Assured Guaranty Re International Ltd. Promotes David Penchoff to Chief Underwriting Officer.HAMILTON, Bermuda -- Assured Guaranty Re International Ltd. ("Assured Guaranty Re") announces the appointment of David Penchoff to the position of Chief Underwriting Officer. "David is well suited for this expanded leadership role as we consolidate our financial guaranty 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. business in Bermuda," stated Pierre Samson, President of Assured Guaranty Re. "His financial guaranty underwriting expertise, management experience and industry contacts will help us reinforce and expand our leading position in this industry." Mr. Penchoff joined Assured Guaranty Re as a Senior Vice President in 2003. His previous experience included ten years at MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association Insurance Corp., where he was a managing director for public finance, with responsibility for business development and underwriting for the largest public finance group in the financial guaranty industry. Mr. Penchoff also was a vice president in the Bond Insurance ratings group at Standard & Poor's and prior to that was an investment officer at Aetna Life and Casualty. He received his graduate degree in public administration from the University of Southern California The U.S. News & World Report ranked USC 27th among all universities in the United States in its 2008 ranking of "America's Best Colleges", also designating it as one of the "most selective universities" for admitting 8,634 of the almost 34,000 who applied for freshman admission and his undergraduate degree from the University of Connecticut The University of Connecticut is the State of Connecticut's land-grant university. It was founded in 1881 and serves more than 27,000 students on its six campuses, including more than 9,000 graduate students in multiple programs. UConn's main campus is in Storrs, Connecticut. . Assured Guaranty Re is the Bermuda reinsurance subsidiary of Assured Guaranty Ltd. (NYSE NYSE See: New York Stock Exchange :AGO) Assured Guaranty Ltd. is a Bermuda-based holding company. Its operating subsidiaries provide 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 products to the U.S. and international public finance, structured finance and mortgage markets. More information can be found at http://www.assuredguaranty.com. Any forward-looking statements made in this press release reflect the Company's current views with respect to future events and financial performance and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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, the Company's forward-looking statements, such as its statements regarding future growth, could be affected by a significant reduction in the amount of reinsurance ceded by one or more of our principal ceding cede tr.v. ced·ed, ced·ing, cedes 1. To surrender possession of, especially by treaty. See Synonyms at relinquish. 2. companies, rating agency action such as a ratings downgrade, difficulties with the execution of the Company's business strategy, contract cancellations, developments in the world's financial and capital markets, more severe losses or more frequent losses associated with products affecting the adequacy of the Company's loss reserve, changes in regulation or tax laws, the Company's dependence on customers, decreased demand or increased competition, loss of key personnel, the effects of mergers, acquisitions and divestitures, changes in accounting policies or practices, and changes in general economic conditions, as well as management's response to these factors, and other risk factors identified in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
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