Ace has hired Michael Schozer, managing director and head of structured finance and credit derivatives at Ambac Financial Group in New York, as president of one of its business units. One official said Schozer will land at Ace Guaranty Corp, which operates in the credit derivatives, structured cash products, insurance and reinsurance markets. Schozer declined comment. Barbara Van Hassel, spokeswoman, Joe Swain, ceo, and Howard Albert, president, did not return calls.
Schozer is one of the highest profile sellers of credit-default swaps and has led the monoline community on several issues, including the debate over the restructuring credit definition in International Swaps and Derivatives Association documentation.
He is credited with building one of the most successful structured finance and credit derivatives businesses in the investment community from scratch. It now includes collateralized debt obligations, credit derivatives, big ticket leasing and structured insurance. Schozer has been at the monoline for seven years.
At Ace Guaranty Corp., Albert was promoted to president from executive v.p. in January and Swain, the former president, became ceo. One official said Ace employees were speculating that Albert will become chief underwriting officer if the latter joins as president and would report to Schozer.
Ambac is unlikely to appoint a direct replacement for Schozer because it is reorganizing its entire structure. Phillip Lassiter, ceo, is retiring next month and Robert Genader, president and coo, is expected to be rubber-stamped as his successor at a board meeting next month. Genader did not return calls.