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.

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.

Ling Chow, General Counsel and Secretary

Ling Chow is General Counsel and Secretary of Assured Guaranty Ltd. and its subsidiaries (collectively, the Company). She is responsible for legal affairs and corporate governance at the Company, including its litigation and other legal strategies relating to distressed credits, and its corporate, compliance, regulatory and disclosure efforts. Ms. Chow is also responsible for the Company’s human resources function. She began her tenure at the Company in April 2002 as a transactional attorney, working on the insurance of structured finance and derivative transactions.

Prior to arriving at the Company, Ms. Chow worked as a corporate associate at law firms in New York City, most recently Brobeck, Phleger & Harrison LLP, where she was a senior associate responsible for transactional work associated with public and private mergers and acquisitions, venture capital investments and private and public securities offerings.

Ms. Chow received a J.D. from New York University School of Law and graduated magna cum laude from Harvard College.

Stephen Donnarumma, Chief Credit Officer

Stephen Donnarumma is a senior managing director and chief credit officer for the Assured Guaranty companies, with responsibility for overseeing the underwriting process. Mr. Donnarumma joined Assured Guaranty in 1993 and was previously the managing director of the Mortgage and Asset-Backed Securities Group. He has also served as the chief underwriting officer and chief operating officer of Assured Guaranty Mortgage Insurance Company, chief operating officer of Assured Guaranty Re Ltd., and chief risk officer of Assured Guaranty Corp.

Previously, Mr. Donnarumma served as vice president, structured finance, at Financial Guaranty Insurance Company and as director of Credit Risk Analysis in the Credit Policy Division at Fannie Mae. He began his career as an analyst for Moody's Investors Service.

Mr. Donnarumma received an M.B.A. from The Stern School of Business at New York University. He has a B.S. from the Wharton School of the University of Pennsylvania.

Holly Horn, Chief Surveillance Officer

Holly Horn is Chief Surveillance Officer of Assured Guaranty Ltd. Previously, Ms. Horn served as Chief Surveillance Officer, Public Finance where she was responsible for ongoing surveillance, monitoring and loss mitigation of municipal risks insured by the Company across all sectors of the municipal market. Prior to that, she was a director in Assured Guaranty’s health care surveillance group and a director in the health care underwriting group, where she was responsible for analyzing and recommending the insurability of health care credits. Ms. Horn began her public finance career at Inova Health System, a nationally ranked integrated health care delivery system and subsequently served as a senior manager for the national health care strategy practice at Ernst & Young.