Mr. Randazzo, who joined XLCA in 2002 as a Managing Director in XLCA's Structured Single Risk group, has more than 12 years' experience in the financial guarantee industry. Prior to XLCA, Mr. Randazzo was a First Vice President at Ambac Assurance Corporation, with responsibilities in Ambac's domestic new business initiative in structured municipal finance. He was earlier an associate at Financial Guaranty Insurance Company (FGIC). Mr. Randazzo will continue to report to Wynne Morriss, Senior Managing Director and head of the Structured Single Risk group.
Mr. Morriss stated, "We are delighted that Tom, with his vast experience in our industry and his proven track record, will lead our public finance team." Mr. Randazzo said, "We are gratified by the explosive growth of our public finance business, as issuers and investors have embraced XLCA's triple-A capacity and expertise, and look forward to continuing to meet our public finance clients' needs."
XLCA, rated triple-A by Moody's Investors Service, Standard & Poor's Ratings Services and Fitch Ratings, is a New York-domiciled financial guarantee insurer. XLCA specializes in commercial and consumer asset securitization; structured investment products; U.S. public finance; and structured single risk, which comprises power & utilities, global infrastructure, future flow securitization, bank deposit insurance, and whole loan securitization. XLCA is an indirect, wholly owned subsidiary of XL Capital Ltd (NYSE: XL), which, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis.