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Board of Directors

Financial Security Assurance Holdings Ltd.


Robert P. Cochran
Chairman & Chief Executive Officer

Bob Cochran is chairman and chief executive officer of Financial Security Assurance Holdings Ltd. and its monoline financial guaranty insurance subsidiary, Financial Security Assurance Inc. (FSA).

A founding principal of FSA, Mr. Cochran became chairman of FSA Holdings in November 1997, adding to his roles as holding company CEO and FSA chairman and CEO. He had been president and CEO of both companies since August 1990 and chairman of FSA since July 1994. He initially served FSA as managing director of the financial guaranty department, which originates and underwrites all of FSA's asset-backed and municipal financial guaranty business. He is a director of White Mountains Insurance Group, Ltd. and was formerly chairman of the Association of Financial Guaranty Insurors.

Prior to joining FSA, Mr. Cochran was the managing partner in the Washington D.C. office of Kutak Rock & Campbell, specializing in both corporate and municipal securities law. In the 1970s, he was part of the investment banking team that developed the first tax-exempt single family housing transactions and the first tax-exempt floating rate monthly demand bonds, both of which are standard market products today.

Before joining Kutak, Mr. Cochran served a clerkship with the Honorable Pierce Lively, US Court of Appeals for the Sixth Circuit. He graduated from Centre College and the Duke University School of Law. He currently serves as a member of the law school's long range planning committee.


 

Michèle Colin

Currently head of the Risk Management Department of Dexia Crédit Local (DCL), Ms. Colin was previously DCL's compliance officer. She joined DCL in 1997 as deputy head of the Credit Risk Management Department, and later became deputy head of Human Resources. As a civil servant prior to joining Dexia, she was deputy head of the Financing and Planning Department of the City of Paris. She became a director of FSA Holdings in February 2007 and also serves on the DCL Board of Directors.


 

Bruno Deletré

As an executive vice president and member of the Management Board, Bruno Deletré is in charge of the Public and Project Finance, Credit Enhancement business line at Dexia S.A. He was previously managing director and a member of the Management Board of Dexia Crédit Local, in charge of the International and Structured Finance departments. Earlier, at the French Ministry of Finance, he was deputy-director for Europe and international monetary affairs and was a deputy member of the Board of the European Investment Bank. He was an advisor to the French Minister of Economy and Finance during preparations for European Economic and Monetary Union. He became a director of FSA Holdings in September 2001.




 

Xavier de Walque

A member of the Management Board of Dexia S.A., Mr. de Walque was previously chief financial officer and a member of the Management Board of Dexia Bank. He joined the Dexia Group as head of Mergers and Acquisitions in 2001, after a decade at Compagnie Benelux Paribas (Cobepa), where he was responsible for Corporate Finance and a member of the Management Board. Earlier, he was an advisor in the cabinet of the deputy prime minister and the Budget Ministry of Belgium. He joined the FSA Holdings board in May 2006.


 

Robert N. Downey

A senior director of Goldman, Sachs & Co., Mr. Downey was formerly head of that investment bank's Municipal Bond Department. A member of our board since August 1994, he also was formerly chairman of the Securities Industry Association, chairman of the Municipal Securities Division of the Bond Market Association and vice chairman of the Municipal Securities Rulemaking Board.


 

John W. Everets
Former Chairman and Chief Executive Officer of HPSC, Inc.

Mr. Everets served for more than 13 years as chairman and chief executive officer of HPSC, the largest independent provider of financing for medical equipment in the United States and a significant issuer of asset-backed securities. Under his leadership, the company was sold to General Electric in 2004. He was previously executive vice president and a director of Advest, Inc., a regional retail brokerage firm subsequently acquired by Merrill Lynch. As head of corporate finance at Advest, he was responsible for oversight of municipal finance and was in charge of sales, marketing and product development. He also served as vice chairman of the State of Connecticut Development Authority and has been a board member at a number of corporations and not-for-profit organizations. He joined our board in May 2007.


 

Jacques Guerber

Mr. Guerber is vice chairman of the Management Board of Dexia S.A. He was formerly group head of Public/Project Finance and Credit Enhancement at Dexia S.A. and chairman of the Management Board of Dexia Crédit Local. Before Dexia was formed, he was senior executive vice president of Crédit Local de France and a member of its Management Board. Earlier in his career, he held various management positions in the Local Development Division of Caisse des Dépôts et Consignations. He became a member of FSA Holdings' board in September 2002.


 

Séan W. McCarthy
President and Chief Operating Officer

As president and chief operating officer of FSA, Séan McCarthy has responsibility for the company's strategic direction and insurance originations across all municipal and asset-backed sectors worldwide and for bringing together all of the critical skills and technical resources needed to advance the development of FSA's businesses. He has been chief operating officer since 1997 and became president in 2000.

From 1993 to 1997, Mr. McCarthy was managing director of FSA's financial guaranty department, with responsibility for all transaction groups. In this capacity, he oversaw the marketing and underwriting of municipal transactions, asset-backed financings and residential mortgage securitizations in the United States and internationally. He also formulated new business development strategies and played a key role in expanding the company's influence throughout the asset-backed and municipal markets.

Earlier, as head of FSA's West Coast and Asia Pacific operations, he introduced the concept of asset-backed securities and monoline insurance to the Asia Pacific region and helped to open the market for residential mortgage securitization and insured infrastructure finance in Australia and New Zealand.

Prior to joining FSA in 1988, he was a vice president in the municipal securities group of PaineWebber Incorporated. Earlier, he worked at E.F. Hutton in the public finance group.


 

Axel Miller

Mr. Miller has been chief executive officer and chairman of the Management Board of Dexia S.A. since January 2006. From 2003 through 2005, Mr. Miller was chairman of the Management Board of Dexia Bank and head of Personal Financial Services for the Dexia group. He began serving on the Management Board of Dexia Bank shortly after joining Dexia in 2001 as general counsel. Earlier, he was a partner at the law firm of Clifford Chance. He practiced law for 14 years, specializing in finance law, mergers & acquisitions, and international commercial law. He obtained his law degree from the Université Libre de Bruxelles. In addition to serving on the boards of several other companies in the Dexia group, he is a director of Ethias, Crédit du Nord and LVI Holding (Groupe Carmeuse). He joined the Board of FSA Holdings in February 2006.


 

James H. Ozanne

Mr. Ozanne is chairman of Greenrange Partners. Among numerous positions in his long career in financial services, he was previously chairman of Nations Financial Holdings Corporation, president and chief executive officer of U S WEST Capital Corporation and executive vice president of General Electric Capital Corporation. He was a member of the FSA Holdings board from January 1990 through May 2003 and rejoined our board in September 2004. He was vice chairman of FSA Holdings from May 1998 to July 2000.


 

Roger K. Taylor

Mr. Taylor was president, as well as COO, of FSA Holdings from November 1997 to January 2002. He was also president of FSA from November 1997 to November 2000 and its Vice Chairman from January 2002 until his retirement in July 2004. He had been COO of both companies since May 1993 and a member of the FSA Holdings Board of Directors since February 1995. Prior to that, he was managing director of FSA's Financial Guaranty Department. Previously, he was a founder and executive vice president of Financial Guaranty Insurance Company.


 

Rembert von Lowis

Mr. von Lowis is group chief financial officer and a member of the Management Board of Dexia S.A. He was previously senior executive vice president of Crédit Local de France, after serving as its chief financial officer and a member of its Executive Board. Earlier, he held management positions in the Local Development Division of Caisse des Dépôts et Consignations and the Local Authorities Department of the French Ministry of Interior. He joined our board in July 2000.