<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2024 Workiva-->
<!--r:78e154eb-a9a9-4279-9d00-9fa4ea0bc49f,g:056ebda2-34bd-43a0-8ea4-f92698d2bc74-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/CondensedConsolidatedBalanceSheetsUnaudited" xlink:type="simple" xlink:href="ago-20240630.xsd#CondensedConsolidatedBalanceSheetsUnaudited"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/CondensedConsolidatedBalanceSheetsUnaudited" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_4be8101e-f57a-4213-95eb-f282897ecbdb" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_2550b8ab-f155-4a97-abff-eddd5f01c85d" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Liabilities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_4be8101e-f57a-4213-95eb-f282897ecbdb" xlink:to="loc_us-gaap_Liabilities_2550b8ab-f155-4a97-abff-eddd5f01c85d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_258b0b1d-c051-4c49-bccc-cb1ed44ea629" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_4be8101e-f57a-4213-95eb-f282897ecbdb" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_258b0b1d-c051-4c49-bccc-cb1ed44ea629" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingencies_70992417-5ed6-4cba-9ffc-f4109f478d01" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommitmentsAndContingencies"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_4be8101e-f57a-4213-95eb-f282897ecbdb" xlink:to="loc_us-gaap_CommitmentsAndContingencies_70992417-5ed6-4cba-9ffc-f4109f478d01" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets_893f999f-5288-46ba-9a46-1c3642a27313" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Assets"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Investments_d9a5a3b9-08fa-452f-980e-16b79217ea29" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Investments"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_893f999f-5288-46ba-9a46-1c3642a27313" xlink:to="loc_us-gaap_Investments_d9a5a3b9-08fa-452f-980e-16b79217ea29" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssets_b5e411eb-7246-4723-917a-2a5f6933562e" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherAssets"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_893f999f-5288-46ba-9a46-1c3642a27313" xlink:to="loc_us-gaap_OtherAssets_b5e411eb-7246-4723-917a-2a5f6933562e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_AssetsofConsolidatedInvestmentVehicles_2877ff0a-db65-4616-b930-ca6f3c14d015" xlink:href="ago-20240630.xsd#ago_AssetsofConsolidatedInvestmentVehicles"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_893f999f-5288-46ba-9a46-1c3642a27313" xlink:to="loc_ago_AssetsofConsolidatedInvestmentVehicles_2877ff0a-db65-4616-b930-ca6f3c14d015" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredPolicyAcquisitionCosts_2e7506e7-0371-4e57-832a-e0020ae5fe31" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredPolicyAcquisitionCosts"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_893f999f-5288-46ba-9a46-1c3642a27313" xlink:to="loc_us-gaap_DeferredPolicyAcquisitionCosts_2e7506e7-0371-4e57-832a-e0020ae5fe31" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuarantyOfVariableInterestEntitiesAssetsHeld_4e1a1baf-8625-4518-aa26-bd8411c727ce" xlink:href="ago-20240630.xsd#ago_FinancialGuarantyOfVariableInterestEntitiesAssetsHeld"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_893f999f-5288-46ba-9a46-1c3642a27313" xlink:to="loc_ago_FinancialGuarantyOfVariableInterestEntitiesAssetsHeld_4e1a1baf-8625-4518-aa26-bd8411c727ce" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Cash_9f70bb00-e663-4c5d-b982-5c48dd2e1047" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Cash"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_893f999f-5288-46ba-9a46-1c3642a27313" xlink:to="loc_us-gaap_Cash_9f70bb00-e663-4c5d-b982-5c48dd2e1047" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SalvageAndSubrogationRecoveriesValue_49b4a508-3a1a-4c9a-8976-50e76c5f8796" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SalvageAndSubrogationRecoveriesValue"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_893f999f-5288-46ba-9a46-1c3642a27313" xlink:to="loc_us-gaap_SalvageAndSubrogationRecoveriesValue_49b4a508-3a1a-4c9a-8976-50e76c5f8796" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PremiumsReceivableAtCarryingValue_2235b953-d147-4fb7-a466-fda12e38e3df" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PremiumsReceivableAtCarryingValue"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_893f999f-5288-46ba-9a46-1c3642a27313" xlink:to="loc_us-gaap_PremiumsReceivableAtCarryingValue_2235b953-d147-4fb7-a466-fda12e38e3df" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Investments_eaa66e3a-807f-4e1a-bdc3-76a0afd275f8" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Investments"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherInvestments_a95e5444-0ab6-4c6e-a153-e406217c9480" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherInvestments"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Investments_eaa66e3a-807f-4e1a-bdc3-76a0afd275f8" xlink:to="loc_us-gaap_OtherInvestments_a95e5444-0ab6-4c6e-a153-e406217c9480" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest_e386fce3-a55f-430c-abad-b9088c84ff5f" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Investments_eaa66e3a-807f-4e1a-bdc3-76a0afd275f8" xlink:to="loc_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest_e386fce3-a55f-430c-abad-b9088c84ff5f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradingSecuritiesDebt_9b360907-d8f8-4c87-ae0b-394bfff0d015" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TradingSecuritiesDebt"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Investments_eaa66e3a-807f-4e1a-bdc3-76a0afd275f8" xlink:to="loc_us-gaap_TradingSecuritiesDebt_9b360907-d8f8-4c87-ae0b-394bfff0d015" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherShortTermInvestments_ba49c7dd-af36-4bf4-a511-c29c2ed7c46d" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherShortTermInvestments"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Investments_eaa66e3a-807f-4e1a-bdc3-76a0afd275f8" xlink:to="loc_us-gaap_OtherShortTermInvestments_ba49c7dd-af36-4bf4-a511-c29c2ed7c46d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_afb2ba43-f4eb-46aa-88be-f36cc00904ec" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_4be73197-39f8-41b5-9e4d-d4d8f2b80573" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockholdersEquity"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_afb2ba43-f4eb-46aa-88be-f36cc00904ec" xlink:to="loc_us-gaap_StockholdersEquity_4be73197-39f8-41b5-9e4d-d4d8f2b80573" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterest_74b9c319-e116-443c-8146-3401dd3495b2" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_MinorityInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_afb2ba43-f4eb-46aa-88be-f36cc00904ec" xlink:to="loc_us-gaap_MinorityInterest_74b9c319-e116-443c-8146-3401dd3495b2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_4ae650bd-c116-4059-ba72-74a088e8ed03" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockValue_9411c8e7-cd4d-44b9-b69e-b9f7fc9e9c56" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_4ae650bd-c116-4059-ba72-74a088e8ed03" xlink:to="loc_us-gaap_CommonStockValue_9411c8e7-cd4d-44b9-b69e-b9f7fc9e9c56" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_bb546626-89dc-4859-92f3-8d3cef6133b8" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_4ae650bd-c116-4059-ba72-74a088e8ed03" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_bb546626-89dc-4859-92f3-8d3cef6133b8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_14dd1535-546a-48df-b257-1ff7c4d46b17" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_4ae650bd-c116-4059-ba72-74a088e8ed03" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_14dd1535-546a-48df-b257-1ff7c4d46b17" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CompensationAndBenefitsTrust_bae9f0e2-fe6e-4df2-a61e-1be288ca0e57" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CompensationAndBenefitsTrust"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_4ae650bd-c116-4059-ba72-74a088e8ed03" xlink:to="loc_us-gaap_CompensationAndBenefitsTrust_bae9f0e2-fe6e-4df2-a61e-1be288ca0e57" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_b5aa38c5-6d1b-45d5-bc83-0901beb7282c" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Liabilities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditRiskDerivativeLiabilitiesAtFairValue_04fdeac0-54ab-4852-9d34-b5b527c97134" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CreditRiskDerivativeLiabilitiesAtFairValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_b5aa38c5-6d1b-45d5-bc83-0901beb7282c" xlink:to="loc_us-gaap_CreditRiskDerivativeLiabilitiesAtFairValue_04fdeac0-54ab-4852-9d34-b5b527c97134" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebt_d4c2a933-7f45-42fa-8c1f-23613a020260" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebt"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_b5aa38c5-6d1b-45d5-bc83-0901beb7282c" xlink:to="loc_us-gaap_LongTermDebt_d4c2a933-7f45-42fa-8c1f-23613a020260" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_VariableInterestEntityConsolidatedLiabilitiesAtFairValue_8959c7cf-e50e-4154-9392-9ef61e0136ca" xlink:href="ago-20240630.xsd#ago_VariableInterestEntityConsolidatedLiabilitiesAtFairValue"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_b5aa38c5-6d1b-45d5-bc83-0901beb7282c" xlink:to="loc_ago_VariableInterestEntityConsolidatedLiabilitiesAtFairValue_8959c7cf-e50e-4154-9392-9ef61e0136ca" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnearnedPremiums_fff2e646-4dbc-44da-90b5-fd7b1db94979" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_UnearnedPremiums"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_b5aa38c5-6d1b-45d5-bc83-0901beb7282c" xlink:to="loc_us-gaap_UnearnedPremiums_fff2e646-4dbc-44da-90b5-fd7b1db94979" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilityForClaimsAndClaimsAdjustmentExpense_5d0676df-4aa5-4196-8a59-d3bda0be68ad" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilityForClaimsAndClaimsAdjustmentExpense"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_b5aa38c5-6d1b-45d5-bc83-0901beb7282c" xlink:to="loc_us-gaap_LiabilityForClaimsAndClaimsAdjustmentExpense_5d0676df-4aa5-4196-8a59-d3bda0be68ad" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilities_4ee6c773-c33d-4680-bd9b-5d723097aaf8" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherLiabilities"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_b5aa38c5-6d1b-45d5-bc83-0901beb7282c" xlink:to="loc_us-gaap_OtherLiabilities_4ee6c773-c33d-4680-bd9b-5d723097aaf8" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/CondensedConsolidatedStatementsofOperationsUnaudited" xlink:type="simple" xlink:href="ago-20240630.xsd#CondensedConsolidatedStatementsofOperationsUnaudited"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/CondensedConsolidatedStatementsofOperationsUnaudited" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_0ae11455-b7fa-4c9a-9fad-977afb9e12c8" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_0cc72c1a-8ab2-4e1b-80de-dae2d8a09f6e" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_0ae11455-b7fa-4c9a-9fad-977afb9e12c8" xlink:to="loc_us-gaap_ProfitLoss_0cc72c1a-8ab2-4e1b-80de-dae2d8a09f6e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_e5fd85f8-dfa3-44da-84cb-7d511ac21472" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_0ae11455-b7fa-4c9a-9fad-977afb9e12c8" xlink:to="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_e5fd85f8-dfa3-44da-84cb-7d511ac21472" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_89c61cd3-3b47-46ed-a984-1a236ae3603f" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_de3862a1-72d0-4486-869f-dc683c1f62d2" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_89c61cd3-3b47-46ed-a984-1a236ae3603f" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_de3862a1-72d0-4486-869f-dc683c1f62d2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_e0a2bda4-2e16-426a-90d6-d841edd3c8c8" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeLossFromEquityMethodInvestments"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_89c61cd3-3b47-46ed-a984-1a236ae3603f" xlink:to="loc_us-gaap_IncomeLossFromEquityMethodInvestments_e0a2bda4-2e16-426a-90d6-d841edd3c8c8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_0eaae73e-aa4a-4700-9cc2-270d42eb3597" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues_49cc8dd2-c1ab-49d7-8f06-c9ee8106c84e" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Revenues"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_0eaae73e-aa4a-4700-9cc2-270d42eb3597" xlink:to="loc_us-gaap_Revenues_49cc8dd2-c1ab-49d7-8f06-c9ee8106c84e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BenefitsLossesAndExpenses_cf8026fb-be34-4289-904f-2e83232ccf82" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_BenefitsLossesAndExpenses"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_0eaae73e-aa4a-4700-9cc2-270d42eb3597" xlink:to="loc_us-gaap_BenefitsLossesAndExpenses_cf8026fb-be34-4289-904f-2e83232ccf82" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_a9a7cffb-cad6-4b7b-b836-a22f888dbf45" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProfitLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_bb0ffd6c-3e2f-4cd0-b143-59bd11a666db" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_a9a7cffb-cad6-4b7b-b836-a22f888dbf45" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_bb0ffd6c-3e2f-4cd0-b143-59bd11a666db" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_e3e858be-ccc3-4061-8bab-49ca49ad811c" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_a9a7cffb-cad6-4b7b-b836-a22f888dbf45" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_e3e858be-ccc3-4061-8bab-49ca49ad811c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BenefitsLossesAndExpenses_a99d898e-5bbb-47a2-a5c4-81c316bfd0d0" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_BenefitsLossesAndExpenses"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCostAndExpenseOperating_b30c7995-8690-46b4-ae31-c7e88a0a9387" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherCostAndExpenseOperating"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BenefitsLossesAndExpenses_a99d898e-5bbb-47a2-a5c4-81c316bfd0d0" xlink:to="loc_us-gaap_OtherCostAndExpenseOperating_b30c7995-8690-46b4-ae31-c7e88a0a9387" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeBenefitsAndShareBasedCompensation_0c6c6ffe-a81f-4606-86a2-ad3f8bb80985" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EmployeeBenefitsAndShareBasedCompensation"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BenefitsLossesAndExpenses_a99d898e-5bbb-47a2-a5c4-81c316bfd0d0" xlink:to="loc_us-gaap_EmployeeBenefitsAndShareBasedCompensation_0c6c6ffe-a81f-4606-86a2-ad3f8bb80985" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense_b8a7bfdc-a997-43d1-9b1e-7adc531b34b3" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BenefitsLossesAndExpenses_a99d898e-5bbb-47a2-a5c4-81c316bfd0d0" xlink:to="loc_us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense_b8a7bfdc-a997-43d1-9b1e-7adc531b34b3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseOperating_63f49933-d451-48bc-9f39-f77d71551445" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestExpenseOperating"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BenefitsLossesAndExpenses_a99d898e-5bbb-47a2-a5c4-81c316bfd0d0" xlink:to="loc_us-gaap_InterestExpenseOperating_63f49933-d451-48bc-9f39-f77d71551445" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PolicyholderBenefitsAndClaimsIncurredNet_b4537242-9f4c-45fb-a2e9-a7c7a2baf313" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PolicyholderBenefitsAndClaimsIncurredNet"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_BenefitsLossesAndExpenses_a99d898e-5bbb-47a2-a5c4-81c316bfd0d0" xlink:to="loc_us-gaap_PolicyholderBenefitsAndClaimsIncurredNet_b4537242-9f4c-45fb-a2e9-a7c7a2baf313" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues_fd099be0-c0be-4372-b6e8-6bef5324c0e1" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Revenues"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealizedInvestmentGainsLosses_6dc4fa45-a7ea-4ef3-a504-6bd7b0bdd3b1" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RealizedInvestmentGainsLosses"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_fd099be0-c0be-4372-b6e8-6bef5324c0e1" xlink:to="loc_us-gaap_RealizedInvestmentGainsLosses_6dc4fa45-a7ea-4ef3-a504-6bd7b0bdd3b1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PremiumsEarnedNet_36fe7bf2-2210-41ce-8dfc-c9c2220de662" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PremiumsEarnedNet"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_fd099be0-c0be-4372-b6e8-6bef5324c0e1" xlink:to="loc_us-gaap_PremiumsEarnedNet_36fe7bf2-2210-41ce-8dfc-c9c2220de662" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FairValueGainLossOnConsolidatedInvestmentVehicles_2c317b02-0779-4dca-9529-34a041ce5777" xlink:href="ago-20240630.xsd#ago_FairValueGainLossOnConsolidatedInvestmentVehicles"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_fd099be0-c0be-4372-b6e8-6bef5324c0e1" xlink:to="loc_ago_FairValueGainLossOnConsolidatedInvestmentVehicles_2c317b02-0779-4dca-9529-34a041ce5777" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesTradingUnrealizedGainLoss_47578614-cf88-4386-a757-ca92d3fb6377" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesTradingUnrealizedGainLoss"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_fd099be0-c0be-4372-b6e8-6bef5324c0e1" xlink:to="loc_us-gaap_DebtSecuritiesTradingUnrealizedGainLoss_47578614-cf88-4386-a757-ca92d3fb6377" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FairValueGainLossOnCommittedCapitalSecurities_769c9f3e-c84f-420e-bee1-18c8a7b44b80" xlink:href="ago-20240630.xsd#ago_FairValueGainLossOnCommittedCapitalSecurities"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_fd099be0-c0be-4372-b6e8-6bef5324c0e1" xlink:to="loc_ago_FairValueGainLossOnCommittedCapitalSecurities_769c9f3e-c84f-420e-bee1-18c8a7b44b80" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_VariableInterestEntityChangeinFairValue_e04821c2-67f7-4a0b-85be-8f85b44f5daf" xlink:href="ago-20240630.xsd#ago_VariableInterestEntityChangeinFairValue"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_fd099be0-c0be-4372-b6e8-6bef5324c0e1" xlink:to="loc_ago_VariableInterestEntityChangeinFairValue_e04821c2-67f7-4a0b-85be-8f85b44f5daf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeGainLossOnDerivativeNet_53b06d8b-2dc6-4541-8b6c-fd53f9456c1b" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeGainLossOnDerivativeNet"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_fd099be0-c0be-4372-b6e8-6bef5324c0e1" xlink:to="loc_us-gaap_DerivativeGainLossOnDerivativeNet_53b06d8b-2dc6-4541-8b6c-fd53f9456c1b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_8f4ee0fb-708c-4e32-b0c6-5d46285f057a" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ForeignCurrencyTransactionGainLossBeforeTax"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_fd099be0-c0be-4372-b6e8-6bef5324c0e1" xlink:to="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_8f4ee0fb-708c-4e32-b0c6-5d46285f057a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_d42fadbd-eaab-460e-888e-5419ea9668c9" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_fd099be0-c0be-4372-b6e8-6bef5324c0e1" xlink:to="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_d42fadbd-eaab-460e-888e-5419ea9668c9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherIncome_73c87de0-6f5e-43ba-b29a-442cacfe52ae" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherIncome"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_fd099be0-c0be-4372-b6e8-6bef5324c0e1" xlink:to="loc_us-gaap_OtherIncome_73c87de0-6f5e-43ba-b29a-442cacfe52ae" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetInvestmentIncome_7c48c06e-83db-4e55-964d-62214d4d476b" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetInvestmentIncome"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_fd099be0-c0be-4372-b6e8-6bef5324c0e1" xlink:to="loc_us-gaap_NetInvestmentIncome_7c48c06e-83db-4e55-964d-62214d4d476b" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/CondensedConsolidatedStatementsofComprehensiveIncomeLossUnaudited" xlink:type="simple" xlink:href="ago-20240630.xsd#CondensedConsolidatedStatementsofComprehensiveIncomeLossUnaudited"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/CondensedConsolidatedStatementsofComprehensiveIncomeLossUnaudited" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_13e20a92-3636-4e1c-a2d2-9e2369f42ef0" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustment_5cfcd528-2c6c-48ed-91df-d710e6ce407a" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustment"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_13e20a92-3636-4e1c-a2d2-9e2369f42ef0" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustment_5cfcd528-2c6c-48ed-91df-d710e6ce407a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_OtherComprehensiveIncomeLossOtherNetofTaxPortionAttributableToParent_758eb0f7-40e2-43af-bad9-5d5e1dd4d362" xlink:href="ago-20240630.xsd#ago_OtherComprehensiveIncomeLossOtherNetofTaxPortionAttributableToParent"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_13e20a92-3636-4e1c-a2d2-9e2369f42ef0" xlink:to="loc_ago_OtherComprehensiveIncomeLossOtherNetofTaxPortionAttributableToParent_758eb0f7-40e2-43af-bad9-5d5e1dd4d362" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_877cd675-df68-4418-8e6e-6779c4558d99" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_13e20a92-3636-4e1c-a2d2-9e2369f42ef0" xlink:to="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_877cd675-df68-4418-8e6e-6779c4558d99" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax_b3e9cd72-2287-46c9-a6c8-499347e089b9" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ComprehensiveIncomeNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_21e58871-a6d8-495d-90cd-95907df4c108" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_b3e9cd72-2287-46c9-a6c8-499347e089b9" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_21e58871-a6d8-495d-90cd-95907df4c108" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_bf7717e0-788d-4b34-b86a-3131b0e4f37e" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_b3e9cd72-2287-46c9-a6c8-499347e089b9" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_bf7717e0-788d-4b34-b86a-3131b0e4f37e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_949e8b29-3c0f-4996-ba78-ec87b52d0a03" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_OtherComprehensiveIncomeLossAvailableforsaleSecuritiesWithCreditImpairmentNetofTax_b934db29-8600-4ea8-8766-9d233de12cf0" xlink:href="ago-20240630.xsd#ago_OtherComprehensiveIncomeLossAvailableforsaleSecuritiesWithCreditImpairmentNetofTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_949e8b29-3c0f-4996-ba78-ec87b52d0a03" xlink:to="loc_ago_OtherComprehensiveIncomeLossAvailableforsaleSecuritiesWithCreditImpairmentNetofTax_b934db29-8600-4ea8-8766-9d233de12cf0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_OtherComprehensiveIncomeLossAvailableforsaleSecuritiesWithoutCreditImpairmentNetofTax_7fe125d6-7e86-40c1-9871-d32a18e60e12" xlink:href="ago-20240630.xsd#ago_OtherComprehensiveIncomeLossAvailableforsaleSecuritiesWithoutCreditImpairmentNetofTax"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_949e8b29-3c0f-4996-ba78-ec87b52d0a03" xlink:to="loc_ago_OtherComprehensiveIncomeLossAvailableforsaleSecuritiesWithoutCreditImpairmentNetofTax_7fe125d6-7e86-40c1-9871-d32a18e60e12" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_ac9a7ad4-f34f-4559-8d53-cad2a0d8d32e" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_ba524b27-458c-46b3-b0f6-03a0d10766cd" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_ac9a7ad4-f34f-4559-8d53-cad2a0d8d32e" xlink:to="loc_us-gaap_ProfitLoss_ba524b27-458c-46b3-b0f6-03a0d10766cd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_4f51f23c-2fe7-4fef-8a3f-12c58837971a" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_ac9a7ad4-f34f-4559-8d53-cad2a0d8d32e" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_4f51f23c-2fe7-4fef-8a3f-12c58837971a" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/CondensedConsolidatedStatementsofCashFlowsUnaudited" xlink:type="simple" xlink:href="ago-20240630.xsd#CondensedConsolidatedStatementsofCashFlowsUnaudited"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