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United States

Assured Guaranty Ltd (AGO)

AGO on New York Consolidated

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25 Apr 2017
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Summary

Name Age Since Current Position

Francisco Borges

64 2015 Chairman of the Board

Dominic Frederico

63 2015 President, Chief Executive Officer, Director

Robert Bailenson

48 2011 Chief Financial Officer

Howard Albert

56 2016 Chief Risk Officer, Director

James Michener

62 2004 General Counsel, Secretary

Bruce Stern

61 2011 Executive Officer

Russell Brewer

59 2011 Chief Surveillance Officer

G. Lawrence Buhl

69 2004 Independent Director

Bonnie Howard

62 2012 Independent Director

Thomas Jones

66 2015 Independent Director

Patrick Kenny

73 2004 Independent Director

Alan Kreczko

64 2015 Independent Director

Simon Leathes

68 2013 Independent Director

Michael O'Kane

70 2005 Independent Director

Yukiko Omura

60 2014 Independent Director

Robert Tucker

Senior Managing Director

Biographies

Name Description

Francisco Borges

Mr. Francisco L. Borges is Chairman of the Board of the Company. He was Independent Director of Assured Guaranty Ltd. He is Chairman of Landmark Partners, LLC, an alternative investment management firm where he has been employed since 1999. Prior to joining Landmark, Mr. Borges was managing director of GE Capital's Financial Guaranty Insurance Company and capital markets subsidiaries. Mr. Borges is a former Treasurer for the State of Connecticut and a former Deputy Mayor of the City of Hartford, Connecticut. Mr. Borges serves on the board of directors for Connecticut Public Broadcasting Network, the University of Connecticut Health Center, the Knight Foundation, and Millbrook School. He is also a member of the board of directors of Davis Selected Funds, where he serves on the Pricing Committee and Leucadia National Corporation, where he serves on the Audit Committee and the Nominating & Governance Committee.

Dominic Frederico

Mr. Dominic J. Frederico is President, Chief Executive Officer, Director of the Company. He was Deputy Chairman of the Board of Assured Guaranty Ltd. Mr. Frederico served as Vice Chairman of ACE Ltd. from 2003 until 2004 and served as President and Chief Operating Officer of ACE Ltd. and Chairman of ACE INA Holdings, Inc. from 1999 to 2003. Mr. Frederico was a director of ACE Ltd. from 2001 through May 2005. From 1995 to 1999 Mr. Frederico served in a number of executive positions with ACE Ltd. Prior to joining ACE, Mr. Frederico spent 13 years working for various subsidiaries of the American International Group.

Robert Bailenson

Mr. Robert A. Bailenson is Chief Financial Officer of Assured Guaranty Ltd., since June 2011. Mr. Bailenson has been with Assured Guaranty and its predecessor companies since 1990. Mr. Bailenson became Chief Accounting Officer of AGM in July 2009 and has been Chief Accounting Officer of AGL since May 2005 and Chief Accounting Officer of AGC since 2003. He was Chief Financial Officer and Treasurer of AG Re from 1999 until 2003 and was previously the Assistant Controller of Capital Re Corp., the Company's predecessor.

Howard Albert

Mr. Howard W. Albert is Chief Risk Officer, Director of Assured Guaranty Ltd. Prior to that, he was Chief Credit Officer of AGL from 2004 to April 2011. Mr. Albert joined Assured Guaranty in September 1999 as Chief Underwriting Officer of Capital Re Company, the predecessor to AGC. Before joining Assured Guaranty, he was a Senior Vice President with Rothschild Inc. from February 1997 to August 1999. Prior to that, he spent eight years at Financial Guaranty Insurance Company from May 1989 to February 1997, where he was responsible for underwriting guaranties of asset-backed securities and international infrastructure transactions. Prior to that, he was employed by Prudential Capital, an investment arm of The Prudential Insurance Company of America, from September 1984 to April 1989, where he underwrote investments in asset-backed securities, corporate loans and project financings. Mr. Albert's experience in risk management, underwriting and credit and his position as the Chief Risk Officer of AGL make him valuable to the Board of Directors of AG Re.

