Assured Guaranty Ltd. ("Assured Guaranty” or the "Company”) , the
holding company for direct bond insurers Assured Guaranty Corp. and
Assured Guaranty Municipal Corp. (formerly Financial Security Assurance
Inc. ("FSA”)), announced today that it has named Nicholas J. Proud to
the post of Senior Managing Director, International. He reports directly
to Séan W. McCarthy, Chief Operating Officer of Assured Guaranty Ltd.,
and will head the Company’s international credit enhancement business.
Mr. McCarthy said: "Having headed Assured Guaranty’s European structured
finance business for the past eight years, we know that Nick is the
right person to help us build our international presence in the global
structured finance and public infrastructure markets. Nick has 18 years
of experience in European structured finance, deep market knowledge and
strong client relationships. We are confident he will help us to bring
best-in-class credit enhancement products to these markets as they
recover.
"Nick succeeds Philippe Z. Tromp, who headed Assured Guaranty (Europe)
Ltd., formerly Financial Security Assurance (U.K.) Limited, for over 15
years and assisted in the integration of the Company’s London-based
subsidiaries. We thank him for his strong contributions to our business
as he leaves to pursue new interests.”
Mr. Proud said, "I am excited to take on this additional responsibility.
As the only highly rated, long-standing financial guaranty companies
writing new business today, I believe we have strong opportunities ahead
and a great team to serve the markets.” Senior managers on the
international team are Dominic J.B. Nathan, Managing Director, European
Infrastructure and Craig Lee, Managing Director, Head of Asia-Pacific.
Mr. Proud joined Assured Guaranty (UK) Ltd. from QBE Insurance &
Reinsurance (Europe) Limited in January 2001, where he was a Director
and Senior Underwriter in its Financial Risks Operations. Prior to that,
he was Executive Director of the Structured Financial Risks Division of
Special Risk Services Limited, a financial products reinsurance broker.
Earlier positions included credit underwriting of facultative and treaty
reinsurance of monoline financial guaranty companies. He holds a BA with
Honors degree from the Royal Holloway & Bedford New College of the
University of London.
Assured Guaranty is a publicly traded Bermuda-based holding company. Its
operating subsidiaries provide credit enhancement products to the U.S.
and international public finance and structured finance markets. More
information on the Company and its subsidiaries can be found at www.assuredguaranty.com.
Cautionary Statement Regarding Forward-Looking Statements:
Any forward-looking statements made in this press release reflect
Assured Guaranty’s current views with respect to future events and
financial performance and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Such
statements involve risks and uncertainties that may cause actual results
to differ materially from those set forth in these statements. For
example, Assured Guaranty’s forward-looking statements could be affected
by: (1) rating agency action, including a ratings downgrade at any time
of Assured Guaranty Ltd. or any of its subsidiaries and/or of
transactions insured by such subsidiaries, both of which have occurred
in the past; (2) developments in the world's financial and capital
markets that adversely affect issuers’ payment rates, Assured Guaranty’s
loss experience, its ability to cede exposure to reinsurers, its access
to capital, its unrealized (losses) gains on derivative financial
instruments or its investment returns; (3) changes in the credit
markets, segments thereof or general economic conditions; (4) more
severe or frequent losses affecting the adequacy of Assured Guaranty’s
loss reserve; (5) the impact of market volatility on the mark-to-market
of its contracts written in credit default swap form; (6) reduction in
the amount of reinsurance facultative cessions or portfolio
opportunities available to Assured Guaranty; (7) decreased demand or
increased competition; (8) changes in applicable accounting policies or
practices; (9) changes in applicable laws or regulation, including
insurance and tax laws; (10) other governmental actions;
(11) difficulties with the execution of Assured Guaranty’s business
strategy; (12) contract cancellations; (13) Assured Guaranty’s
dependence on customers; (14) loss of key personnel; (15) adverse
technological developments; (16) the effects of mergers, acquisitions
and divestitures; (17) natural or man-made catastrophes; (18) other
risks and uncertainties that have not been identified at this time;
(19) management's response to these factors; and (20) other risk factors
identified in Assured Guaranty’s filings with the Securities and
Exchange Commission. Readers are cautioned not to place undue reliance
on these forward-looking statements which are made as of January 6,
2009. Assured Guaranty undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
