Ace Guaranty Re Now Ace Guaranty Corp.; New Management Structure Announced.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 6, 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. Re Inc., a subsidiary of ACE Limited (NYSE NYSE See: New York Stock Exchange :ACE) and 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, announced today that it has changed its name to ACE Guaranty 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 "). Joe Swain, formerly President of ACE Guaranty Re, has been appointed to the position of Chief Executive Officer of AGC. Howard Albert, formerly Executive Vice President of ACE Guaranty Re, assumes the role of President of AGC. "Our name change is the natural result of AGC's increased focus on the direct provision of 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 to structured finance and municipal transactions, along with its reinsurance activities," said Mr. Swain. "More than fifteen years of underwriting experience, coupled with superior financial strength, has made AGC a prominent participant in the credit enhancement markets." Mr. Swain added that AGC's recent receipt of affirmation of its superior credit ratings is testament to its vision of fostering diversity and balance in the company's municipal and asset-backed financial guaranty risk portfolio. "AGC has proven dependable in ensuring creative and timely responses to the market, always keeping what customers want in the forefront of our business model." AGC has built a strong portfolio of investment grade credits, diversified by geography, tenor and sector, and the company's success in growing its franchise across the credit markets has been based upon its recognized ability to analyze and execute on highly structured, risk remote transactions. AGC is also a leader in providing reinsurance on both a treaty and facultative facultative /fac·ul·ta·tive/ (fak´ul-ta?tiv) not obligatory; pertaining to the ability to adjust to particular circumstances or to assume a particular role. fac·ul·ta·tive adj. 1. basis to the AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. rated monoline bond insurance companies. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com. |
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