Capital Re Corporation Announces Promotions: Jerome F. Jurschak, Chairman and Chief Executive Officer; Joseph W. Swain, President.NEW YORK--(BUSINESS WIRE)--Dec. 10, 1998--The board of directors of Capital Re Corporation announced today the promotion of two seasoned executives to top leadership positions. Jerome F. Jurschak has been named chairman and chief executive officer of Capital Re and Joseph W. Swain has been named president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Both executives have also been elected to the board of directors. These actions follow the decision of Michael E. Satz to step down from his positions as chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. to pursue other interests. "The board has every confidence that Jerry Jurschak and Joe Swain are the right team to lead Capital Re as it moves forward to its next stage of growth, building upon its core strengths in the financial 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. and mortgage 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. and credit related businesses," stated a board spokesperson. Jurschak, age 50, was one of the founders of Capital Re in 1988. He most recently was executive vice president and chief underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. officer. Swain, age 46, also joined Capital Re in 1988 and most recently was executive vice president with responsibility for the financial guaranty reinsurance and credit related businesses. The board wished Michael Satz well in his future endeavors. His contributions to the growth and direction of Capital Re are well known and greatly appreciated. Capital Re Corporation is a wholesale provider of financial insurance and reinsurance products, providing innovative solutions to the problems of its client companies. Capital Re operates in diversified diversified (di·verˑ·s markets, including financial guaranty, mortgage guaranty, title, and trade credit insurance. |
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