Financial Guaranty Insurance Corp. (FGIC) has poached four pros from rival bond insurer Ambac, including the guarantor's vice chairman and head of MBS business. Joining FGIC are Howard Pfeffer, Thomas Adams, Tim Travers and Jeffrey Fried, reported ASR sister publication The Bond Buyer.
Pfeffer, formerly Ambac's Vice Chairman, will take over as President and Chief Underwriting Officer in both FGIC's structured finance and public (municipal) finance operations, reporting to CEO Frank Bivona. Adams will head FGIC's structured finance business, reporting to Pfeffer, with a focus on auto loan and mortgage-backed transactions.
Fried will head a new public structured finance group for FGIC, with a focus on project finance and tax-exempt student loan ABS. Travers will head all non-U.S. activity for FGIC, including the global utility business.
"These individuals provide a depth of experience that will greatly enhance FGIC's underwriting capabilities. They also understand the risk parameters of the financial guaranty industry, which will ensure that while we expand our business we will not take undue risk. With these appointments, we are taking a quality team and making it even better," said CEO Bivona.
