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Hallacy Joining Assured Guaranty After Bank of America Departure

Sept. 25 (Bloomberg) -- John Hallacy, who stepped down as Bank of America Merrill Lynch’s head of municipal research this year, will join bond insurer Assured Guaranty Ltd. as a managing director of public finance, the company said.

“This is an exciting time to join Assured Guaranty,” Hallacy, 58, said in a statement from Hamilton, Bermuda-based Assured. “The benefits of bond insurance are clearer than ever, and its new muni-only bond insurer, Municipal Assurance Corp., is positioned to expand the market.”

Assured was the only company left insuring munis after MBIA Inc. and Ambac Assurance Corp. had their ratings cut during the financial crisis amid losses on guarantees of subprime-mortgage-backed debt.

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To contact the reporter on this story: Brian Chappatta in New York at bchappatta1@bloomberg.net

To contact the editor responsible for this story: Mark Tannenbaum at mtannen@bloomberg.net

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