John Hallacy, who stepped down as Bank of America (BAC:US) Merrill Lynch’s head of municipal research this year, will join bond insurer Assured Guaranty Ltd. (AGO:US) as a managing director of public finance, the company said.
“This is an exciting time to join Assured Guaranty,” Hallacy, 58, said in a statement from Hamilton, Bermuda-based Assured. “The benefits of bond insurance are clearer than ever, and its new muni-only bond insurer, Municipal Assurance Corp., is positioned to expand the market.”
Assured was the only company left insuring munis after MBIA Inc. (MBI:US) and Ambac Assurance Corp. had their ratings cut during the financial crisis amid losses on guarantees of subprime-mortgage-backed debt.
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