/CondensedConsolidatedStatementsofCashFlowsUnaudited" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_969da711-7b35-458c-bb08-7492b7e3530d" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_5d3b59c4-6771-444f-9624-ff1a9e08e639" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_969da711-7b35-458c-bb08-7492b7e3530d" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_5d3b59c4-6771-444f-9624-ff1a9e08e639" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_032dd5e6-85a7-4c14-9e28-c97d350b54b0" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromPaymentsForOtherFinancingActivities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_969da711-7b35-458c-bb08-7492b7e3530d" xlink:to="loc_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_032dd5e6-85a7-4c14-9e28-c97d350b54b0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_RepaymentsOfCollateralizedLoanObligations_e34ffa5b-9ac0-479d-952a-890a30ffffaa" xlink:href="ago-20240630.xsd#ago_RepaymentsOfCollateralizedLoanObligations"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_969da711-7b35-458c-bb08-7492b7e3530d" xlink:to="loc_ago_RepaymentsOfCollateralizedLoanObligations_e34ffa5b-9ac0-479d-952a-890a30ffffaa" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock_89c26c05-8c4e-438e-aa87-892f4245afa3" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsOfDividendsCommonStock"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_969da711-7b35-458c-bb08-7492b7e3530d" xlink:to="loc_us-gaap_PaymentsOfDividendsCommonStock_89c26c05-8c4e-438e-aa87-892f4245afa3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromRepaymentsOfLinesOfCredit_00d6f7ca-21e6-4627-be5b-d134b70b22ee" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromRepaymentsOfLinesOfCredit"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_969da711-7b35-458c-bb08-7492b7e3530d" xlink:to="loc_us-gaap_ProceedsFromRepaymentsOfLinesOfCredit_00d6f7ca-21e6-4627-be5b-d134b70b22ee" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_DistributionsToNoncontrollingInterestsFromInvestmentVehicles_38919bce-7150-493a-a4b3-9c76918d4cc0" xlink:href="ago-20240630.xsd#ago_DistributionsToNoncontrollingInterestsFromInvestmentVehicles"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_969da711-7b35-458c-bb08-7492b7e3530d" xlink:to="loc_ago_DistributionsToNoncontrollingInterestsFromInvestmentVehicles_38919bce-7150-493a-a4b3-9c76918d4cc0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_RepaymentofWarehouseLoansandEquity_97c46d3a-7af5-454d-af80-79a2ab9df77a" xlink:href="ago-20240630.xsd#ago_RepaymentofWarehouseLoansandEquity"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_969da711-7b35-458c-bb08-7492b7e3530d" xlink:to="loc_ago_RepaymentofWarehouseLoansandEquity_97c46d3a-7af5-454d-af80-79a2ab9df77a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_PaydownOfFinancialGuarantyVariableInterestEntitiesLiabilities_c679e89b-866e-4a7e-bff2-8e9f7b4a04df" xlink:href="ago-20240630.xsd#ago_PaydownOfFinancialGuarantyVariableInterestEntitiesLiabilities"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_969da711-7b35-458c-bb08-7492b7e3530d" xlink:to="loc_ago_PaydownOfFinancialGuarantyVariableInterestEntitiesLiabilities_c679e89b-866e-4a7e-bff2-8e9f7b4a04df" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_3df3f239-098a-4684-9727-ae2d32c1e964" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents_1d91137c-02c6-45f2-8159-dcbfdab20b84" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_3df3f239-098a-4684-9727-ae2d32c1e964" xlink:to="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents_1d91137c-02c6-45f2-8159-dcbfdab20b84" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_CashofConsolidatedInvestmentVehicles_acfa6d2f-2366-4f9e-a63e-7a70ee61a330" xlink:href="ago-20240630.xsd#ago_CashofConsolidatedInvestmentVehicles"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_3df3f239-098a-4684-9727-ae2d32c1e964" xlink:to="loc_ago_CashofConsolidatedInvestmentVehicles_acfa6d2f-2366-4f9e-a63e-7a70ee61a330" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Cash_04728a77-21fe-440f-89b7-71c75cde8046" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Cash"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_3df3f239-098a-4684-9727-ae2d32c1e964" xlink:to="loc_us-gaap_Cash_04728a77-21fe-440f-89b7-71c75cde8046" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_07925846-e418-491d-a7c8-ae918ae9eb90" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromPaymentsForTradingSecurities_74d559f6-c171-463e-b936-0e4e4e561fcd" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromPaymentsForTradingSecurities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_07925846-e418-491d-a7c8-ae918ae9eb90" xlink:to="loc_us-gaap_ProceedsFromPaymentsForTradingSecurities_74d559f6-c171-463e-b936-0e4e4e561fcd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireOtherInvestments_a37c6e3c-4d61-4f91-bf92-88016dc950df" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsToAcquireOtherInvestments"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_07925846-e418-491d-a7c8-ae918ae9eb90" xlink:to="loc_us-gaap_PaymentsToAcquireOtherInvestments_a37c6e3c-4d61-4f91-bf92-88016dc950df" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments_8e626c49-d546-4d47-8ff1-77445449bf07" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_07925846-e418-491d-a7c8-ae918ae9eb90" xlink:to="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments_8e626c49-d546-4d47-8ff1-77445449bf07" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities_304280f5-197f-4f8c-b874-0ce57f71df66" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_07925846-e418-491d-a7c8-ae918ae9eb90" xlink:to="loc_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities_304280f5-197f-4f8c-b874-0ce57f71df66" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_ProceedsfromPaydownsonFinancialGuarantyVariableInterestEntitiesAssets_bb8307fd-ff50-41c9-b829-0ecff059929c" xlink:href="ago-20240630.xsd#ago_ProceedsfromPaydownsonFinancialGuarantyVariableInterestEntitiesAssets"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_07925846-e418-491d-a7c8-ae918ae9eb90" xlink:to="loc_ago_ProceedsfromPaydownsonFinancialGuarantyVariableInterestEntitiesAssets_bb8307fd-ff50-41c9-b829-0ecff059929c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt_94d4e236-295e-419e-aa9e-77bde6ddad02" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_07925846-e418-491d-a7c8-ae918ae9eb90" xlink:to="loc_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt_94d4e236-295e-419e-aa9e-77bde6ddad02" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireShortTermInvestments_3f6e7a02-d4b4-4cb0-a311-3531d3dc6d4b" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsToAcquireShortTermInvestments"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_07925846-e418-491d-a7c8-ae918ae9eb90" xlink:to="loc_us-gaap_PaymentsToAcquireShortTermInvestments_3f6e7a02-d4b4-4cb0-a311-3531d3dc6d4b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt_a77b082f-28a6-4f60-9de7-6fcabdd09bab" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_07925846-e418-491d-a7c8-ae918ae9eb90" xlink:to="loc_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt_a77b082f-28a6-4f60-9de7-6fcabdd09bab" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_PaymentsforProceedsfromShorttermInvestmentswithMaturitiesofLessThanThreeMonths_dcf82540-ac22-4f21-9d25-524ef5e2ea62" xlink:href="ago-20240630.xsd#ago_PaymentsforProceedsfromShorttermInvestmentswithMaturitiesofLessThanThreeMonths"/>
    <link:calculationArc order="9" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_07925846-e418-491d-a7c8-ae918ae9eb90" xlink:to="loc_ago_PaymentsforProceedsfromShorttermInvestmentswithMaturitiesofLessThanThreeMonths_dcf82540-ac22-4f21-9d25-524ef5e2ea62" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfShortTermInvestments_57466acb-65d2-4b49-bff2-8f3c01f19c12" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromSaleOfShortTermInvestments"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_07925846-e418-491d-a7c8-ae918ae9eb90" xlink:to="loc_us-gaap_ProceedsFromSaleOfShortTermInvestments_57466acb-65d2-4b49-bff2-8f3c01f19c12" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_57a07a95-3be5-4889-b1de-057c6d692e35" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsForProceedsFromOtherInvestingActivities"/>
    <link:calculationArc order="11" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_07925846-e418-491d-a7c8-ae918ae9eb90" xlink:to="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_57a07a95-3be5-4889-b1de-057c6d692e35" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfOtherAssetsInvestingActivities_2732de94-67be-43a8-8375-394d02d75c51" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromSaleOfOtherAssetsInvestingActivities"/>
    <link:calculationArc order="12" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_07925846-e418-491d-a7c8-ae918ae9eb90" xlink:to="loc_us-gaap_ProceedsFromSaleOfOtherAssetsInvestingActivities_2732de94-67be-43a8-8375-394d02d75c51" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_528498bb-8d50-4d8b-9780-e008d8787cd3" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_f1af1621-0094-4790-998b-55986e5cc7c1" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_528498bb-8d50-4d8b-9780-e008d8787cd3" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_f1af1621-0094-4790-998b-55986e5cc7c1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_d5db47d9-8ce0-4dd5-9fe0-92400e08a053" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_528498bb-8d50-4d8b-9780-e008d8787cd3" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_d5db47d9-8ce0-4dd5-9fe0-92400e08a053" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aad8acb5-cd4e-418f-ad16-681045fed80e" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_528498bb-8d50-4d8b-9780-e008d8787cd3" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_aad8acb5-cd4e-418f-ad16-681045fed80e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_d3f7e774-d6cc-467e-aecc-e123be2ba11e" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_528498bb-8d50-4d8b-9780-e008d8787cd3" xlink:to="loc_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_d3f7e774-d6cc-467e-aecc-e123be2ba11e" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/OutstandingExposureBIGNetParOutstandingDetails" xlink:type="simple" xlink:href="ago-20240630.xsd#OutstandingExposureBIGNetParOutstandingDetails"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/OutstandingExposureBIGNetParOutstandingDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsNumberofContracts_d498cbfa-7b45-4c60-89fb-8a1184b5d573" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsNumberofContracts"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNumberOfContractsIssuedAndOutstanding_f60602d8-beb4-4497-a9aa-77649dc24736" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNumberOfContractsIssuedAndOutstanding"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsNumberofContracts_d498cbfa-7b45-4c60-89fb-8a1184b5d573" xlink:to="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNumberOfContractsIssuedAndOutstanding_f60602d8-beb4-4497-a9aa-77649dc24736" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuarantyContractsAccountedForAsCreditDerivativesNumberOfContracts_3a918df5-5146-4886-a53b-f3a61b44ad23" xlink:href="ago-20240630.xsd#ago_FinancialGuarantyContractsAccountedForAsCreditDerivativesNumberOfContracts"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsNumberofContracts_d498cbfa-7b45-4c60-89fb-8a1184b5d573" xlink:to="loc_ago_FinancialGuarantyContractsAccountedForAsCreditDerivativesNumberOfContracts_3a918df5-5146-4886-a53b-f3a61b44ad23" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/OutstandingExposureAmortizationScheduleofPuertoRicoNetParOutstandingandNetDebtServiceOutstandingDetails" xlink:type="simple" xlink:href="ago-20240630.xsd#OutstandingExposureAmortizationScheduleofPuertoRicoNetParOutstandingandNetDebtServiceOutstandingDetails"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/OutstandingExposureAmortizationScheduleofPuertoRicoNetParOutstandingandNetDebtServiceOutstandingDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountRemainderOfFiscalYear_80