Security Capital Assurance Ltd Appoints New Chief Credit Officer of XLCA
May 01 2008 - 6:00PM
PR Newswire (US)
XLCA's Head of Origination to Leave the Company HAMILTON, Bermuda,
May 1 /PRNewswire-FirstCall/ -- Security Capital Assurance Ltd
(NYSE:SCA) ("SCA" or the "Company") today announced that XL Capital
Assurance Inc. ("XLCA"), SCA's wholly owned financial guarantee
insurance subsidiary, has named Adam T. Bergonzi, 44, as Chief
Credit Officer effective May 2, 2008. Mr. Bergonzi will replace
Richard P. Heberton, Managing Director and Chief Credit Officer.
The Company also announced that T. Wynne Morriss, Jr., Senior Vice
President and Head of Origination of XLCA, will leave the Company
effective May 2, 2008. "We look forward to benefiting from Adam's
strong background and experience in his expanded role. We thank
both Dick and Wynne for their many years of dedicated service. They
were instrumental in helping to build the Company, and we wish them
well in their future endeavors," stated Paul S. Giordano, SCA's
President and Chief Executive Officer. Mr. Bergonzi joined XLCA in
2006 as a Managing Director in the credit group, where he had
primary responsibility for reviewing credits including global
infrastructure and project financings, as well as U.S. public
finance. Prior to joining XLCA, Bergonzi spent 15 years at MBIA
Inc. ("MBIA"), where he held positions of increasing responsibility
in MBIA's insured portfolio management, new business, finance and
corporate strategy areas. Mr. Bergonzi received his B.A. from
Colgate University (cum laude) and received his J.D. from the New
York Law School. Mr. Heberton joined XLCA at its inception in 2000.
Mr. Morriss joined XLCA's predecessor company, Global Credit
Analytics, Inc., in 1999. Both executives were members of XLCA's
founding leadership team. Until March 2005, Mr. Heberton served as
head of XLCA's surveillance and research group. Prior to assuming
his role as Head of Origination in 2006, Mr. Morriss served as head
of XLCA's structured single risk group, which encompassed XLCA's
public finance, global infrastructure, power & utilities and
specialized risk businesses. About Security Capital Assurance Ltd
Security Capital Assurance Ltd is a Bermuda-domiciled holding
company whose common shares are listed on the New York Stock
Exchange (NYSE:SCA). For more information please visit
http://www.scafg.com/ . Contact: Investors Frank Constantinople +1
441-279-7450 Media Michael Gormley +1 441-279-7450 Michele
Loguidice +1 212-333-3810 FORWARD-LOOKING STATEMENTS This release
contains statements about future results, plans and events that may
constitute "forward-looking" statements within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. You are cautioned that these statements are not
guarantees of future results, plans or events and such statements
involve risks and uncertainties that may cause actual results to
differ materially from those set forth in these statements.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's control.
These factors include, but are not limited to: recent and future
rating agency statements and ratings actions; the outcome of the
Company's dispute with Merrill Lynch International concerning the
Company's termination of seven credit default swap ("CDS")
contracts; the Company's ability to successfully implement its
strategic plan; higher risk of loss in connection with obligations
guaranteed by the Company due to recent deterioration in the credit
markets stemming from the poor performance of subprime residential
mortgage loans; the suspension of writing substantially all new
business and the Company's ability to continue to operate its
business in its historic form; the development and implementation
of a strategic plan; developments in the world's financial and
capital markets that adversely affect the performance of the
Company's investments and its access to such markets; the
performance of invested assets, losses on credit derivatives or
changes in the fair value of credit derivatives; the availability
of capital and liquidity; the timing of claims payments and the
receipt of reinsurance recoverables; greater frequency or severity
of claims and loss activity including in excess of the Company's
loss reserves; changes in the Company's reinsurance agreements with
certain of its subsidiaries; the impact of provisions in business
arrangements and agreements triggered by the ratings downgrades;
the impact of other triggers in business arrangements including CDS
contracts; changes in regulation, tax laws, legislation or
accounting policies or practices; changes in officers; general
economic conditions; changes in the availability, cost or quality
of reinsurance or retrocessions; possible downgrade of the
Company's reinsurers; possible default by the counterparties to the
Company's reinsurance arrangements; the Company's ability to
compete; changes that may occur in Company operations and ownership
as the Company matures; and other additional factors, risks or
uncertainties described in Company filings with the Securities and
Exchange Commission, including in the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 2007, and also
disclosed from time to time in subsequent reports on Form 10-Q and
Form 8-K. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date they
are made. The Company does not undertake to update forward-looking
statements to reflect the impact of circumstances or events that
arise after the date the forward- looking statements are made.
DATASOURCE: Security Capital Assurance Ltd CONTACT: Investors,
Frank Constantinople, Security Capital Assurance, +1-441-279-7450,
; Media, Michael Gormley, +1- 441-279-7450, , or MMichele
Loguidice, +1-212-333- 3810, , of The Brunswick Group for Security
Capital Assurance Web site: http://www.scafg.com/
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