James Michener

Mr. James M. Michener is General Counsel, Secretary of Assured Guaranty Ltd. Mr. Michener was responsible in the 2015 performance year for a number of important initiatives, including completing settlements with the last significant providers of residential mortgage-backed securities we expect to actively pursue, managing litigation and workout activities relating to a number of distressed U.S. public finance credits, and obtaining regulatory approval of several significant matters that enabled us to increase our net earned premium and to manage our capital more efficiently. • Mr. Michener was responsible for the legal support related to our loss mitigation and work-out activities, including litigation relating to the Commonwealth of Puerto Rico, a reinsurance dispute relation to an exposure acquired when we purchased Radian Asset Assurance, and the settlement of our last significant residential mortgage-backed security representation and warranty claim. • Mr. Michener was instrumental in enabling us to manage our capital more efficiently, including by obtaining the approval of our insurance regulators for AGM and AGC to reassume the final tranche of contingency reserves from AG Re, thereby increasing unencumbered assets at AG Re, and for AGM and AGC to release contingency reserves into policyholders' surplus, thereby increasing their dividend capacity. • Mr. Michener led the legal aspect of the consummation of our purchase of Radian Asset Assurance, quickly obtaining regulatory approvals, finalizing documentation and handling related personnel matters.

Bruce Stern

Mr. Bruce E. Stern is Executive Officer of Assured Guaranty Ltd. Mr. Stern was responsible in the 2015 performance year for workouts of troubled transactions and the extraction of significant value from our insured portfolio and other relationships. Mr. Stern applied creative approaches to troubled transactions to mitigate losses. Mr. Stern is also responsible for governmental affairs and our participation in an industry group. • Mr. Stern was responsible for the termination of a substantial number of credit default swaps and the related loss mitigation, acceleration of income and deleveraging. • During 2015 Mr. Stern led our effort to purchase insured bonds of poorly performing credits for loss mitigation and risk remediation. • Mr. Stern has been instrumental in advocating our viewpoint to various government officials in connection with Puerto Rico's efforts to obtain legislative authority to restructure its debt as well as various more technical issues relating to bond insurance.

Russell Brewer

Mr. Russell B. Brewer II is Chief Surveillance Officer of Assured Guaranty Ltd. has been Chief Surveillance Officer of AGL since November 2009 and Chief Surveillance Officer of AGC and AGM since July 2009. Mr. Brewer has been with AGM since 1986. Mr. Brewer was Chief Risk Management Officer of AGM from September 2003 until July 2009 and Chief Underwriting Officer of AGM from September 1990 until September 2003. Mr. Brewer was also a member of the Executive Management Committee of AGM. He was a Managing Director of AGMH from May 1999 until July 2009. From March 1989 to August 1990, Mr. Brewer was Managing Director, Asset Finance Group, of AGM. Prior to joining AGM, Mr. Brewer was an Associate Director of Moody's Investors Service, Inc.

G. Lawrence Buhl

Mr. G. Lawrence Buhl, CPA, is Independent Director of the Assured Guaranty Ltd. Through 2003, Mr. Buhl served as the Regional Director for Insurance Services in Ernst & Young LLP's Philadelphia, New York and Baltimore offices and as audit engagement partner for insurance companies, including those in the financial guaranty industry. Mr. Buhl began in 2004 to serve as a director for Harleysville Group, Inc. (NASDAQ: HGIC) and its majority shareholder, Harleysville Mutual Insurance Company, through their 2012 merger/combination with Nationwide Mutual Insurance Company and served on an Advisory Board to Nationwide through April 2014. Mr. Buhl is also a member of the Board of Sponsors of the Sellinger School of Business and Management of Loyola University Maryland.