ace09b-5b55-4c67-95b5-7dc7f7147dc4" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountRemainderOfFiscalYear"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingPrincipalAmountSecondQuarterAfterPeriodEnd_f502bbf1-4844-42ef-abe4-ec1979a58c62" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesofOutstandingPrincipalAmountSecondQuarterAfterPeriodEnd"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountRemainderOfFiscalYear_80ace09b-5b55-4c67-95b5-7dc7f7147dc4" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingPrincipalAmountSecondQuarterAfterPeriodEnd_f502bbf1-4844-42ef-abe4-ec1979a58c62" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingPrincipalAmountFirstQuarterAfterPeriodEnd_2794880e-9def-4415-bf5f-4dec390f8280" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesofOutstandingPrincipalAmountFirstQuarterAfterPeriodEnd"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountRemainderOfFiscalYear_80ace09b-5b55-4c67-95b5-7dc7f7147dc4" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingPrincipalAmountFirstQuarterAfterPeriodEnd_2794880e-9def-4415-bf5f-4dec390f8280" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsRemainderOfFiscalYear_081527c5-35b5-4d81-9483-29ff0ef1f554" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsRemainderOfFiscalYear"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingContractualPaymentsSecondQuarterAfterPeriodEnd_67a6bfbc-d51c-4685-90e5-eb426489818b" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesofOutstandingContractualPaymentsSecondQuarterAfterPeriodEnd"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsRemainderOfFiscalYear_081527c5-35b5-4d81-9483-29ff0ef1f554" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingContractualPaymentsSecondQuarterAfterPeriodEnd_67a6bfbc-d51c-4685-90e5-eb426489818b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingContractualPaymentsFirstQuarterAfterPeriodEnd_416d67c4-c41e-45bd-882c-106fc9e31114" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesofOutstandingContractualPaymentsFirstQuarterAfterPeriodEnd"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsRemainderOfFiscalYear_081527c5-35b5-4d81-9483-29ff0ef1f554" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingContractualPaymentsFirstQuarterAfterPeriodEnd_416d67c4-c41e-45bd-882c-106fc9e31114" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsInsuredContractualPaymentsOutstandingNet_893a3da2-50a2-4608-8d7e-8a89d125edf5" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsInsuredContractualPaymentsOutstandingNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingContractualPaymentsYearThree_780b93c1-5908-4ce8-8015-c4dd883acea3" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesofOutstandingContractualPaymentsYearThree"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsInsuredContractualPaymentsOutstandingNet_893a3da2-50a2-4608-8d7e-8a89d125edf5" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingContractualPaymentsYearThree_780b93c1-5908-4ce8-8015-c4dd883acea3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsYearTenToFourteen_74c4c73b-93f4-40b8-a0ef-bd6df0c9ba1e" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsYearTenToFourteen"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsInsuredContractualPaymentsOutstandingNet_893a3da2-50a2-4608-8d7e-8a89d125edf5" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsYearTenToFourteen_74c4c73b-93f4-40b8-a0ef-bd6df0c9ba1e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsYearFiveToNine_2e99a108-c6d0-4796-8c44-a56093b46acc" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsYearFiveToNine"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsInsuredContractualPaymentsOutstandingNet_893a3da2-50a2-4608-8d7e-8a89d125edf5" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsYearFiveToNine_2e99a108-c6d0-4796-8c44-a56093b46acc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingContractualPaymentsYearFour_7095e26d-2f89-456f-950e-8d15f3ea1b50" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesofOutstandingContractualPaymentsYearFour"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsInsuredContractualPaymentsOutstandingNet_893a3da2-50a2-4608-8d7e-8a89d125edf5" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingContractualPaymentsYearFour_7095e26d-2f89-456f-950e-8d15f3ea1b50" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsRemainderOfFiscalYear_12a7a139-ef3a-4e4e-b598-e03587492832" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsRemainderOfFiscalYear"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsInsuredContractualPaymentsOutstandingNet_893a3da2-50a2-4608-8d7e-8a89d125edf5" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsRemainderOfFiscalYear_12a7a139-ef3a-4e4e-b598-e03587492832" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingContractualPaymentsYearTwo_f0488713-538f-46dc-afec-c37ea4cf5a58" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesofOutstandingContractualPaymentsYearTwo"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsInsuredContractualPaymentsOutstandingNet_893a3da2-50a2-4608-8d7e-8a89d125edf5" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingContractualPaymentsYearTwo_f0488713-538f-46dc-afec-c37ea4cf5a58" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsYearOne_163983b3-acaa-4c85-9b7d-8a7b177afa1e" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsYearOne"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsInsuredContractualPaymentsOutstandingNet_893a3da2-50a2-4608-8d7e-8a89d125edf5" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsYearOne_163983b3-acaa-4c85-9b7d-8a7b177afa1e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsYearFifteenToEighteen_fe19552f-7105-46fa-bbd9-eead3ff58ec3" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsYearFifteenToEighteen"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsInsuredContractualPaymentsOutstandingNet_893a3da2-50a2-4608-8d7e-8a89d125edf5" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingContractualPaymentsYearFifteenToEighteen_fe19552f-7105-46fa-bbd9-eead3ff58ec3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsOutstandingPrincipalAmountNet_4984a7f9-4f71-467a-9182-0665560ea5d1" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsOutstandingPrincipalAmountNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingPrincipalAmountYearThree_d1168407-b9a0-4415-8810-409af4ef615f" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesofOutstandingPrincipalAmountYearThree"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsOutstandingPrincipalAmountNet_4984a7f9-4f71-467a-9182-0665560ea5d1" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingPrincipalAmountYearThree_d1168407-b9a0-4415-8810-409af4ef615f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountRemainderOfFiscalYear_b74b1d1e-9389-42cc-af6a-181096d6855a" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountRemainderOfFiscalYear"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsOutstandingPrincipalAmountNet_4984a7f9-4f71-467a-9182-0665560ea5d1" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountRemainderOfFiscalYear_b74b1d1e-9389-42cc-af6a-181096d6855a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingPrincipalAmountYearTwo_cd3b903c-1bf9-4aca-a1bb-867c08322536" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesofOutstandingPrincipalAmountYearTwo"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsOutstandingPrincipalAmountNet_4984a7f9-4f71-467a-9182-0665560ea5d1" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingPrincipalAmountYearTwo_cd3b903c-1bf9-4aca-a1bb-867c08322536" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingPrincipalAmountYearFour_4390c9a2-d6b8-4adb-a12e-513ad666951f" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesofOutstandingPrincipalAmountYearFour"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsOutstandingPrincipalAmountNet_4984a7f9-4f71-467a-9182-0665560ea5d1" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesofOutstandingPrincipalAmountYearFour_4390c9a2-d6b8-4adb-a12e-513ad666951f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountYearOne_c7420407-e9aa-4fa8-bda6-976627ed1ccd" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountYearOne"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsOutstandingPrincipalAmountNet_4984a7f9-4f71-467a-9182-0665560ea5d1" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountYearOne_c7420407-e9aa-4fa8-bda6-976627ed1ccd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountYearFifteenToEighteen_b416378e-42a3-4071-8ecf-5bef282b60ee" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountYearFifteenToEighteen"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsOutstandingPrincipalAmountNet_4984a7f9-4f71-467a-9182-0665560ea5d1" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountYearFifteenToEighteen_b416378e-42a3-4071-8ecf-5bef282b60ee" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountYearTenToFourteen_87e18695-d5d9-4f21-9404-ea175bbf21c9" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountYearTenToFourteen"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsOutstandingPrincipalAmountNet_4984a7f9-4f71-467a-9182-0665560ea5d1" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountYearTenToFourteen_87e18695-d5d9-4f21-9404-ea175bbf21c9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountYearFiveToNine_bbd7b1e8-aa5f-4c2a-a22f-49c068ae74ed" xlink:href="ago-20240630.xsd#ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountYearFiveToNine"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_InsuredFinancialObligationsOutstandingPrincipalAmountNet_4984a7f9-4f71-467a-9182-0665560ea5d1" xlink:to="loc_ago_InsuredFinancialObligationsMaturitiesOfOutstandingPrincipalAmountYearFiveToNine_bbd7b1e8-aa5f-4c2a-a22f-49c068ae74ed" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/ExpectedLosstobePaidRecoveredNetExpectedLosstobePaidAfterNetExpectedRecoveriesforBreachesofRWRollforwardDetails" xlink:type="simple" xlink:href="ago-20240630.xsd#ExpectedLosstobePaidRecoveredNetExpectedLosstobePaidAfterNetExpectedRecoveriesforBreachesofRWRollforwardDetails"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/ExpectedLosstobePaidRecoveredNetExpectedLosstobePaidAfterNetExpectedRecoveriesforBreachesofRWRollforwardDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_ago_GuarantorObligationsNetExpectedLossDevelopmentAfterRecoveriesforRepresentationsandWarranties_2d1e2a8d-711a-4e69-a26f-22b48a5993e2" xlink:href="ago-20240630.xsd#ago_GuarantorObligationsNetExpectedLossDevelopmentAfterRecoveriesforRepresentationsandWarranties"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_GuarantorObligationsNetExpectedLossDevelopmentAfterRecoveriesforRepresentationsandWarrantiesAccretionOfDiscount_ec6fdf21-42cd-4224-88fd-c0100ca72f0a" xlink:href="ago-20240630.xsd#ago_GuarantorObligationsNetExpectedLossDevelopmentAfterRecoveriesforRepresentationsandWarrantiesAccretionOfDiscount"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_GuarantorObligationsNetExpectedLossDevelopmentAfterRecoveriesforRepresentationsandWarranties_2d1e2a8d-711a-4e69-a26f-22b48a5993e2" xlink:to="loc_ago_GuarantorObligationsNetExpectedLossDevelopmentAfterRecoveriesforRepresentationsandWarrantiesAccretionOfDiscount_ec6fdf21-42cd-4224-88fd-c0100ca72f0a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_GuarantorObligationsNetExpectedLossDevelopmentAfterRecoveriesforRepresentationsandWarrantiesChangesInDiscountRates_bc6fccf5-a7e1-4f00-9353-11397271de6f" xlink:href="ago-20240630.xsd#ago_GuarantorObligationsNetExpectedLossDevelopmentAfterRecoveriesforRepresentationsandWarrantiesChangesInDiscountRates"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_GuarantorObligationsNetExpectedLossDevelopmentAfterRecoveriesforRepresentationsandWarranties_2d1e2a8d-711a-4e69-a26f-22b48a5993e2" xlink:to="loc_ago_GuarantorObligationsNetExpectedLossDevelopmentAfterRecoveriesforRepresentationsandWarrantiesChangesInDiscountRates_bc6fccf5-a7e1-4f00-9353-11397271de6f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_GuarantorObligationsNetExpectedLossDevelopmentAfterRecoveriesforRepresentationsandWarrantiesChangesInTimingAndAssumptions_852e46a9-a419-42fb-8250-af01e9565dd3" xlink:href