Security Capital Assurance Ltd., parent of XL Capital Assurance Inc., yesterday said Elizabeth Keys will become the company's new chief financial officer on June 1, replacing David Shea, who will leave the company.

As CFO, Keys will manage the financial accounting, short-term business planning, budgeting and long-range forecasting, and direct the treasury and investments operation, according to a release.

In 2005, Keys joined XLCA as the CFO, responsible for all of the bond insurer's financial reporting and planning functions. In August 2006, she joined SCA as a managing director and head of financial planning and analysis.

"As a senior member of SCA's finance team, Beth has played an integral role in the development of our financial capabilities, including business planning, forecasting, expense control, and management of other financial metrics," said Paul Giordano, SCA's chief executive officer, in a statement.

Keys takes the reins at SCA as its bond insurer, XLCA, seeks to pull itself from its latest difficulties. As the value of its portfolio of insured securities falls, XLCA has seen its rating knocked down by all three of the rating agencies.

Keys has an undergraduate degree in accounting from Boston College and a master's of business administration from the Alfred P. Sloan School of Management at Massachusetts Institute of Technology.


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