Ross to Inject Up to $1 Billion Into Assured Guaranty |
| New York Times - Feb 29, 2008 |
Wilbur L. Ross will acquire up to a $1 billion stake in bond insurer Assured Guaranty in a private placement, the company said Friday morning. He will also join Assured’s board of directors.
Mr. Ross, who heads W. L. Ross & Company, has hinted for some time that he was looking to invest in one of the bond insurance companies, which have suffered of late from the subprime mortgage crisis. Mr. Ross said that he chose Assured, one of the smaller players in the field, because it was in better shape than the larger ones like MBIA and Ambac Financial.
“We chose Assured Guaranty because it’s ranked as a strong, stable company,” he told CNBC, adding that investing in other bond insurers would be akin to “damage control. Mr. Ross said he is interested in expanding Assured’s reinsurance business.
Read Full Article from New York Times
- Posted: 2008-02-29 10:44:53
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