="ago-20240630.xsd#ago_GuarantorObligationsNetExpectedLossDevelopmentAfterRecoveriesforRepresentationsandWarrantiesChangesInTimingAndAssumptions"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_GuarantorObligationsNetExpectedLossDevelopmentAfterRecoveriesforRepresentationsandWarranties_2d1e2a8d-711a-4e69-a26f-22b48a5993e2" xlink:to="loc_ago_GuarantorObligationsNetExpectedLossDevelopmentAfterRecoveriesforRepresentationsandWarrantiesChangesInTimingAndAssumptions_852e46a9-a419-42fb-8250-af01e9565dd3" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/ContractsAccountedforasInsuranceNetEarnedPremiumsDetails" xlink:type="simple" xlink:href="ago-20240630.xsd#ContractsAccountedforasInsuranceNetEarnedPremiumsDetails"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/ContractsAccountedforasInsuranceNetEarnedPremiumsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PremiumsEarnedNet_8928fb7e-7bb6-4f23-a31f-b21e9d4eebcf" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PremiumsEarnedNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsPremiumsEarnedNet_ae3f3828-389a-4d7e-8c2a-a228fb1a8f10" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsPremiumsEarnedNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_PremiumsEarnedNet_8928fb7e-7bb6-4f23-a31f-b21e9d4eebcf" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsPremiumsEarnedNet_ae3f3828-389a-4d7e-8c2a-a228fb1a8f10" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_PremiumsEarnedNetSpecialtyInsuranceandReinsurance_cc7e6e00-e67f-43c3-861e-886e65ef93a3" xlink:href="ago-20240630.xsd#ago_PremiumsEarnedNetSpecialtyInsuranceandReinsurance"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_PremiumsEarnedNet_8928fb7e-7bb6-4f23-a31f-b21e9d4eebcf" xlink:to="loc_ago_PremiumsEarnedNetSpecialtyInsuranceandReinsurance_cc7e6e00-e67f-43c3-861e-886e65ef93a3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsPremiumsEarnedNet_04a2a43f-f11c-445b-9d43-ce32b853455d" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsPremiumsEarnedNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsScheduledNetEarnedPremiums_abfcee8c-2c46-4088-9173-7f214c640a1e" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsScheduledNetEarnedPremiums"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsPremiumsEarnedNet_04a2a43f-f11c-445b-9d43-ce32b853455d" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsScheduledNetEarnedPremiums_abfcee8c-2c46-4088-9173-7f214c640a1e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsNetPremiumsReceivableAdjustmentAccretionofDiscountonNetPremiumReceivable_93669d3d-9691-47da-ac13-f5981a78accf" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsNetPremiumsReceivableAdjustmentAccretionofDiscountonNetPremiumReceivable"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsPremiumsEarnedNet_04a2a43f-f11c-445b-9d43-ce32b853455d" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsNetPremiumsReceivableAdjustmentAccretionofDiscountonNetPremiumReceivable_93669d3d-9691-47da-ac13-f5981a78accf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsAcceleratedPremiumRevenueAmount_0e576ebd-e8e8-40f8-9d97-06d16bdab1ba" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsAcceleratedPremiumRevenueAmount"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsPremiumsEarnedNet_04a2a43f-f11c-445b-9d43-ce32b853455d" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsAcceleratedPremiumRevenueAmount_0e576ebd-e8e8-40f8-9d97-06d16bdab1ba" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/ContractsAccountedforasInsuranceExpectedFuturePremiumCollectionsandEarningsDetails" xlink:type="simple" xlink:href="ago-20240630.xsd#ContractsAccountedforasInsuranceExpectedFuturePremiumCollectionsandEarningsDetails"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/ContractsAccountedforasInsuranceExpectedFuturePremiumCollectionsandEarningsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_3aff0c7e-8995-4954-b210-df063682bad9" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedWithinOneYearFromBalanceSheetDate_a816e06e-e6f2-4c7e-801a-e2d177ec45fb" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedWithinOneYearFromBalanceSheetDate"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_3aff0c7e-8995-4954-b210-df063682bad9" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedWithinOneYearFromBalanceSheetDate_a816e06e-e6f2-4c7e-801a-e2d177ec45fb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanFourAndWithinFiveYearsFromBalanceSheetDate_50f35ad8-e108-48fd-843a-a9e71d51459e" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanFourAndWithinFiveYearsFromBalanceSheetDate"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_3aff0c7e-8995-4954-b210-df063682bad9" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanFourAndWithinFiveYearsFromBalanceSheetDate_50f35ad8-e108-48fd-843a-a9e71d51459e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan15AndWithin20YearsFromBalanceSheetDate_b94ddc25-9f67-4276-a749-d566543b126e" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan15AndWithin20YearsFromBalanceSheetDate"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_3aff0c7e-8995-4954-b210-df063682bad9" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan15AndWithin20YearsFromBalanceSheetDate_b94ddc25-9f67-4276-a749-d566543b126e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanOneAndWithinTwoYearsFromBalanceSheetDate_11ac738c-67b1-4efa-985f-f4c1fcb00ac1" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanOneAndWithinTwoYearsFromBalanceSheetDate"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_3aff0c7e-8995-4954-b210-df063682bad9" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanOneAndWithinTwoYearsFromBalanceSheetDate_11ac738c-67b1-4efa-985f-f4c1fcb00ac1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan10AndWithin15YearsFromBalanceSheetDate_e6870aa8-2c7d-42ab-8c3c-3118fdbd902f" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan10AndWithin15YearsFromBalanceSheetDate"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_3aff0c7e-8995-4954-b210-df063682bad9" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan10AndWithin15YearsFromBalanceSheetDate_e6870aa8-2c7d-42ab-8c3c-3118fdbd902f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedtobeCollectedBeyondYear20_f44a4a5e-cfdc-433f-82c0-fa9edda11fab" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedtobeCollectedBeyondYear20"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_3aff0c7e-8995-4954-b210-df063682bad9" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedtobeCollectedBeyondYear20_f44a4a5e-cfdc-433f-82c0-fa9edda11fab" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanTwoAndWithinThreeYearsFromBalanceSheetDate_60d3bc3d-da9f-4144-996e-5b4b95b987a7" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanTwoAndWithinThreeYearsFromBalanceSheetDate"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_3aff0c7e-8995-4954-b210-df063682bad9" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanTwoAndWithinThreeYearsFromBalanceSheetDate_60d3bc3d-da9f-4144-996e-5b4b95b987a7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanThreeAndWithinFourYearsFromBalanceSheetDate_c88242f8-c9b9-4d4d-80c1-b1f77cbc2ae0" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanThreeAndWithinFourYearsFromBalanceSheetDate"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_3aff0c7e-8995-4954-b210-df063682bad9" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanThreeAndWithinFourYearsFromBalanceSheetDate_c88242f8-c9b9-4d4d-80c1-b1f77cbc2ae0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanFiveAndWithin10YearsFromBalanceSheetDate_499ffc23-38e4-4d1e-9e0c-aafb4a39bbdb" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanFiveAndWithin10YearsFromBalanceSheetDate"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_3aff0c7e-8995-4954-b210-df063682bad9" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanFiveAndWithin10YearsFromBalanceSheetDate_499ffc23-38e4-4d1e-9e0c-aafb4a39bbdb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetEarnedPremiumtobeRecognized_80845022-b9de-4a46-b9b0-053e5d383ac1" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetEarnedPremiumtobeRecognized"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedAccretiononNetEarnedPremium_ebda37fe-a4f6-4a75-a9c2-417a867065ab" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsFutureExpectedAccretiononNetEarnedPremium"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetEarnedPremiumtobeRecognized_80845022-b9de-4a46-b9b0-053e5d383ac1" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedAccretiononNetEarnedPremium_ebda37fe-a4f6-4a75-a9c2-417a867065ab" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsUnearnedPremiumRevenueExcludingClaimsPaidNotYetExpensedNet_ed435d53-06df-4bda-92b8-bb21f6eb0bd4" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsUnearnedPremiumRevenueExcludingClaimsPaidNotYetExpensedNet"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetEarnedPremiumtobeRecognized_80845022-b9de-4a46-b9b0-053e5d383ac1" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsUnearnedPremiumRevenueExcludingClaimsPaidNotYetExpensedNet_ed435d53-06df-4bda-92b8-bb21f6eb0bd4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedOneYearFromBalanceSheetDate_925692f0-d852-418d-bb98-db46146399c3" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedOneYearFromBalanceSheetDate"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringFourthQuarterFollowingBalanceSheetDate_fb489ba1-ea65-495f-a766-a1611b629283" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringFourthQuarterFollowingBalanceSheetDate"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedOneYearFromBalanceSheetDate_925692f0-d852-418d-bb98-db46146399c3" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringFourthQuarterFollowingBalanceSheetDate_fb489ba1-ea65-495f-a766-a1611b629283" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringThirdQuarterFollowingBalanceSheetDate_40b290a4-7fda-4551-aa07-a76459badb53" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringThirdQuarterFollowingBalanceSheetDate"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedOneYearFromBalanceSheetDate_925692f0-d852-418d-bb98-db46146399c3" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringThirdQuarterFollowingBalanceSheetDate_40b290a4-7fda-4551-aa07-a76459badb53" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsUnearnedPremiumRevenueExcludingClaimsPaidNotYetExpensedNet_89fba975-6999-4ea7-8022-0910dd660303" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsUnearnedPremiumRevenueExcludingClaimsPaidNotYetExpensedNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanTwoAndWithinThreeYearsFromBalanceSheetDate_47469cde-af2e-47e8-9f20-26292da518b5" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanTwoAndWithinThreeYearsFromBalanceSheetDate"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsUnearnedPremiumRevenueExcludingClaimsPaidNotYetExpensedNet_89fba975-6999-4ea7-8022-0910dd660303" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanTwoAndWithinThreeYearsFromBalanceSheetDate_47469cde-af2e-47e8-9f20-26292da518b5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanThreeAndWithinFourYearsFromBalanceSheetDate_d0c1bbe8-ff5b-4de8-9cd0-d360679f6e69" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanThreeAndWithinFourYearsFromBalanceSheetDate"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsUnearnedPremiumRevenueExcludingClaimsPaidNotYetExpensedNet_89fba975-6999-4ea7-8022-0910dd660303" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanThreeAndWithinFourYearsFromBalanceSheetDate_d0c1bbe8-ff5b-4de8-9cd0-d360679f6e69" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanFourAndWithinFiveYearsFromBalanceSheetDate_48ec49ed-a807-4073-830c-a98bb79613ff" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanFourAndWithinFiveYearsFromBalanceSheetDate"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsUnearnedPremiumRevenueExcludingClaimsPaidNotYetExpensedNet_89fba975-6999-4ea7-8022-0910dd660303" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanFourAndWithinFiveYearsFromBalanceSheetDate_48ec49ed-a807-4073-830c-a98bb79613ff" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanOneAndWithinTwoYearsFromBalanceSheetDate_f2bdb7d9-13ec-4036-9964-d8bd09853479" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanOneAndWithinTwoYearsFromBalanceSheetDate"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsUnearnedPremiumRevenueExcludingClaimsPaidNotYetExpensedNet_89fba975-6999-4ea7-8022-0910dd660303" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanOneAndWithinTwoYearsFromBalanceSheetDate_f2bdb7d9-13ec-4036-9964-d8bd09853479" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenuetobeRecognizedBeyondYear20_e8a5aa29-6232-4788-9444-57f5d02ac073" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenuetobeRecognizedBeyondYear20"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsUnearnedPremiumRevenueExcludingClaimsPaidNotYetExpensedNet_89fba975-6999-4ea7-8022-0910dd660303" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenuetobeRecognizedBeyondYear20_e8a5aa29-6232-4788-9444-57f5d02ac073" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThan10AndWithin15YearsFromBalanceSheetDate_aab009a0-bea6-44a9-a20e-cc374dfb986f" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThan10AndWithin15YearsFromBalanceSheetDate"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsUnearnedPremiumRevenueExcludingClaimsPaidNotYetExpensedNet_89fba975-6999-4ea7-8022-0910dd660303" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThan10AndWithin15YearsFromBalanceSheetDate_aab009a0-bea6-44a9-a20e-cc374dfb986f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedOneYearFromBalanceSheetDate_5bbf34ac-f888-4e46-bd78-1d8c663dee93" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedOneYearFromBalanceSheetDate"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsUnearnedPremiumRevenueExcludingClaimsPaidNotYetExpensedNet_89fba975-6999-4ea7-8022-0910dd660303" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedOneYearFromBalanceSheetDate_5bbf34ac-f888-4e46-bd78-1d8c663dee93" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThan15AndWithin20YearsFromBalanceSheetDate_a62545f7-798a-4551-8cbf-2e9950727e7a" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThan15AndWithin20YearsFromBalanceSheetDate"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsUnearnedPremiumRevenueExcludingClaimsPaidNotYetExpensedNet_89fba975-6999-4ea7-8022-0910dd660303" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThan15AndWithin20YearsFromBalanceSheetDate_a62545f7-798a-4551-8cbf-2e9950727e7a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanFiveAndWithin10YearsFromBalanceSheetDate_ac24b9c9-4739-482d-9d12-9e4fe9074695" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanFiveAndWithin10YearsFromBalanceSheetDate"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsUnearnedPremiumRevenueExcludingClaimsPaidNotYetExpensedNet_89fba975-6999-4ea7-8022-0910dd660303" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanFiveAndWithin10YearsFromBalanceSheetDate_ac24b9c9-4739-482d-9d12-9e4fe9074695" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedWithinOneYearFromBalanceSheetDate_f26899a4-13b1-4b68-b6de-6495f0ca4ce5" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedWithinOneYearFromBalanceSheetDate"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringThirdQuarterFollowingBalanceSheetDate_b0b7ab36-03e4-4774-88c1-011e0c986be9" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringThirdQuarterFollowingBalanceSheetDate"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedWithinOneYearFromBalanceSheetDate_f26899a4-13b1-4b68-b6de-6495f0ca4ce5" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringThirdQuarterFollowingBalanceSheetDate_b0b7ab36-03e4-4774-88c1-011e0c986be9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringFourthQuarterFollowingBalanceSheetDate_d94383fc-3b2b-44f8-93c5-aef8cb3f910d" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringFourthQuarterFollowingBalanceSheetDate"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedWithinOneYearFromBalanceSheetDate_f26899a4-13b1-4b68-b6de-6495f0ca4ce5" xlink:to="loc_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringFourthQuarterFollowingBalanceSheetDate_d94383fc-3b2b-44f8-93c5-aef8cb3f910d" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/ContractsAccountedforasInsuranceNetExpectedLosstobeExpensedInsuranceContractsDetails" xlink:type="simple" xlink:href="ago-20240630.xsd#ContractsAccountedforasInsuranceNetExpectedLosstobeExpensedInsuranceContractsDetails"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/ContractsAccountedforasInsuranceNetExpectedLosstobeExpensedInsuranceContractsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedDuringRemainderOfFiscalYearFollowingBalanceSheetDate_ee0ceb08-e713-4c49-a797-7b3bdfabc736" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedDuringRemainderOfFiscalYearFollowingBalanceSheetDate"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedDuringFourthQuarterFollowingBalanceSheetDate_83a0a183-4e22-445c-b155-bc91a5f8a271" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedDuringFourthQuarterFollowingBalanceSheetDate"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedDuringRemainderOfFiscalYearFollowingBalanceSheetDate_ee0ceb08-e713-4c49-a797-7b3bdfabc736" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedDuringFourthQuarterFollowingBalanceSheetDate_83a0a183-4e22-445c-b155-bc91a5f8a271" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedDuringThirdQuarterFollowingBalanceSheetDate_401c8ace-389b-4802-aa83-8ff0f575c249" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedDuringThirdQuarterFollowingBalanceSheetDate"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedDuringRemainderOfFiscalYearFollowingBalanceSheetDate_ee0ceb08-e713-4c49-a797-7b3bdfabc736" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedDuringThirdQuarterFollowingBalanceSheetDate_401c8ace-389b-4802-aa83-8ff0f575c249" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedPresentValue_73e1b149-aecd-4c88-a189-3fee36df07c2" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedPresentValue"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLosstobeExpensedinFourthFullFiscalYear_7dab7d07-d139-4791-9bb1-e92d080ec328" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLosstobeExpensedinFourthFullFiscalYear"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedPresentValue_73e1b149-aecd-4c88-a189-3fee36df07c2" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLosstobeExpensedinFourthFullFiscalYear_7dab7d07-d139-4791-9bb1-e92d080ec328" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedMoreThan14AndWithin19YearsFromBalanceSheetDate_dd8aa676-d8fb-4ccd-8e9d-bd7820092a64" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedMoreThan14AndWithin19YearsFromBalanceSheetDate"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedPresentValue_73e1b149-aecd-4c88-a189-3fee36df07c2" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedMoreThan14AndWithin19YearsFromBalanceSheetDate_dd8aa676-d8fb-4ccd-8e9d-bd7820092a64" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedBeyondNineteenthFiscalYearFromBalanceSheetDate_6a6921ad-6845-43a3-b0ed-26ef5b88b782" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedBeyondNineteenthFiscalYearFromBalanceSheetDate"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedPresentValue_73e1b149-aecd-4c88-a189-3fee36df07c2" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedBeyondNineteenthFiscalYearFromBalanceSheetDate_6a6921ad-6845-43a3-b0ed-26ef5b88b782" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedMoreThan9AndWithin14YearsFromBalanceSheetDate_60fc69a8-0f26-4c29-a340-8c1578377ed1" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedMoreThan9AndWithin14YearsFromBalanceSheetDate"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedPresentValue_73e1b149-aecd-4c88-a189-3fee36df07c2" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedMoreThan9AndWithin14YearsFromBalanceSheetDate_60fc69a8-0f26-4c29-a340-8c1578377ed1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedInFirstFullFiscalYear_9efa0eb3-a8a9-4dcc-8c06-1d7bbd920eb7" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedInFirstFullFiscalYear"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedPresentValue_73e1b149-aecd-4c88-a189-3fee36df07c2" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedInFirstFullFiscalYear_9efa0eb3-a8a9-4dcc-8c06-1d7bbd920eb7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLosstobeExpensedinSecondFullFiscalYear_5dc124fa-62d0-4021-b3a4-24019fcd1be2" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLosstobeExpensedinSecondFullFiscalYear"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedPresentValue_73e1b149-aecd-4c88-a189-3fee36df07c2" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLosstobeExpensedinSecondFullFiscalYear_5dc124fa-62d0-4021-b3a4-24019fcd1be2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLosstobeExpensedinThirdFullFiscalYear_3ebace30-2fb0-49a4-a1c5-25ae24ecc468" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLosstobeExpensedinThirdFullFiscalYear"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedPresentValue_73e1b149-aecd-4c88-a189-3fee36df07c2" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLosstobeExpensedinThirdFullFiscalYear_3ebace30-2fb0-49a4-a1c5-25ae24ecc468" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedMoreThanFourAndWithin9YearsFromBalanceSheetDate_7b412887-7182-4a0c-a8be-591edf4cd440" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedMoreThanFourAndWithin9YearsFromBalanceSheetDate"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedPresentValue_73e1b149-aecd-4c88-a189-3fee36df07c2" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedMoreThanFourAndWithin9YearsFromBalanceSheetDate_7b412887-7182-4a0c-a8be-591edf4cd440" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedDuringRemainderOfFiscalYearFollowingBalanceSheetDate_3f0f68d2-bf29-4b85-98fa-52c29e4dcc28" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedDuringRemainderOfFiscalYearFollowingBalanceSheetDate"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedPresentValue_73e1b149-aecd-4c88-a189-3fee36df07c2" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsFutureExpectedNetLossToBeExpensedDuringRemainderOfFiscalYearFollowingBalanceSheetDate_3f0f68d2-bf29-4b85-98fa-52c29e4dcc28" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedUndiscounted_68e4bf84-33f9-4b2d-aac3-817237f92777" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedUndiscounted"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityNetOfReinsuranceRecoverableDiscountAccretion_b415d69c-ed54-47f8-bd32-34b7d8cc1254" xlink:href="ago-20240630.xsd#ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityNetOfReinsuranceRecoverableDiscountAccretion"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedUndiscounted_68e4bf84-33f9-4b2d-aac3-817237f92777" xlink:to="loc_ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityNetOfReinsuranceRecoverableDiscountAccretion_b415d69c-ed54-47f8-bd32-34b7d8cc1254" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedPresentValue_82343534-4844-4d6f-8f2d-fe1da0e4d74c" xlink:href="ago-20240630.xsd#ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedPresentValue"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedUndiscounted_68e4bf84-33f9-4b2d-aac3-817237f92777" xlink:to="loc_ago_FinancialGuaranteeInsuranceContractsNetLosstobeExpensedPresentValue_82343534-4844-4d6f-8f2d-fe1da0e4d74c" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/ContractsAccountedforasInsuranceBIGTransactionLossSummaryDetails" xlink:type="simple" xlink:href="ago-20240630.xsd#ContractsAccountedforasInsuranceBIGTransactionLossSummaryDetails"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/ContractsAccountedforasInsuranceBIGTransactionLossSummaryDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingNet_df558d3d-98a2-4525-a5c2-d780efdc391d" xlink:href="ago-20240630.xsd#ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingPrincipalNet_2f154042-8665-4aac-9d31-d9b7da756ba2" xlink:href="ago-20240630.xsd#ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingPrincipalNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingNet_df558d3d-98a2-4525-a5c2-d780efdc391d" xlink:to="loc_ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingPrincipalNet_