Bond Insurer CIFG Names Richard Price as Board Chairman
Today CIFG Holding Ltd. announced the naming of Richard Price as the bond insurer's non-executive chairman of the board of directors.
Price, 61, most recently served as chief executive of Zurich Capital Markets and Centre Re, both units of Zurich Financial Services. He also spent time as an executive at Financial Guaranty Insurance Co., another bond insurer.
Bond insurers have come under increased scrutiny in recent months as ratings agencies have worried they do not have enough spare cash to cover a potential spike in claims and maintain crucial "AAA" ratings. Ratings agencies expect a spike in claims as bonds backed by troubled mortgages are increasingly likely to default.
CIFG has been downgraded by both Moody's Investors Service and Fitch Ratings.
Published on March 11, 2008
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