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Richard Hopkin Joins Financial Security Assurance to Head Securitization in Europe and Australia

 

New York, New York, January 8, 2008 - Triple-A rated monoline bond insurer Financial Security Assurance (FSA) today announced that Richard Hopkin, formerly Managing Director and Deputy Head of Securitization, Société Générale, London, has joined FSA as Managing Director, Securitization - Europe and Australia. He reports to Philippe Z. Tromp, Managing Director, Europe and Australia. Mr. Hopkin will be based in FSA's London office, along with other FSA teams focused on infrastructure finance, CDOs and Credit Solutions.

Mr. Tromp said: "Having originated and negotiated asset-backed and structured financings across virtually every sector of the asset-backed market, Richard brings significant experience and market knowledge to this new position with us. He is the right person to assist us in expanding our securitization business, which offers us increasing opportunities in the current credit environment."

Mr. Hopkin said: "After 16 years of working as a banker in structured finance, I am very excited about applying my skills in a new arena. This is a particularly auspicious time to be joining FSA, which having proved its strength and durability during the recent market turmoil, has many new ways to add value to a broad range of securitizations."

Prior to joining Société Générale in 2002, Mr. Hopkin was Managing Director of the European Securitization Group at Deutsche Bank AG, London. Earlier in his career he worked in investment banking for both J.P. Morgan Securities Ltd., London and Citicorp Investment Bank Ltd. He began his career as a solicitor at Clifford Chance.

He is a graduate of Gonville & Caius College, Cambridge, where he received an M.A. in Law.

About FSA

Financial Security Assurance Holdings Ltd. (the Company), headquartered in New York City, is a holding company whose affiliates provide financial guarantees and financial products to clients in both the public and private sectors around the world. The principal operating subsidiary, Financial Security Assurance Inc., is a leading guarantor of public finance and asset-backed obligations. Financial Security Assurance (U.K.) Limited is a U.K.-licensed subsidiary of Financial Security Assurance Inc. Guarantees issued by these subsidiaries carry Triple-A ratings, the highest ratings available, from Fitch Ratings, Moody's Investors Service, Inc., Standard & Poor's Ratings Services and Rating and Investment Information, Inc. The Company is a member of the Dexia group.

Forward-Looking Statements

The Company relies on the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. This safe harbor requires that the Company specify important factors that could cause actual results to differ materially from those contained in forward-looking statements made by or on behalf of the Company. Accordingly, forward-looking statements by the Company and its affiliates are qualified by reference to the following cautionary statements.

In its filings with the SEC, reports to shareholders, press releases and other written and oral communications, the Company from time to time makes forward-looking statements. Such forward-looking statements include, but are not limited to:


  • projections of revenues, income (or loss), earnings (or loss) per share, dividends, market share or other financial forecasts;
  • statements of plans, objectives or goals of the Company or its management, including those related to growth in adjusted book value or return on equity; and
  • expected losses on, and adequacy of loss reserves for, insured transactions.

Words such as "believes," "anticipates," "expects," "intends" and "plans" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

The Company cautions that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in forward-looking statements made by the Company. These factors include:


  • changes in capital requirements or other criteria of securities rating agencies applicable to FSA;
  • competitive forces, including the conduct of other financial guaranty insurers;
  • changes in domestic or foreign laws or regulations applicable to the Company, its competitors or its clients;
  • changes in accounting principles or practices that may result in a decline in securitization transactions or affect the Company's reported financial results;
  • an economic downturn or other economic conditions (such as a rising interest rate environment) adversely affecting transactions insured by FSA or its investment portfolio;
  • inadequacy of reserves established by the Company for losses and loss adjustment expenses;
  • disruptions in cash flow on FSA-insured structured transactions attributable to legal challenges to such structures;
  • downgrade or default of one or more of FSA's reinsurers;
  • market conditions, including the credit quality and market pricing of securities issued;
  • capacity limitations that may impair investor appetite for FSA-insured obligations;
  • market spreads and pricing on insured CDS exposures, which may result in gain or loss due to mark-to-market accounting requirements;
  • prepayment speeds on FSA-insured asset-backed securities and other factors that may influence the amount of installment premiums paid to FSA; and
  • other factors, most of which are beyond the Company's control.

The Company cautions that the foregoing list of important factors is not exhaustive. In any event, such forward-looking statements made by the Company speak only as of the date on which they are made, and the Company does not undertake any obligation to update or revise such statements as a result of new information, future events or otherwise.