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ACA Financial Guaranty Corporation Reorganizes.

Publication: Business Wire
Publication Date: 03-SEP-08
Format: Online
Delivery: Immediate Online Access

Article Excerpt
Appoints All New Board of Directors and CEO

NEW YORK -- ACA Financial Guaranty Corporation ("ACA") announced its reorganization with a new Board of Directors and CEO in connection with a complete restructuring of its balance sheet and obligations.

Willis King, Executive Chairman of First Protective Insurance Company and Fidelity Fire and Casualty Insurance Company, was named Chair of the reorganized Board. Raymond J. Brooks, Jr., a former managing director with Alvarez & Marsal, was named Chief Executive Officer and a director.

This follows the Maryland Insurance Administration's approval of a restructuring plan for ACA, which took effect August 8, 2008. As a result of the restructuring, ACA Capital Holdings Inc. no longer controls ACA Financial Guaranty Corporation, and the control of ACA Financial Guaranty...

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