Security Capital Assurance Ltd Announces the Appointment of Fred Corrado and Paul E. Hellmers to its Board of Directors; Annual
10 April 2008 - 11:00PM
PR Newswire (US)
HAMILTON, Bermuda, April 10 /PRNewswire-FirstCall/ -- Security
Capital Assurance Ltd (NYSE:SCA) ("SCA" or the "Company") announced
today that it has appointed Fred Corrado and Paul E. Hellmers to
SCA's board of directors. Following these two appointments, SCA's
board will have nine members. "We are pleased to welcome Fred and
Paul as new members of the board. Their collective expertise in
finance and risk management will be a strong addition to the
Company's board and we look forward to the counsel and experience
that they will bring to SCA," said SCA's chairman, Michael P.
Esposito, Jr. Fred Corrado is being nominated as a Class II
Director to fill the vacancy created by the resignation of Brian M.
O'Hara from the Company's board on November 26, 2007. Paul E.
Hellmers is being nominated as a Class I Director to fill the
vacancy created by the resignation of Alan Z. Senter from the
Company's board on December 27, 2007. Mr. Corrado has over 40 years
experience in finance, general management and corporate governance.
Mr. Hellmers has over 25 years of diverse investment banking, real
estate, insurance and general management experience. Mr. Corrado
served as chief financial officer and vice chairman of the board of
directors for Great Atlantic & Pacific Tea Co., Inc.
("A&P") from his appointment in 1992 to his retirement in 2002.
Mr. Corrado joined A&P in 1987. Prior to that, Mr. Corrado
served as president and chief operating officer of Nabisco Brands
Ltd ("Nabisco") from 1984 to 1986 and was a member of its board of
directors. Mr. Corrado joined Nabisco in 1973. Mr. Corrado
currently serves as director and audit committee chair of Novell,
Inc. (since November 2002). He also is a member of the Approva
Corporation advisory board of directors (since 2005); a director of
the New Jersey Performing Arts Center (since 1999); and is a
business strategy, acquisitions and integration consultant (since
2002). From 1998 to 2006, he served as director, member of the
executive committee and chair of the finance committee of Covenant
House. Mr. Corrado is a certified public accountant in New York
State; a member of AICPA and NYSSCPA; a member of FEI and former
chairman of their CFO Financial Advisory Council. Mr. Corrado
graduated with a B.B.A. from Manhattan College and is a graduate of
Harvard Graduate School of Business' Advanced Management Program.
Mr. Hellmers served as president and chief executive officer of
Centre Solutions (Bermuda) Ltd from 1998 to 2002. From 1995 to
1998, he served as managing director and co-founder of Zurich
Structured Finance. Prior to that, Mr. Hellmers served as a
principal for Morgan Stanley & Co., Inc. in the Fixed Income
Division, Structured Finance and Real Estate Debt Capital Markets
Group and in the Investment Banking Division, Capital Markets
Group, where he was a founding member of the Interest Rate and
Currency Swap Group. Since 2004, Mr. Hellmers has served as the
co-chairman of the board of directors and Executive Director of
Phoenix Four, Inc. He graduated summa cum laude from the University
of California at Los Angeles with a B.A. and received his M.B.A.
from Stanford University. The Company also announced that its
annual general meeting of shareholders will be held at the offices
of Security Capital Assurance Ltd, A.S. Cooper Building, 26 Reid
Street, Hamilton, HM 11, Bermuda on Tuesday, May 20, 2008 at 8:30
a.m. local time. About Security Capital Assurance Ltd Security
Capital Assurance Ltd is a Bermuda-domiciled holding company whose
common shares are listed on the New York Stock Exchange (NYSE:SCA).
For more information please visit http://www.scafg.com/ . Contact:
Investors Frank Constantinople +1 441-279-7450 Media Michael
Gormley +1 441-279-7450 Michele Loguidice +1 212-333-3810
FORWARD-LOOKING STATEMENTS This release contains statements about
future results, plans and events that may constitute
"forward-looking" statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
You are cautioned that these statements are not guarantees of
future results, plans or events and such statements involve risks
and uncertainties that may cause actual results to differ
materially from those set forth in these statements.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's control.
These factors include, but are not limited to: recent and future
rating agency statements and ratings actions; the outcome of the
Company's dispute with Merrill Lynch concerning the Company's
termination of seven credit default swap contracts; the Company's
ability to successfully implement its strategic plan; higher risk
of loss in connection with obligations guaranteed by the Company
due to recent deterioration in the credit markets stemming from the
poor performance of subprime residential mortgage loans; the
suspension of writing substantially all new business and the
Company's ability to continue to operate its business in its
historic form; the development and implementation of a strategic
plan; developments in the world's financial and capital markets
that adversely affect the performance of the Company's investments
and its access to such markets; the performance of invested assets,
losses on credit derivatives or changes in the fair value of credit
default swaps; the availability of capital and liquidity; the
timing of claims payments and the receipt of reinsurance
recoverables; greater frequency or severity of claims and loss
activity including in excess of the Company's loss reserves;
changes in the Company's reinsurance agreements with certain of its
subsidiaries; the impact of provisions in business arrangements and
agreements triggered by the ratings downgrades; the impact of other
triggers in business arrangements including CDS contracts; changes
in regulation, tax laws, legislation or accounting policies or
practices; changes in officers; general economic conditions;
changes in the availability, cost or quality of reinsurance or
retrocessions; possible downgrade of the Company's reinsurers;
possible default by the counterparties to the Company's reinsurance
arrangements; the Company's ability to compete; changes that may
occur in Company operations and ownership as the Company matures;
and other additional factors, risks or uncertainties described in
Company filings with the Securities and Exchange Commission,
including in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2007, and also disclosed from time
to time in subsequent reports on Form 10-Q and Form 8-K. Readers
are cautioned not to place undue reliance on forward-looking
statements which speak only as of the date they are made. The
Company does not undertake to update forward-looking statements to
reflect the impact of circumstances or events that arise after the
date the forward-looking statements are made. DATASOURCE: Security
Capital Assurance Ltd CONTACT: Investors, Frank Constantinople,
Security Capital Assurance, +1-441-279-7450, ; Media, Michael
Gormley, Security Capital Assurance, +1-441-279-7450, , or Michele
Loguidice, +1-212-333-3810, , of The Brunswick Group for Security
Capital Assurance Web site: http://www.scafg.com/
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