2f154042-8665-4aac-9d31-d9b7da756ba2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingInterestNet_de463092-5c3e-4470-8909-5832cf262d5f" xlink:href="ago-20240630.xsd#ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingInterestNet"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingNet_df558d3d-98a2-4525-a5c2-d780efdc391d" xlink:to="loc_ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingInterestNet_de463092-5c3e-4470-8909-5832cf262d5f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityNetofReinsuranceRecoverable_2240f738-3470-412b-b90c-15632139d4eb" xlink:href="ago-20240630.xsd#ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityNetofReinsuranceRecoverable"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityNetOfReinsuranceRecoverableDiscountAccretion_f14d24b9-bbef-4599-a76f-5bef99d445db" xlink:href="ago-20240630.xsd#ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityNetOfReinsuranceRecoverableDiscountAccretion"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityNetofReinsuranceRecoverable_2240f738-3470-412b-b90c-15632139d4eb" xlink:to="loc_ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityNetOfReinsuranceRecoverableDiscountAccretion_f14d24b9-bbef-4599-a76f-5bef99d445db" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityUndiscountedDirectAssumedNet_2981f18c-bde7-4fe4-8769-4da49f96288a" xlink:href="ago-20240630.xsd#ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityUndiscountedDirectAssumedNet"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityNetofReinsuranceRecoverable_2240f738-3470-412b-b90c-15632139d4eb" xlink:to="loc_ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityUndiscountedDirectAssumedNet_2981f18c-bde7-4fe4-8769-4da49f96288a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNetClaimLiability_944ca5bb-90a7-41b9-92cf-857c11f4cf87" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNetClaimLiability"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityUndiscountedDirectAssumed_dcf1669f-d01a-413f-a1ec-a440eb875cff" xlink:href="ago-20240630.xsd#ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityUndiscountedDirectAssumed"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNetClaimLiability_944ca5bb-90a7-41b9-92cf-857c11f4cf87" xlink:to="loc_ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityUndiscountedDirectAssumed_dcf1669f-d01a-413f-a1ec-a440eb875cff" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityNetDiscount_44763bfb-342e-4f05-acbc-17624aaf6545" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityNetDiscount"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNetClaimLiability_944ca5bb-90a7-41b9-92cf-857c11f4cf87" xlink:to="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityNetDiscount_44763bfb-342e-4f05-acbc-17624aaf6545" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityUndiscountedDirectAssumed_7c2bfedb-d4dc-487b-87de-46c3fe792a38" xlink:href="ago-20240630.xsd#ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityUndiscountedDirectAssumed"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationGrossClaimLiability_701da21d-8ba9-4d14-a915-bdd6631ffa10" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationGrossClaimLiability"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityUndiscountedDirectAssumed_7c2bfedb-d4dc-487b-87de-46c3fe792a38" xlink:to="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationGrossClaimLiability_701da21d-8ba9-4d14-a915-bdd6631ffa10" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityGrossPotentialRecoveries_0b011283-3249-420f-ace8-44effd2e21e6" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityGrossPotentialRecoveries"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityUndiscountedDirectAssumed_7c2bfedb-d4dc-487b-87de-46c3fe792a38" xlink:to="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityGrossPotentialRecoveries_0b011283-3249-420f-ace8-44effd2e21e6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstanding_b206155f-1173-4b0c-87fe-1f63ec0066aa" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstanding"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingPrincipal_6b5b1124-8e3b-4cee-b54f-432796d5e11b" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingPrincipal"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstanding_b206155f-1173-4b0c-87fe-1f63ec0066aa" xlink:to="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingPrincipal_6b5b1124-8e3b-4cee-b54f-432796d5e11b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingInterest_59af8aa0-d59b-478c-8250-a7abe3c75441" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstanding_b206155f-1173-4b0c-87fe-1f63ec0066aa" xlink:to="loc_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingInterest_59af8aa0-d59b-478c-8250-a7abe3c75441" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityUndiscountedDirectAssumedNet_a43183ff-ee27-45f8-a0a9-ccda4628c1ca" xlink:href="ago-20240630.xsd#ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityUndiscountedDirectAssumedNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationReductionsofGrossClaimLiabilityNetPotentialRecoveries_f8f97d09-a7f9-482d-8088-bd540e39a583" xlink:href="ago-20240630.xsd#ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationReductionsofGrossClaimLiabilityNetPotentialRecoveries"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityUndiscountedDirectAssumedNet_a43183ff-ee27-45f8-a0a9-ccda4628c1ca" xlink:to="loc_ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationReductionsofGrossClaimLiabilityNetPotentialRecoveries_f8f97d09-a7f9-482d-8088-bd540e39a583" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationGrossClaimLiabilityNetOfReinsurance_8c7fa144-10f6-4d8c-846b-514e75f82c32" xlink:href="ago-20240630.xsd#ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationGrossClaimLiabilityNetOfReinsurance"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_ago_ScheduleofInsuredFinancialObligationswithCreditDeteriorationNetClaimLiabilityUndiscountedDirectAssumedNet_a43183ff-ee27-45f8-a0a9-ccda4628c1ca" xlink:to="loc_ago_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationGrossClaimLiabilityNetOfReinsurance_8c7fa144-10f6-4d8c-846b-514e75f82c32" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/ContractsAccountedforasCreditDerivativesNetChangeinFairValueofCreditDerivativesGainsLossesDetails" xlink:type="simple" xlink:href="ago-20240630.xsd#ContractsAccountedforasCreditDerivativesNetChangeinFairValueofCreditDerivativesGainsLossesDetails"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/ContractsAccountedforasCreditDerivativesNetChangeinFairValueofCreditDerivativesGainsLossesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeGainLossOnDerivativeNet_9235adb2-192c-485e-b10e-b839456de2ad" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeGainLossOnDerivativeNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_CreditDerivativeRealizedGainLossandOtherSettlements_1540ce5d-8604-4345-9d81-66faa7b42003" xlink:href="ago-20240630.xsd#ago_CreditDerivativeRealizedGainLossandOtherSettlements"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeGainLossOnDerivativeNet_9235adb2-192c-485e-b10e-b839456de2ad" xlink:to="loc_ago_CreditDerivativeRealizedGainLossandOtherSettlements_1540ce5d-8604-4345-9d81-66faa7b42003" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrealizedGainLossOnDerivatives_a1d2dfd1-b498-4301-85f4-3ac6c5338522" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_UnrealizedGainLossOnDerivatives"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeGainLossOnDerivativeNet_9235adb2-192c-485e-b10e-b839456de2ad" xlink:to="loc_us-gaap_UnrealizedGainLossOnDerivatives_a1d2dfd1-b498-4301-85f4-3ac6c5338522" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/ContractsAccountedforasCreditDerivativesCDSSpreadandComponentsofCreditDerivativeAssetsLiabilitiesDetails" xlink:type="simple" xlink:href="ago-20240630.xsd#ContractsAccountedforasCreditDerivativesCDSSpreadandComponentsofCreditDerivativeAssetsLiabilitiesDetails"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/ContractsAccountedforasCreditDerivativesCDSSpreadandComponentsofCreditDerivativeAssetsLiabilitiesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditRiskDerivativesAtFairValueNet_1d2751e0-6f26-4cd1-9a3f-d276e35b0c31" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CreditRiskDerivativesAtFairValueNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_CreditRiskDerivativesAtFairValueBeforeEffectOfCreditSpreadNet_7786875f-5e94-4194-98fe-4452997531c2" xlink:href="ago-20240630.xsd#ago_CreditRiskDerivativesAtFairValueBeforeEffectOfCreditSpreadNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CreditRiskDerivativesAtFairValueNet_1d2751e0-6f26-4cd1-9a3f-d276e35b0c31" xlink:to="loc_ago_CreditRiskDerivativesAtFairValueBeforeEffectOfCreditSpreadNet_7786875f-5e94-4194-98fe-4452997531c2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeLiabilities_52e8c234-747a-49c6-bce9-b1db1491511d" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeLiabilities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CreditRiskDerivativesAtFairValueNet_1d2751e0-6f26-4cd1-9a3f-d276e35b0c31" xlink:to="loc_us-gaap_DerivativeCreditRiskValuationAdjustmentDerivativeLiabilities_52e8c234-747a-49c6-bce9-b1db1491511d" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/InvestmentsGrossUnrealizedLossbyLengthofTimeDetails" xlink:type="simple" xlink:href="ago-20240630.xsd#InvestmentsGrossUnrealizedLossbyLengthofTimeDetails"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/InvestmentsGrossUnrealizedLossbyLengthofTimeDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss_93954ea9-2973-4bf7-9465-844bff6be425" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss_508f9133-7acc-41cf-9258-822d574245fa" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss_93954ea9-2973-4bf7-9465-844bff6be425" xlink:to="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss_508f9133-7acc-41cf-9258-822d574245fa" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss_869693e7-cbb9-4bf1-b775-13944681d45b" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss_93954ea9-2973-4bf7-9465-844bff6be425" xlink:to="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss_869693e7-cbb9-4bf1-b775-13944681d45b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition_29201732-62fb-4776-88b3-dd2fe345f819" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months_8ba42be1-cbeb-4d68-b6ed-c338e1a7910f" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition_29201732-62fb-4776-88b3-dd2fe345f819" xlink:to="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months_8ba42be1-cbeb-4d68-b6ed-c338e1a7910f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger_6cd8bc9c-fa83-442b-a5e2-784ac5410d15" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition_29201732-62fb-4776-88b3-dd2fe345f819" xlink:to="loc_us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger_6cd8bc9c-fa83-442b-a5e2-784ac5410d15" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/InvestmentsNetInvestmentIncomeandEquityinEarningsofInvesteesDetails" xlink:type="simple" xlink:href="ago-20240630.xsd#InvestmentsNetInvestmentIncomeandEquityinEarningsofInvesteesDetails"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/InvestmentsNetInvestmentIncomeandEquityinEarningsofInvesteesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetInvestmentIncome_deaf582e-6fa8-4d49-8272-3b44bbc49a60" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetInvestmentIncome"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestAndDividendIncomeOperating_b1673056-5a61-456d-89f1-d866c5f317b8" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestAndDividendIncomeOperating"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetInvestmentIncome_deaf582e-6fa8-4d49-8272-3b44bbc49a60" xlink:to="loc_us-gaap_InterestAndDividendIncomeOperating_b1673056-5a61-456d-89f1-d866c5f317b8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentIncomeInvestmentExpense_3a499615-36bf-443b-a662-90ea20d4201a" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InvestmentIncomeInvestmentExpense"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetInvestmentIncome_deaf582e-6fa8-4d49-8272-3b44bbc49a60" xlink:to="loc_us-gaap_InvestmentIncomeInvestmentExpense_3a499615-36bf-443b-a662-90ea20d4201a" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/InvestmentsNetRealizedInvestmentGainsLossesDetails" xlink:type="simple" xlink:href="ago-20240630.xsd#InvestmentsNetRealizedInvestmentGainsLossesDetails"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/InvestmentsNetRealizedInvestmentGainsLossesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesRealizedGainLoss_bb875f29-d110-4d5a-b442-c9a4a7642ec7" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesRealizedGainLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease_0f3d78ad-a075-4590-b9fc-c5d964b51f49" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtSecuritiesRealizedGainLoss_bb875f29-d110-4d5a-b442-c9a4a7642ec7" xlink:to="loc_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease_0f3d78ad-a075-4590-b9fc-c5d964b51f49" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain_52677ffa-3800-4517-be05-e5fe1962eb2f" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesAvailableForSaleRealizedGain"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtSecuritiesRealizedGainLoss_bb875f29-d110-4d5a-b442-c9a4a7642ec7" xlink:to="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedGain_52677ffa-3800-4517-be05-e5fe1962eb2f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss_037cb578-ee86-4a7f-b302-62ad7b67d34d" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_DebtSecuritiesRealizedGainLoss_bb875f29-d110-4d5a-b442-c9a4a7642ec7" xlink:to="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss_037cb578-ee86-4a7f-b302-62ad7b67d34d" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/FairValueMeasurementFinancialInstrumentsCarriedatFairValueDetails" xlink:type="simple" xlink:href="ago-20240630.xsd#FairValueMeasurementFinancialInstrumentsCarriedatFairValueDetails"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/FairValueMeasurementFinancialInstrumentsCarriedatFairValueDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsFairValueDisclosure_7e9f7455-f278-4eff-b5ad-e98341ad3d9c" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetsFairValueDisclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest_7d91486f-bfde-46e6-b3f0-e5f437d7c8c9" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_7e9f7455-f278-4eff-b5ad-e98341ad3d9c" xlink:to="loc_us-gaap_DebtSecuritiesAvailableForSaleExcludingAccruedInterest_7d91486f-bfde-46e6-b3f0-e5f437d7c8c9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssetsFairValueDisclosure_b3c0e7cc-c00f-4f47-b5e9-364f32054c05" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherAssetsFairValueDisclosure"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_7e9f7455-f278-4eff-b5ad-e98341ad3d9c" xlink:to="loc_us-gaap_OtherAssetsFairValueDisclosure_b3c0e7cc-c00f-4f47-b5e9-364f32054c05" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_VariableInterestEntityConsolidatedAssetsatFairValue_5c5028b8-7b9c-4af3-ac95-7f47e91ea5c0" xlink:href="ago-20240630.xsd#ago_VariableInterestEntityConsolidatedAssetsatFairValue"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_7e9f7455-f278-4eff-b5ad-e98341ad3d9c" xlink:to="loc_ago_VariableInterestEntityConsolidatedAssetsatFairValue_5c5028b8-7b9c-4af3-ac95-7f47e91ea5c0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherInvestments_843cb93e-7c70-43d4-815a-b17743568b86" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherInvestments"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_7e9f7455-f278-4eff-b5ad-e98341ad3d9c" xlink:to="loc_us-gaap_OtherInvestments_843cb93e-7c70-43d4-815a-b17743568b86" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherShortTermInvestments_fdb093e8-d568-43af-b421-91175b8f53b9" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherShortTermInvestments"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_7e9f7455-f278-4eff-b5ad-e98341ad3d9c" xlink:to="loc_us-gaap_OtherShortTermInvestments_fdb093e8-d568-43af-b421-91175b8f53b9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosure_1c78cfe4-56a2-4b5d-8f58-33c2dcce0503" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesFairValueDisclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_VariableInterestEntityConsolidatedLiabilitiesAtFairValue_8bae8697-9298-41bb-a373-20954c651829" xlink:href="ago-20240630.xsd#ago_VariableInterestEntityConsolidatedLiabilitiesAtFairValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure_1c78cfe4-56a2-4b5d-8f58-33c2dcce0503" xlink:to="loc_ago_VariableInterestEntityConsolidatedLiabilitiesAtFairValue_8bae8697-9298-41bb-a373-20954c651829" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditRiskDerivativeLiabilitiesAtFairValue_2942cf91-8a4a-42d7-854d-e07eea8b9280" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CreditRiskDerivativeLiabilitiesAtFairValue"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure_1c78cfe4-56a2-4b5d-8f58-33c2dcce0503" xlink:to="loc_us-gaap_CreditRiskDerivativeLiabilitiesAtFairValue_2942cf91-8a4a-42d7-854d-e07eea8b9280" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/IncomeTaxesEffectiveTaxRateReconciliationandPretaxIncomeLossandRevenuebyTaxJurisdictionDetails" xlink:type="simple" xlink:href="ago-20240630.xsd#IncomeTaxesEffectiveTaxRateReconciliationandPretaxIncomeLossandRevenuebyTaxJurisdictionDetails"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/IncomeTaxesEffectiveTaxRateReconciliationandPretaxIncomeLossandRevenuebyTaxJurisdictionDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_df2479de-f118-4835-8bd1-8381781049de" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationMinorityInterestIncomeExpense_14d52285-020a-4026-89ef-167c67d3c8c2" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxReconciliationMinorityInterestIncomeExpense"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit_df2479de-f118-4835-8bd1-8381781049de" xlink:to="loc_us-gaap_IncomeTaxReconciliationMinorityInterestIncomeExpense_14d52285-020a-4026-89ef-167c67d3c8c2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_dc0fc222-ea7b-4acc-88d4-9979049a2b30" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit_df2479de-f118-4835-8bd1-8381781049de" xlink:to="loc_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_dc0fc222-ea7b-4acc-88d4-9979049a2b30" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential_11e07734-36e7-4ae5-8e87-286b466f52eb" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit_df2479de-f118-4835-8bd1-8381781049de" xlink:to="loc_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential_11e07734-36e7-4ae5-8e87-286b466f52eb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationOtherAdjustments_67ad40d6-e078-4244-9df9-4162793c6fdf" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxReconciliationOtherAdjustments"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit_df2479de-f118-4835-8bd1-8381781049de" xlink:to="loc_us-gaap_IncomeTaxReconciliationOtherAdjustments_67ad40d6-e078-4244-9df9-4162793c6fdf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationTaxExemptIncome_fc86197c-d5c2-4ec6-ad59-4d63ce744343" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxReconciliationTaxExemptIncome"/>
    <link:calculationArc order="5" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit_df2479de-f118-4835-8bd1-8381781049de" xlink:to="loc_us-gaap_IncomeTaxReconciliationTaxExemptIncome_fc86197c-d5c2-4ec6-ad59-4d63ce744343" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_23b14edd-321a-4f5f-9445-447f713efefe" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit_df2479de-f118-4835-8bd1-8381781049de" xlink:to="loc_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_23b14edd-321a-4f5f-9445-447f713efefe" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_ago_EffectiveIncomeTaxRateReconciliationGlobalMinimumTaxAmount_fd2ffdfd-9744-4383-8fe2-32c01921af86" xlink:href="ago-20240630.xsd#ago_EffectiveIncomeTaxRateReconciliationGlobalMinimumTaxAmount"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit_df2479de-f118-4835-8bd1-8381781049de" xlink:to="loc_ago_EffectiveIncomeTaxRateReconciliationGlobalMinimumTaxAmount_fd2ffdfd-9744-4383-8fe2-32c01921af86" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/ShareholdersEquityChangesinAOCIbyComponentDetails" xlink:type="simple" xlink:href="ago-20240630.xsd#ShareholdersEquityChangesinAOCIbyComponentDetails"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/ShareholdersEquityChangesinAOCIbyComponentDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_95b02750-c0ce-4430-902f-4380ca7c5113" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionChangesInFairValueGainLoss1_0c15acd6-86a1-443b-b579-c3b8f0f363b6" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueOptionChangesInFairValueGainLoss1"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_95b02750-c0ce-4430-902f-4380ca7c5113" xlink:to="loc_us-gaap_FairValueOptionChangesInFairValueGainLoss1_0c15acd6-86a1-443b-b579-c3b8f0f363b6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealizedInvestmentGainsLosses_e51bb9fd-14de-4dd3-9fb8-39fbc8963c50" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RealizedInvestmentGainsLosses"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_95b02750-c0ce-4430-902f-4380ca7c5113" xlink:to="loc_us-gaap_RealizedInvestmentGainsLosses_e51bb9fd-14de-4dd3-9fb8-39fbc8963c50" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_b28fad36-1fcd-4579-bb0f-8a415096bd8a" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_d35caeb9-4fd7-4b90-aa43-a7c67a462197" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_b28fad36-1fcd-4579-bb0f-8a415096bd8a" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_d35caeb9-4fd7-4b90-aa43-a7c67a462197" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_24652293-8d7b-4cdb-8a17-34b0102dc1e0" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_b28fad36-1fcd-4579-bb0f-8a415096bd8a" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_24652293-8d7b-4cdb-8a17-34b0102dc1e0" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.assuredguaranty.com/role/EarningsPerShareDetails" xlink:type="simple" xlink:href="ago-20240630.xsd#EarningsPerShareDetails"/>
  <link:calculationLink xlink:role="http://www.assuredguaranty.com/role/EarningsPerShareDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_2eb308fa-9149-49f6-bfd3-0514fcb61bb3" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted_05374d38-f8cf-4b66-adc5-f36723a437f4" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_2eb308fa-9149-49f6-bfd3-0514fcb61bb3" xlink:to="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted_05374d38-f8cf-4b66-adc5-f36723a437f4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_520e77ef-ca5c-4b4a-9bbb-e3aac7066160" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_2eb308fa-9149-49f6-bfd3-0514fcb61bb3" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_520e77ef-ca5c-4b4a-9bbb-e3aac7066160" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_4d3805f7-fe2d-40b2-8803-334c4eb37cf1" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_69d9242d-bb72-495c-a823-bb27fe56ad1f" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetIncomeLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_4d3805f7-fe2d-40b2-8803-334c4eb37cf1" xlink:to="loc_us-gaap_NetIncomeLoss_69d9242d-bb72-495c-a823-bb27fe56ad1f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_61521eb4-3738-48f0-9dc3-bcd3e9373329" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_4d3805f7-fe2d-40b2-8803-334c4eb37cf1" xlink:to="loc_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_61521eb4-3738-48f0-9dc3-bcd3e9373329" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_78afeb25-f6d1-47a2-810f-eccdd82763c9" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_36d5f160-79bd-42e7-aa1b-ebe3f6e0cf6a" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_78afeb25-f6d1-47a2-810f-eccdd82763c9" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_36d5f160-79bd-42e7-aa1b-ebe3f6e0cf6a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_393cef48-61c1-4dfa-aa8d-a3958a5f7953" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_78afeb25-f6d1-47a2-810f-eccdd82763c9" xlink:to="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_393cef48-61c1-4dfa-aa8d-a3958a5f7953" xlink:type="arc"/>
  </link:calculationLink>
</link:linkbase>
