New York - December 23, 2003 - ACE Guaranty Corp. ("AGC") announces the appointment of Michael Schozer as President of AGC. Mr. Schozer comes to AGC from Ambac, where he was the managing director of Structured Finance and Credit Derivatives. Prior to his employment at Ambac, Mr. Schozer worked at Barclays Bank in derivative products. "With his proven track record of building a successful credit enhancement business, Michael Schozer is ideally suited to lead AGC's growth in the direct financial guaranty market," said Dominic Frederico, Vice Chairman of ACE Limited.
AGC also announces the retirement of Jerry Jurschak, Chief Executive Officer of ACE Financial Services, AGC's parent company. Mr. Jurschak was one of the founders of Capital Re Corporation, predecessor of ACE Financial Services. "Jerry has been instrumental in the growth and development of ACE Guaranty Corp.'s and ACE Capital Re's various credit enhancement businesses," stated Mr. Frederico. "We wish him well in the future."
AGC is a AAA/Aa2 rated monoline bond insurer and a leading participant in providing credit enhancement to structured finance and municipal transactions. Over fifteen years of underwriting experience, coupled with superior financial strength, has made AGC the credit enhancement provider of choice for numerous issuers, dealers, insurers, and bond investors. Additional information can be found at www.aceguaranty.com.
AGC is one of the ACE Group of Insurance and Reinsurance Companies (NYSE: ACE).