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Assured Purchases Financial Security Assurance

Séan McCarthy has been named President and Chief Operating Officer of Assured

Assured Guaranty (Assured) has acquired Financial Security Assurance Holdings (FSA) from Dexia SA, thus expanding its franchise in the bond insurance industry.

As per the agreement, purchase price paid by Assured was around $546 million in cash and 22.3 million common shares of Assured, which resulted in Dexia to own 13.9% of Assured’s common shares. The transaction excludes FSA’s financial products business, which included the FSA guaranteed investment contract business.

Dominic Frederico, President and Chief Executive Officer of Assured, said: “I am pleased to announce that Séan W. McCarthy, President and COO of FSA Holdings, has been named President and Chief Operating Officer of Assured Guaranty US Holdings Inc., the holding company for the Company’s direct business units, FSA and Assured Guaranty.”

Assured’s executive team also includes Michael Schozer, President of Assured, Robert Mills, Chief Financial Officer; James Michener, General Counsel; and Robert Bailenson, Chief Accounting Officer.

In addition to its business headquarters in New York, the combined companies will have offices in San Francisco, London, Sydney, Tokyo and Bermuda.