Bonnie Howard

Ms. Bonnie L. Howard is Independent Director of Assured Guaranty Ltd. Ms. Howard has more than 30 years of experience in credit, risk management and financial reporting policies. She worked at Citigroup, Inc. from 2003 to 2011, serving as Chief Auditor from 2004 to 2011 and Global Head of Control and Emerging Risk from 2010 to 2011, leading a team of over 1,500 professionals covering $1.9 trillion of assets in over 100 countries, until her retirement in 2011. She was previously Managing Director of Capital Markets Audit at Fleet Boston Financial and a Managing Director at JPMorgan in the roles of Deputy Auditor and head of Global Markets Operational Risk Management. Ms. Howard is a certified public accountant in the United States and has over a decade of experience with KPMG and Ernst and Young. Ms. Howard currently serves on the board of directors of BMO Financial Corp., where she is a member of the risk oversight, compliance and audit committees. She is also a member of the board of directors of BMO Harris Bank N.A., where she is Chair of the Directors' Trust Committee and a member of the audit committee.

Thomas Jones

Mr. Thomas W. Jones is an Independent Director of the Company. Mr. Jones is the founder and senior partner of venture capital firm TWJ Capital LLC. Prior to founding TWJ Capital in 2005, he was the chief executive officer of Global Investment Management at Citigroup, which included Citigroup Asset Management, Citigroup Alternative Investments, Citigroup Private Bank and Travelers Life & Annuity. Earlier, he held a series of positions at TIAA-CREF, including vice chairman and director, president and chief operating officer, and executive vice president and chief financial officer, and at John Hancock Mutual Life Insurance Company, where he rose to senior vice president and treasurer. He began his career in public accounting and management consulting, primarily at Arthur Young & Company (predecessor to Ernst & Young). Mr. Jones is a current director of Altria Group, where he is a member of the compensation, finance and audit committees. A trustee emeritus of Cornell University, Mr. Jones has served on numerous boards in the past, including those of the Federal Reserve Bank of New York (where he was vice chairman), Freddie Mac, Travelers Group, Fox Entertainment Group, Pepsi Bottling Group and TIAA-CREF.

Patrick Kenny

Mr. Patrick W. Kenny is Independent Director of the Assured Guaranty Ltd. He served as the President and Chief Executive Officer of the International Insurance Society in New York, an organization dedicated to fostering the exchange of ideas through a program of international seminars and sponsored research, from 2001 to 2009. From 1998 to 2001, Mr. Kenny served as executive vice president of Frontier Insurance Group, Inc. From 1995 to 1998, Mr. Kenny served as senior vice president of SS&C Technologies. From 1988 to 1994, Mr. Kenny served as Group Executive, Finance & Administration and Chief Financial Officer of Aetna Life & Casualty. Mr. Kenny serves on the board of directors of several Voya funds. Until December 2009, Mr. Kenny was a director and member of the audit and the compensation committees of Odyssey Re Holdings Corp. Mr. Kenny was also a director of the Independent Order of Foresters from 1997 to 2009.

Alan Kreczko

Mr. Alan J. Kreczko have been appointed as Independent Director of the Company. Mr. Kreczko retired in June 2015 from his position as executive vice president and general counsel of The Hartford, a role he assumed in June 2007. In that capacity, he oversaw the law department, government affairs, compliance and communications. Additionally, he chaired the company's Environment Committee. He joined The Hartford in 2003 after 27 years in public service at the United States Department of State, where he held various senior positions. As the acting assistant secretary of state for Population, Refugees and Migration, he led the department's response to humanitarian crises in conflict situations, including Afghanistan, Timor, and West Africa. Before that, he served as special assistant to President Clinton and legal advisor to the National Security Council. Earlier, he participated in sensitive bilateral and multilateral negotiations as deputy general counsel to the Department of State and as legal advisor to the personal representatives for Middle East negotiations of Presidents Carter and Reagan.

