,000 $ 0 0 (4) D  
Options to Acquire Common Shares $ 17.44 03/02/2017   M     8,964 (2) 02/09/2015 02/09/2019 Common Shares 8,964 $ 0 0 (4) D  
Options to Acquire Common Shares $ 19.24 03/02/2017   M     10,398 (2) 02/07/2016 02/07/2020 Common Shares 10,398 $ 0 0 (4) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MICHENER JAMES M
30 WOODBOURNE AVENUE
HAMILTON, D0 HM08
      General Counsel and Secretary  

Signatures

 /s/ By: Ling Chow, Attorney-in-fact   03/06/2017
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Represents the payment of the exercise price and withholding taxes of an employee stock option through the attestation of previously owned shares. The price is equal to the fair market value of the Common Shares on the date of exercise and is used to determine the value of the shares delivered to the Company by attestation of previously owned shares in payment of the exercise price and withholding taxes.
(2) Reflects the amount of options that vested in accordance with the performance measures described in the Form 4 reporting the grant.
(3) Options vested as follows: 1/3 on February 14, 2009, 1/3 on February 14, 2010 and 1/3 on February 14, 2011.
(4) All options of this tranche have been exercised. The Reporting Person no longer holds any options of any tranche (after taking into account options exercised on 3/2/2017). The total number of performance share units from tranches with different performance measures, performance periods and vesting dates is 50,779.
(5) Options vested as follows: 1/3 on February 24, 2011, 1/3 on February 24, 2012 and 1/3 on February 24, 2013.

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