New Bermuda-based reinsurer GCA Ltd. intends to base three to four top executives in Bermuda.

The company, which filed an initial public offering document with the Securities and Exchange Commission in September, plans on beginning operations with an equity capitalisation of about $333.9 million.

Those who will be based in Bermuda are company chairman and chief executive officer Don Matthews, Bruce Bantz and Tony Montemurno. GCA through operating company Global Capital Access, Ltd. has been formed to provide financial guaranty reinsurance on low-rated municipal bonds and asset-backed securities.

The bonds will be rated or have a credit quality in the "A minus'' to "BB'' range.

The company plans on beginning operations after the offering of 16.75 million shares at a price of $15 each. The rest of the equity capital needed will be raised from direct sales.

Mr. Matthews was president and chief operating officer of New York-based American Capital Access Holdings Inc. (ACA) until joining Global Capital Access. American Capital provides its own brand of insurance for hospitals, schools, and small towns that have low or no credit ratings.

ACA is the backer behind Global Capital. Initially Global Capital will provide capacity to ACA increasing its capacity to write insurance policies for low-rated municipal bonds.

Mr. Matthews is also a director of Bermuda-based Annuity and Life Re (Holdings) Ltd.

Mr. Bantz will be the managing principal of the marketing and business department of GCA. He was a director and global head of asset securitisation for Dresdner Kleinwort Benson, an investment banking division of Dresdner Bank A.G., investors behind the formation of Bermuda's first AAA (Triple-A) rated financial guaranty insurance company.

Mr. Montemurno was the president of Bermuda-based Commercial Guaranty Assurance, Ltd. a financial guaranty insurance company established last year.

The company was formed to focus on commercial mortgage backed securities. He will be returning to Bermuda from New York. His position was not disclosed in the SEC document.

Bermuda-based GCA expects to have an equity capitalisation of $333.9 million after the IPO and the direct sales to strategic investors.

GCA will begin business after the public offering by underwriting four polices for ACA.