Simon Leathes

Mr. Simon W. Leathes is Independent Director of Assured Guaranty Ltd. Since 2012, Mr. Leathes has been a non-executive director of HSBC Bank plc and is chairman of its risk committee and a member of its audit committee and its nomination and remuneration committee; he is also a member of the risk committees of the Global Banking and Markets division and the Commercial Banking division of HSBC and a non-executive director and member of the audit and finance committees of HSBC Trinkaus & Burkhardt AG. In December 2011, he became an independent, non-executive director of the Company's U.K. insurance subsidiaries, Assured Guaranty (Europe) Ltd. and Assured Guaranty (UK) Ltd. Since 1996, Mr. Leathes has served as a non-executive director of HSB-Engineering Insurance Ltd., a UK subsidiary of Munich Re, where he is the chairman of the audit and finance committee. Mr. Leathes served as Vice Chairman and Managing Director of Barclays Capital, the investment banking subsidiary of Barclays plc, from January 2001 until his retirement in December 2006. In addition, he served from 2001 to 2010 as a non-executive director of Kier Group plc, a company listed on the London Stock Exchange, where he also served as chairman of the audit committee and a member of the remuneration and nominations committees. Until June 2014, Mr. Leathes served as the chairman of the trustees of the Kier Group Pension Scheme.

Michael O'Kane

Mr. Michael T. O'Kane is Independent Director of the Assured Guaranty Ltd. Until his retirement in August 2004, Mr. O'Kane was employed at TIAA-CREF (financial products) in a number of different capacities since 1986, most recently as Senior Managing Director, Securities Division. Since 2006, Mr. O'Kane served as a director of Jefferies Group, Inc., where he was a member of the audit, compensation and governance committees. In March 2013, Jefferies merged into Leucadia National Corporation and Mr. O'Kane became a director of Leucadia, where he also serves on the audit and compensation committees.

Yukiko Omura

Ms. Yukiko Omura is Independent Director of the Company. She is a non-executive member of the Board of Directors of GuarantCo (established by the Private Infrastructure Development Group organization), where she is chair of the Asset and Liability Management Committee and a member of the Audit and New Business committees, a Supervisory Board Member of Amatheon Agri Holding N.V., and an Advisory Board Member of CG/LA Infrastructure and Frontier Markets. Ms. Omura is also a non-executive director of Nishimoto HD Co. Ltd. She served as Undersecretary General and Vice President of the International Fund for Agricultural Development (IFAD) and, prior to that, as Executive Vice President and CEO of the Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group. Ms. Omura began her career as a project economist with the Inter American Development Bank, working in the infrastructure sector. She then worked at several major investment banks in Tokyo, New York and London. At JP Morgan, she worked in M&A and derivatives, launched the emerging markets operations in Tokyo and led EMSTAR (Emerging Markets Sales, Trade and Research) Marketing for Northern Europe, out of London. Subsequently, Ms. Omura served as Senior Vice President and Head of Emerging Markets Asia, and then as Head of Credit Business, Asia, at Lehman Brothers. She then became Managing Director and Head of the Global Fixed Income and Derivatives Department for UBS Japan. Following a merger with SBC, Ms. Omura became the new head of the merged bank's Global Fixed Income and Derivatives Department, after which she joined Dresdner Bank as Managing Director and Head of Global Markets and Debt Office, Japan. In 2002, Ms. Omura created the HIV/AIDS Prevention Fund, a charitable company based in London.

Robert Tucker

Basic Compensation

Name Fiscal Year Total

Francisco Borges

373,987

Dominic Frederico

12,180,000

Robert Bailenson

3,708,000

Howard Albert

--

James Michener

4,273,940

Bruce Stern

2,426,910

Russell Brewer

3,317,920

G. Lawrence Buhl

300,883

Bonnie Howard

300,399

Thomas Jones

301,160

Patrick Kenny

300,499

Alan Kreczko

281,076

Simon Leathes

331,279

Michael O'Kane

301,397

Yukiko Omura

270,000

Robert Tucker

--
As Of  30 Dec 2015