December 15, 2008
ACA FINANCIAL GUARANTY ANNOUNCES NEW GENERAL COUNSEL
NEW YORK – ACA Financial Guaranty Corporation (“ACA”) announced the addition of
Steven Berkowitz as its new general counsel. Mr. Berkowitz brings more than 20 years
of industry experience to the company and a broad knowledge in the public finance
and corporate fields.
This follows the Maryland Insurance Administration’s approval of a restructuring
plan for ACA, which took effect August 8, 2008. In September, an entirely new Board
of Directors and CEO were announced as part of the Company’s restructuring, and
Mr. Berkowitz is the latest addition to this transitional management team.
“We are excited to welcome such a seasoned professional to our executive team,”
said Raymond J. Brooks, Jr., Chief Executive Officer of ACA. “With Steven’s extensive
industry background and knowledge of the specific legal matters affecting financial
guarantors, we are well positioned to move forward in this new phase for the Company.”
Mr. Berkowitz spent the past 16 years with Financial Security Assurance Inc. (“FSA”),
where he most recently was a Managing Director in the Asset Finance Group. Prior
to this position at FSA, he served as Managing Director of the Municipal Structured
Finance Group and in the Legal Department as Managing Director and Associate General
Counsel.
“Steven has a broad range of experience with legal work pertinent to public finance
that will be especially beneficial in our remediation efforts,” added Mr. Brooks.
Prior to joining FSA, Mr. Berkowitz was an associate with Mudge Rose Guthrie Alexander
& Ferdon in their Public Finance Department. Here, he represented issuers, underwriters,
borrowers, banks, insurers, and other parties in complex public and private financings.
Mr. Berkowitz received his B.A. degree in Economics and History, Magna Cum Laude,
from the State University of New York at Albany, and a J.D. from the State University
of New York at Buffalo School of Law.
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Founded in 1997, ACA Financial Guaranty Corporation is a monoline bond insurance
company licensed in 50 states and 5 territories and regulated by the Maryland Insurance
Administration.
On August 8, 2008, the Company and counterparties to its structured finance products
reached an agreement on a restructuring plan for ACA. The plan, approved by the
Maryland Insurance Administration, provided for settlement of the structured finance
obligations and protection for ACA’s municipal policyholders. ACA will operate as
a runoff insurance company and focus on actively monitoring its remaining insured
municipal obligations.
ACA’s portfolio consists of approximately 700 policies guarantying timely payment
of principal and interest on more than $7 billion of generally high yield municipal
bonds.