AGC Announces Executive Appointment; Jurschak Retires.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 23, 2003 ACE Guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. Corp. ("AGC AGC Automatic Gain Control AGC Automotive Glass Cartridge (fuse) AGC Associated General Contractors AGC Associated General Contractors of America AGC Atypical Glandular Cells AGC Attorney-General's Chambers ") 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 Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing 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 The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , 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 The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Companies (NYSE NYSE See: New York Stock Exchange :ACE). |
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