National Public Finance Guarantee Corp. (National), a subsidiary of MBIA, has named William Fallon as interim chief executive officer, the firm announced today. Fallon is currently president and chief operating officer of MBIA .
The new hire led the global structured finance division at MBIA before becoming president and chief operating officer. He joined the firm in 2005 as a managing director and head of corporate strategic planning. Fallon was previously a partner in the financial institutions group at McKinsey & Co.
He will replace Thomas McLoughlin, who has accepted a position with UBS Financial Services.
McLoughlin was named CEO of National when it was formed in 2009. He was head of the global public finance division at MBIA from 2005-2008 and was previously the firm’s head of global transportation and infrastructure. Before joining MBIA, McLoughlin was vice president with the government finance group of Legg Mason and assistant director of the Government Finance Officers Association.
“Tom McLoughlin’s many contributions to the success of our business over the past 16 years cannot be overstated,” Fallon said. “He was instrumental in building National’s high quality insured portfolio and positioning the company as the world’s largest U.S. public finance-only guarantor. We wish him continued success in the future.”
National Public Finance Guarantee Corp. is the world’s largest U.S. public finance-only financial guarantee insurance company, with offices in New York and San Francisco.