Orrick, Herrington & Sutcliffe has expanded its structured finance group by hiring Michael Miran in a "of counsel capacity," a position junior to partner. He will focus on insurance-related securitization, says Ed DeSear, partner, who heads a 30-person structured finance unit for the New York-based law firm and to whom Miran will report. In his new function, Miran will help structure securitizations utilizing insurance products and insurance-like structures. His main focus will be to provide credit enhancement, or bring lower-rated securities to a higher rating level by providing credit support to the structure. The position is a newly created one reflecting the expansion of the securitization practice within the firm, says Miran.
Prior to joining Orrick, Miran was president and chief underwriting officer with Bermuda-based Commercial Guarantee Assurance, a financial guarantee insurance company. He made the move because CGA was acquired last summer by one of the largest Bermuda-based insurance company, Ace Ltd., says Miran.