Ambac's David Boyle Elected to AFGI Chair

David L. Boyle, vice chairman of Ambac Financial Group Inc., the holding company for bond insurer Ambac Assurance Corp., has been elected as the new chairman of the Association of Financial Guaranty Insurers.

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AFGI announced yesterday that Boyle, formerly the association's treasurer and a five-year employee for Ambac, will serve a two-year term. Boyle, who was an institutional banker with Citibank for 22 years before joining Ambac, is currently responsible for the firm's Portfolio Risk Management Group.

He succeeds Robert P. Cochran, chairman and chief executive officer for Financial Security Assurance Holdings Ltd., the parent company of bond insurer Financial Security Assurance Inc.

Joseph W. Swain, president of ACE Guaranty Re, was elected to serve as vice chair for AFGI. Neil G. Budnick, vice chairman of MBIA Insurance Corp., was elected as to replace Boyle as treasurer. Deborah M. Reif, chair of Financial Guaranty Insurance Co., which is a subsidiary of GE Capital, was elected to serve as secretary. All these positions carry two-year terms.

AFGI has nine member firms, representing insurers and reinsurers of municipal bonds and asset-backed securities. Since its inception 30 years ago, AFGI members have insured nearly $2 trillion in debt securities.

-- Aaron T. Smith


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