Richard A. Cole on Sept. 3 will leave his various functions and responsibilities with Enhance Financial Services Group Inc. to become managing director and chief credit officer -- a newly created position -- at Financial Guaranty Insurance Co.
Mr. Cole was president of Guaranty Risk Services, an Enhance subsidiary that arranged securitization for tax-exempt real estate transactions. At FGIC, Mr. Cole will oversee risk management and underwriting in the bond insurer's structured finance endeavors, as well as the firm's entire risk profile.
He become a member of FGIC's executive committee and specifically will direct the financial institutions, corporate credit, and portfolio surveillance departments.
Stephen Berger, president and chief executive officer of FGIC, said the insurer is "fortunate to have recruited an individual who brings such diversity and expertise on credit analysis."
A native of England, Mr. Cole has been in the United States since 1974. He has held positions with IBM, PaineWebber Health Care Funding Inc., and Hospital Corp. of America.