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ELMROCK ANNOUNCES AGREEMENT TO BUY CAPITAL MARKETS ASSURANCE

    ELMROCK ANNOUNCES AGREEMENT TO BUY CAPITAL MARKETS ASSURANCE
    NEW YORK, Nov. 12 /PRNewswire/ -- Elmrock, Inc. announced today that it has entered into an agreement in principle to buy Capital Markets Assurance Corporation (CapMAC) along with a group of investors led by members of CapMAC's management.
    The closing of the transaction is subject to certain conditions, including the regulatory approval of the New York State Insurance Department, and the review of the rating agencies Moody's Investor Service, Standard & Poor's, and Duff & Phelps to assure maintenance of CapMAC's triple-A claims paying ability rating.
    Elmrock, Inc. is a New York-based private investment firm whose principals also own Stillrock Management Inc., a registered investment advisor.  Elmrock owns a number of highly rated private companies engaged in structured finance transactions.  Elmrock and Stillrock manage investment portfolios totaling $1.3 billion, including listed securities, private placements, and closely held companies.
    -0-          11/12/91
    /CONTACT:  Fred Garcia of Clark & Weinstock, 212-953-2550, for Elmrock/ CO:  Elmrock, Inc.; Capital Markets Assurance Corporation ST:  New York IN:  FIN INS SU:  TNM JT-SH -- NY079 -- 3592 11/12/91 16:03 EST
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Publication:PR Newswire
Date:Nov 12, 1991
Words:181
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