Insurance News - Insurance News - Insurance Commissioner Sean Dilweg Announces Appointments to Ambac Advisor Council
MADISON, Wis., June 28 -- The Wisconsin Office of the Commissioner of Insurance issued the following news release:
Sean Dilweg, Commissioner of Insurance for the State of Wisconsin, announced today the formation of an Advisor Council to assist in the process of rehabilitating the Segregated Account of Ambac Assurance Corporation (AAC).
The Council, composed of nine members with extensive experience in all aspects of the insurance industry, will advise the Commissioner and the Special Deputy Commissioner on a variety of issues in connection with the rehabilitation.
A subsidiary of Ambac Financial Group, Inc., AAC is domiciled in Wisconsin and subject to regulatory oversight by Commissioner Dilweg.
On March 24, 2010, the Wisconsin Circuit Court in Lafayette County granted Commissioner Dilweg's petition to formally take control of the Segregated Account of Ambac Assurance Corporation, in order to find a durable solution for policyholders, creditors and the public. The petition followed Ambac's move to create a separate legal entity, known as the Segregated Account, where a portion of AAC's policies were transferred.
The Office of the Commissioner of Insurance is expected to file a Plan of Rehabilitation with the Circuit Court later this year. During this process, Commissioner Dilweg expects to call on and benefit from advice of members of the new Ambac Rehabilitation Advisor Council. The members are:
* Sean Dilweg, Commissioner of Insurance, State of Wisconsin, Rehabilitator and Council Chair
* Kimberly Shaul, Deputy Commissioner of Insurance, State of Wisconsin, Special Deputy Rehabilitator
* Jeff Post, President and Chief Executive Officer, CUNA Mutual Group
* Steve Callahan, Senior Consultant and Practice Development Director at Robert E. Nolan Company
* David Walsh, Foley & Lardner, LLP, Counsel to the Rehabilitator
* Walter Harris, President and Chief Executive Officer of Tanenbaum-Harber Co., Inc.
* Kenneth Gibbs, President of Municipal Securities, Jefferies Group, Inc.
* Thomas Gybel, PNMAC Mortgage Opportunity Fund, LLC, Board and Special Advisor to Galileo Weather Risk Management Advisors, LLC
* Karl Case, Professor of Economics, Wellesley College
* Patricia Hopkins, Senior Executive Vice President & CFO, Independent Community Bankers of America
* Chris Evangel, Managing Director, Securities Valuation Office/NAIC
"The expert and experienced advice these advisors will provide with respect to the rehabilitation of the Segregated Account is crucial to our success," Dilweg said. "Their participation provides a valuable resource for the Rehabilitation of Ambac Assurance Corporation." |
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