Bermuda-based CIFG Holding, Ltd., the holding company for CIFG’s financial guaranty subsidiaries, has named David Rockwell Chief Risk Officer with overall responsibility for the company’s risk management activities and surveillance functions. CIFG also nmaed Thierry Dissaux to serve as Head of European Operations and CEO for CIFG Europe.
CIFG has been hit hard by the current crisis in the subprime mortgage market, losing its ‘AAA’ rating from both Standard & Poor’s and Fitch Ratings (see IJ web site – https://www.insurancejournal.com/news/national/2008/03/13/88211.htm and https://www.insurancejournal.com/news/national/2008/03/11/88122.htm).
CEO John Pizzarelli described both men as “extremely experienced, seasoned professionals who will help enormously in our efforts aimed at strengthening our risk management procedures and building up our European presence.”
Rockwell has held several senior risk management positions over the last 15 years, including Head of Structured Finance Risk Management at Radian Asset Assurance and Chief Credit Officer for AIG Risk Finance. He earned his bachelor’s degree at St. Lawrence University and a law degree from Albany Law School.
Dissaux has served in several positions, including corporate development and strategy, with CIFG and a former parent company, IXIS, since 2000. Before that, he held various positions in the Treasury Department of the French Ministry of Finance, including serving as a financial attaché and Treasury representative to the American and Japanese financial authorities. Mr. Dissaux is a graduate of the ENA (Ecole Nationale d’Administration) and Sciences Po and holds a diploma in engineering from Ecole Centrale de Paris.
The bulletin also noted that “CIFG Holding, Ltd. is the holding company for CIFG Guaranty, Ltd., CIFG Assurance North America, Inc. and CIFG Europe. CIFG is capitalized with over $3 billion in claims-paying resources. CIFG provides insurance and reinsurance for investment grade transactions in the structured finance, public finance and project finance markets in the US and Europe.”
Source: CIFG – www.cifg.com
Topics Europe Risk Management
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