Executive Officers

Dominic J. Frederico, President and Chief Executive Officer

Dominic Frederico is President and Chief Executive Officer of Assured Guaranty Ltd., a position he has held since December 2003. During his tenure, Assured Guaranty became the leading provider of municipal bond insurance and financial guarantees. Assured Guaranty completed its initial public offering in 2004 under his leadership, and, in 2009, acquired the financial guaranty insurance company now named Assured Guaranty Municipal, thereby merging the only two monoline insurers to continue writing policies before, during and after the Great Recession.

Mr. Frederico has supervised the operations of Assured Guaranty since its acquisition in 1999 by ACE Limited, where he was Vice Chairman, and also served as Chairman of ACE Financial Services, ACE INA and ACE USA. He worked at ACE for nine years prior to his post at Assured Guaranty, progressing to increasingly senior positions, including: President & CEO, ACE Bermuda; Chairman, President & CEO, ACE INA Holdings; and President & Chief Operating Officer, ACE Limited. He oversaw the successful acquisition and integration of the domestic and international property casualty operations acquired by ACE from CIGNA Corporation in July 1999 and the acquisition of Capital Re Corp., the predecessor company to Assured Guaranty, in December 1999.

Prior to joining ACE, Mr. Frederico spent 13 years working for various subsidiaries of the American International Group.

Mr. Frederico holds an M.B.A. in Finance and a B.S. from Drexel University and a Certified Public Accountant’s designation in the State of Pennsylvania. In addition to his professional responsibilities, he is a Member of the American Institute of Certified Public Accountants and the Pennsylvania Institute of Certified Public Accountants.

James M. Michener, General Counsel and Secretary

James Michener is General Counsel and Secretary of Assured Guaranty Ltd. Prior to joining Assured Guaranty in February 2004, Mr. Michener was General Counsel and Secretary of Travelers Property Casualty Corp. (NYSE: TAP) from 2002 to February 2004. In 2001 and 2002, Mr. Michener served as general counsel of Citigroup’s Emerging Markets business. From 1996 to 2001, Mr. Michener was General Counsel of Travelers Insurance Companies, including Travelers Property Casualty Corp. In 1995 and 1996, Mr. Michener was Deputy General Counsel of United Healthcare Group. In 1995, he was also General Counsel of the MetraHealth Companies. Prior to 1995, Mr. Michener held a number of positions with The Travelers Insurance Companies.

James Michener is a graduate of Boston College and Georgetown University Law School.

Robert A. Bailenson, Chief Financial Officer

Robert Bailenson is Chief Financial Officer of Assured Guaranty Ltd. He has been Managing Director and Chief Accounting Officer of Assured Guaranty Ltd. since May 2005 and has been with Assured Guaranty and its predecessor companies since 1990. He became the Chief Accounting Officer of Assured Guaranty Corp. in 2003 and was Chief Financial Officer and Treasurer of Assured Guaranty Re Ltd. from 1999 until 2003. He was previously the Assistant Controller of Capital Re Corp., which was acquired by ACE Limited in 1999. Prior to joining Assured Guaranty in 1990, Mr. Bailenson was with Ernst & Young LLP.

Mr. Bailenson holds a Bachelor of Science in Business and Economics from Lehigh University. He is a Certified Public Accountant in the State of New York, and is a member of the American Institute of Certified Public Accountants.

Bruce E. Stern, Executive Officer

Bruce Stern has been Executive Officer of Assured Guaranty Corp. and Assured Guaranty Municipal Corp. since July 2009. Mr. Stern was General Counsel, Managing Director, Secretary and Executive Management Committee member of Assured Guaranty Municipal Corp. from 1987 until July 2009.

Mr. Stern works with regulators, legislative bodies and other governmental agencies to develop appropriate policies relating to the financial guaranty industry. He is also responsible for other corporate matters, including Assured Guaranty’s corporate organization and transaction workouts, and is a member of Assured Guaranty’s Management Committee.

In 1989, Mr. Stern played an important role in negotiating the provisions of the insurance law enacted in the State of New York establishing financial guaranty insurance as a separate line of insurance.

Mr. Stern came to Assured Guaranty Municipal Corp. (AGM) from the New York law firm of Cravath, Swaine & Moore, where he advised AGM's institutional investors in connection with the initial capitalization of AGM. At Cravath, he had extensive experience in project and lease financings, securitized real estate financings, public offerings, private placements, M&A transactions and commercial banking transactions.

A graduate of Harvard College and Harvard Law School, Mr. Stern is chairman of the Association of Financial Guaranty Insurers (AFGI).

Howard W. Albert, Chief Risk Officer

Howard Albert is Chief Risk Officer for Assured Guaranty Ltd., with responsibility for overseeing the Company’s underwriting process. Prior to this, he was Chief Credit Officer of Assured Guaranty Ltd. from 2004 to April 2011. Mr. Albert has over 20 years of experience in credit risk and structured finance. He joined Assured Guaranty in September 1999 as Chief Underwriting Officer of Assured Guaranty Corp.

Prior to joining Assured Guaranty, Mr. Albert spent two years as Senior Vice President with Rothschild, Inc. where he structured privately placed asset-backed securities and collateralized debt obligations. He joined Rothschild, from Financial Guaranty Insurance Company, where he started and managed its Asset-Backed Securities Group and ultimately became responsible for both its asset-backed securities and international businesses. His career began at The Prudential Insurance Company of America where he underwrote investments in asset-backed securities, corporate loans and project financings.

Mr. Albert has an M.B.A. from the University of Chicago, a B.A. in English from the University of Pennsylvania and a B.S. in Economics from the Wharton School of the University of Pennsylvania.

Russell B. Brewer II, Chief Surveillance Officer

Russell Brewer is Chief Surveillance Officer of Assured Guaranty Ltd., Assured Guaranty Corp. and Assured Guaranty Municipal Corp. Mr. Brewer manages the risk profile of the insured portfolios of the Assured Guaranty companies. He supervises both surveillance and certain risk mitigation activities.

Mr. Brewer has been Chief Surveillance Officer of Assured Guaranty Ltd. since November 2009, and Chief Surveillance Officer of Assured Guaranty Corp. and Assured Guaranty Municipal Corp. since July 2009. Mr. Brewer has been with Assured Guaranty Municipal Corp. since 1986. He was Chief Risk Management Officer of Assured Guaranty Municipal Corp. from September 2003 until July 2009 and Chief Underwriting Officer of Assured Guaranty Municipal Corp. from September 1990 until September 2003. Mr. Brewer was also a member of the Executive Management Committee of Assured Guaranty Municipal Corp. He was a Managing Director of Assured Guaranty Municipal Holdings Inc. from May 1999 until July 2009. From March 1989 to August 1990, Mr. Brewer was Managing Director, Asset Finance Group, of Assured Guaranty Municipal Corp. Prior to joining Assured Guaranty Municipal Corp. Mr. Brewer was an Associate Director of Moody’s Investor’s Services, Inc.

Mr. Brewer holds a B.A. from Colby College and an M.B.A from New York University.