Assured Guaranty Makes Changes At The Top
Assured Guaranty Ltd., the Bermuda-based holding company for direct bond insurers Assured Guaranty Corp. and Assured Guaranty Municipal Corp., announced today [May 13] that Robert B. Mills, currently Chief Financial Officer, will be appointed to the position of Chief Operating Officer and Robert A. Bailenson, currently Chief Accounting Officer, will succeed Mr. Mills as Chief Financial Officer.
The promotions will both take effect on June 1.
“Assured Guaranty is fortunate to have great breadth of senior management expertise, as these appointments demonstrate,” said Dominic Frederico, President and CEO. “Bob Mills has been with us since the initial public offering and was the leader of the FSA integration process, helping us to achieve our expense reduction goals.
“Rob Bailenson, who has been with us for more than twenty years, will assume his new duties seamlessly. They have both made important contributions to our operating efficiency, financial management and transparent reporting; I know they will continue to do so in their new roles.”
Earlier this week Assured Guaranty announced a steep decline in first quarter profits.
Mr. Mills joined Assured Guaranty in January 2004 from UBS where he was Managing Director, Chief Financial Officer and Operating Officer of UBS for the Americas Region and a member of the Board of Directors of the UBS Investment Bank. He joined UBS in 1994 as Chief Financial Officer of the Union Bank of Switzerland prior to its merger with Swiss Bank Corp. in 1998. He was previously with KPMG Peat Marwick for 23 years as a partner and the National Practice Director for Investment Banking and Capital Markets.
Mr. Bailenson has been Managing Director and Chief Accounting Officer of Assured Guaranty Ltd. since May 2005 and has held a number of previous positions with Assured Guaranty and its predecessor companies since 1990. Among these were Chief Accounting Officer of Assured Guaranty Corp. and Chief Financial Officer and Treasurer of Assured Guaranty Re Ltd. Prior to joining Assured Guaranty, Mr. Bailenson was with Ernst & Young LLP.
Assured Guaranty Ltd. is a publicly traded Bermuda-based holding company. Its operating subsidiaries provide credit enhancement products to the US and international public finance, infrastructure and structured finance markets.
