Bermudian-based bond insurer Assured Guaranty Ltd has appointed Nicholas Proud as global head of origination for its financial guaranty business.

The company said Dominic Nathan will assume Mr Proud’s responsibilities as CEO of Assured Guaranty UK Limited and head of International.

Dominic Frederico, president and CEO of Assured Guaranty, said: “We created the new position of global head of origination to enhance our strategic approach to generating new business and executing transactions, including in new asset classes and jurisdictions, and we are pleased to have Nick take over this responsibility.”

Mr Proud reports to chief operating officer Robert Bailenson, who said: “Nick has the experience and knowledge in both the US and International financial guaranty businesses to lead this effort, having held high-level positions at Assured Guaranty for many years.

“Nick’s new responsibilities include developing new financial guaranty solutions for us to offer, expanding our reach into new markets and increasing our presence in existing markets.

“In addition to him overseeing the international infrastructure and global structured finance teams, he will now oversee the US public finance business, and I look forward to working with him to grow our business.”

The company said Mr Proud led the successful rebuilding of Assured Guaranty’s UK and European infrastructure finance franchise in the wake of the global financial crisis and played a central role in the combination of AGUK’s operations with those of its three subsidiaries, and the establishment of Assured Guaranty’s French subsidiary, Assured Guaranty (Europe) SA.

In 2019, Mr Proud was named senior managing director, international infrastructure and global structured finance. He has been CEO of AGUK and senior managing director, international, since 2010. He joined Assured Guaranty in 2001.

Mr Proud said: “I look forward to this new opportunity to oversee Assured Guaranty’s strategy for new business generation company-wide and to explore new markets where we could grow by putting our capital and credit capabilities to work at attractive returns.”

He added: “I am delighted that Dominic Nathan is taking over my roles as CEO of AGUK and head of international as he was instrumental in first building Assured Guaranty’s international infrastructure business and then, after 2008, he worked to rebuild our name and presence in the international markets.

“He has been at Assured Guaranty for over 20 years and his demonstrated ability to lead assures that we will continue to build on the success of AGUK and execute the strategic objectives of our international business.”

Mr Nathan was most recently senior managing director, infrastructure finance, and the chief underwriting officer of AGUK, with additional responsibility for the international infrastructure business at AGE.

He was hired in 2000 as co-head of Continental Europe, an underwriting role he held until 2005, when he was promoted to managing director and head of UK and European infrastructure finance.