AGC Appoints Michael Schozer President; Jerry Jurschak Retirement

December 29, 2003

ACE Guaranty Corp. announced the appointment of Michael Schozer as its new President and the retirement of Jerry Jurschak, Chief Executive Officer of ACE Financial Services, AGC’s parent company.

Schozer comes to AGC from Ambac, where he was the managing director of Structured Finance and Credit Derivatives. Prior to his employment at Ambac, Schozer worked at Barclays Bank in derivative products.

“With his proven track record of building a successful credit enhancement business, Michael Schozer is ideally suited to lead AGC’s growth in the direct financial guaranty market,” stated Dominic Frederico, Vice Chairman of ACE Limited.

The bulletin noted that “Mr. Jurschak was one of the founders of Capital Re Corporation, predecessor of ACE Financial Services.” Frederico noted that “Jerry has been instrumental in the growth and development of ACE Guaranty Corp.’s and ACE Capital Re’s various credit enhancement businesses. We wish him well in the future.”

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