FSA to be renamed to Assured Guaranty Municipal Corp.
Assured Guaranty, the holding company for Assured Guaranty Corp. and Financial Security Assurance (FSA), has decided to change the name of its subsidiary, FSA to Assured Guaranty Municipal Corp.
Assured Guaranty also plans to change the names of the FSA companies worldwide.
Assured Guaranty purchased FSA on July 1, 2009, expanding its presence in the bond insurance industry by offering issuers and investors the financial strength and flexibility of two separately capitalised bond insurers.
Assured Guaranty Municipal Corp., formerly FSA, now serves the municipal market, and Assured Guaranty Corp. provides financial guaranty insurance to both the municipal and structured finance sectors.
Dominic Frederico, president and chief executive officer of Assured Guaranty said: “Since completing the acquisition, we have been contemplating this name change to highlight the role of the municipal-only bond insurance company and to better communicate that we are offering municipal bond issuers and investors a choice between two proven, financially strong guarantors.
Mr Frederico, said: “We also see an important role for Assured Guaranty Corp. to assist in the recovery of the structured finance sector as the economy improves. Our value proposition, which goes beyond the guaranty and includes providing liquidity and valuation, as well as credit analysis, surveillance, and, if necessary, remediation, is more necessary than ever given the current economic environment.”