Cap Re founder takes over ACA

Michael Satz, the founder and former chief executive of Capital Re has been named chief executive of ACA Financial Guaranty. The company is the only A rated financial bond insurer in the US and is now looking to expand into other areas. To this end, Mr Satz’s three main tasks will be to increase ACA’s capital base, broaden its portfolio and increase the company’s profitability. Mr Satz served as chief executive officer of Capital Re (now part of the Ace group) between 1988 and 1998.