Bloomberg News

Hallacy Joining Assured Guaranty After Bank of America Departure

September 25, 2013

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.

To contact the reporter on this story: Brian Chappatta in New York at bchappatta1@bloomberg.net

To contact the editor responsible for this story: Mark Tannenbaum at mtannen@bloomberg.net


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Companies Mentioned

  • BAC
    (Bank of America Corp)
    • $15.52 USD
    • 0.00
    • 0.0%
  • AGO
    (Assured Guaranty Ltd)
    • $23.43 USD
    • -0.03
    • -0.13%
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