Chiarenza and Cole join Sandor at CNA's Hedge Financial Products.CHICAGO--(BUSINESS WIRE)--May 27, 1997--Anthony Chiarenza has been named chief executive officer of the newly formed Hedge Financial Products Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CNA Financial Corp. (NYSE NYSE See: New York Stock Exchange :CNA). Chiarenza will have responsibility for day-to-day operations of the company, which specializes in securitization of insurance risks. As previously announced, Richard Sandor, vice chairman of the Chicago Board of Trade Chicago Board of Trade (CBOT) The second largest futures exchange in the US, and a pioneer in the development of financial futures and options. , will serve as chairman of Hedge Financial Products. Also joining the new company as 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. is Joseph B. Cole Ph.D. He will be responsible for new product development in the emerging markets for insurance derivatives, securitized indemnities and other risks that may eventually be traded. Chiarenza, who will be based in New York, had been managing director of Centre Financial Products Limited since 1993. As one of the company's founding partners, he was responsible for management and hedging on all the firm's positions, new product development, and trading of insurance derivatives, futures, options, equities and fixed income products. He also oversaw marketing and development of trading models and software. Prior to 1993, he served as a vice president at both Kidder, Peabody & Co. Inc. and Salomon Brothers Inc. He is a graduate of the State University of New York (body) State University of New York - (SUNY) The public university system of New York State, USA, with campuses throughout the state. at Stony Brook and holds an MBA in Finance from New York University New York University, mainly in New York City; coeducational; chartered 1831, opened 1832 as the Univ. of the City of New York, renamed 1896. It comprises 13 schools and colleges, maintaining 4 main centers (including the Medical Center) in the city, as well as the . Dr. Cole will be based in Chicago. He also served as a managing director of Centre Financial Products where he was responsible for product and account development and the marketing of structured financial instruments for insurance and environmental trading. He previously served as senior vice president and special projects manager at Kidder, Peabody & Co., and as director of research for Indosuez International Capital Markets, a division of Banque Indosuez. He earned a bachelor's degree from Briar Cliff College, an MBA from the University of South Dakota Nomenclature
The first faculty offered instruction at the University in March 1855 to students in the Old Mechanics Building, situated where Seashore Hall is now. In September 1855, the student body numbered 124, of which, 41 were women. . CNA is one of the world's premier insurance organizations. With 1996 revenues of $17 billion, CNA ranks among the top 10 insurance groups. In 1997, CNA observes its centennial year, celebrating a century of financial strength, stability and commitment to customers and business partners. CNA is the registered service mark and trade name of CNA Financial Corp. Editor's note: The address for Hedge Financial Products Is: 180 Maiden Lane, 10th Floor New York, NY 10038 212/440-2300 212/968-8939 (fax) CONTACT: CNA Roger Morris, 312/822-4195 Clark Walter, 312/822-1454 |
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