GWP less treaty: £67.6m

Financial Security Assurance


1 Angel Court London EC2R 7AE

t: 020 7796 4646

f: 020 7796 3540


Year established: 1985

Major shareholder: Dexia

Number of UK offices: 1

Number of UK employees (2003): 44

Main lines of business: Financial guaranty insurance for municipal bonds, infrastructure financings and asset-backed obligations in world markets

Company history:

Financial Security Assurance (FSA) provides Aaa/AAA financial guarantees for local government debt, public sector project financing, asset-backed securities and structured financings in world markets.

The unconditional and irrevocable FSA guaranty assures timely payment of principal and interest to bond investors or direct lenders.

A separately capitalised member of the Dexia group, FSA operates primarily in North America, Europe and developed countries of the Asia Pacific region.

Its UK subsidiary is called Financial Security Assurance (UK).

Founded in New York in 1985 with capital from a group of institutional investors, it pioneered the use of financial guarantees in the asset-backed securities market.

In 1990, it entered the US municipal bond market, where it has also become a leader. Its holding company, listed on the New York Stock Exchange in 1994, was acquired by Dexia in 2000.

FSA financial guaranty insurance is rated AAA by Fitch, Moody's, Standard & Poor's and Rating and Investment Information Inc.

Chief officer: Robert P Cochran


Cochran is chairman and chief executive of FSA. A founding principal of the company, he became president and chief executive in 1990 and chairman and chief executive in 1997.

He was initially the managing director of FSA's financial guaranty department, which originates and underwrites all of FSA's asset-backed and municipal financial guaranty business.

Before joining FSA, he was managing partner of the Washington, D.C. office of law firm Kutak, Rock and Campbell.

He is a former chairman of the Association of Financial Guaranty Insurors.