In the News: Press Releases
Press Releases
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RVI Group Welcomes O'Malley as Vice President, Financial Guaranty
February 12, 2008 – Stamford, Conn. – The RVI Group is pleased to announce that Sean O'Malley has joined the company as Vice President, Financial Guaranty He will focus on enhancing risk management and surveillance of financial guaranty exposures and on growing the financial guaranty reinsurance business line.
Mr. O'Malley was most recently Director of Structured and International Financial Transaction Oversight at Financial Security Assurance, a monoline bond insurer. Prior to joining FSA, he worked at American International Group as a Financial Engineer with the Enterprise Risk Management function. Earlier in his career he managed North American funding for Ford Motor Credit as part of the Treasury and Risk Management department.
Douglas H. May, CEO of RVI commented: "Sean brings a wealth of valuable risk and financial management experience to RVI. We are very pleased to have attracted someone of Sean's caliber to help grow our financial guaranty reinsurance business."
Mr. O'Malley has a B.S. in Economics from the University of Minnesota and an MBA in Finance from Carnegie Mellon.
A.M. Best Assigns Ratings to R.V.I. Guaranty Co., Ltd., R.V.I. America Insurance Company and R.V.I. National Insurance Company
Dec. 7, 2007 – Oldwick, New Jersey – A.M. Best Co. has assigned a financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of “a-” to R.V.I. Guaranty Co., Ltd. (RVI Guaranty) (Bermuda) and its Connecticut-domiciled subsidiaries, R.V.I. America Insurance Company (RVI America) and R.V.I. National Insurance Company (RVI National). (RVI Guaranty, RVI America and RVI National are collectively referred to as RVI.) The outlook for all ratings is stable. Read full story (PDF)
RVI Group Welcomes New Real Estate Surveillance Manager
November 27, 2007 – Stamford, Conn. – The RVI Group announces the appointment of Raymond P. Meglio, P.E. as Real Estate Surveillance Manager. He will be responsible for surveillance of the entire real estate portfolio for the RVI Group.
Mr. Meglio has more than 30 years experience in commercial real estate, including global portfolio management and surveillance, lease and contract negotiations, property acquisitions and disposition, construction and facilities management. Most recently he served as Vice President and REO Manager at Business Loan Express in New York City and prior to this served for ten years as Vice President, Real Estate and Strategic Sourcing at The Thomson Corporation in Stamford, CT and for over three years, served as Senior Vice President, REO at Chase Manhattan Bank in Bridgeport, Connecticut.
Mr. Meglio has a B.S. in Civil Engineering from Manhattan College, an M.S. in City Planning from Pratt Institute, and an M.B.A. from Sacred Heart University. He is a licensed real estate broker in both Connecticut and New York.
Joseph Marino Joins RVI Group as Vice President, Passenger Vehicle Group
October 1, 2007 – Stamford, Conn. – The RVI Group announces the appointment of Joseph Marino as Vice President, Passenger Vehicle Group where he will be responsible for Passenger Vehicle Analytical Services.
Mr. Marino spent 22 years with Ford Motor Company, most recently as the Remarketing Finance Manager for Jaguar Land Rover North America. Prior to that, he served as Process Improvement Manager for Jaguar Cars Limited Finance at the Corporate Headquarters in the UK, Profit Analysis Manger for the Ford Credit Europe Controller’s Office, and held numerous other roles in the Ford Credit Controllers Office and Ford Car Product Development Finance.
Mr. Marino holds a B.A. in Chemistry from Cornell University, an M.S. in Chemistry from Bowling Green State University, and an M.B.A. in Finance from Indiana University.
RVI Group Welcomes New Manager, Underwriting
September 28, 2007 – Stamford, Conn.– The RVI Group announces the appointment of Kelly Lane as Manager, Underwriting. He will be responsible for asset forecasting as part of RVI’s commercial equipment team.
Mr. Lane joins RVI after holding a variety of positions at GE Capital Solutions in Danbury, Connecticut including Senior Payoff Specialist, Northeast Region Documentation Specialist, Lease Specialist/Account Manager, and most recently three years as Senior Valuation Analyst. Mr. Lane holds Bachelors in Business Administration/Finance from Western Connecticut State University and is a Candidate Member of the American Society of Appraisers.
Standard and Poor’s Revises RVI's Outlook to Stable From Negative.; 'A-' Ratings Affirmed
Sept. 26, 2007 – Standard & Poor's Ratings Services revised its outlook on R.V.I. Guaranty Co. Ltd., R.V.I. America Insurance Co., and R.V.I. National Insurance Co. (collectively referred to as RVI) to stable from negative. At the same time, Standard & Poor's affirmed its 'A-' counterparty credit and financial strength ratings on these companies. Read full story (PDF)
The RVI Group announces the appointment of Wei Fan as Assistant Vice President.
September 4, 2007 - As the head of RVI’s Quantitative Analysis Department, Mr. Fan will be responsible for providing analytical services to both internal and external clients. Wei’s team will also be a key player in developing new products and services for current and potential new clients.
Mr. Fan most recently spent five years as Director, Used Vehicle Market Solutions at J.D. Power and Associates in Detroit. He holds a Ph.D. in Economics from the University of Michigan, Ann Arbor as well as a Master in Physics from the University of Delaware and a B.S. in Physics from Shanghai Jiao Tong University, Shanghai, China.
Zucker Joins RVI Group as Executive Vice President and Chief Underwriting Officer
August 13, 2007 – Mark Zucker has joined the RVI Group as Executive Vice President and
Chief Underwriting Officer. This position will report directly to Douglas H. May, President and CEO.
Mr. Zucker has over 30 years experience in capital markets finance. He was with MBIA Insurance Corporation in Armonk, NY from 2000 - 2007, most recently serving as Managing Director, Head of Global Structured Finance. Prior to this, he was Chief Credit Officer, Investment Banking, at Rabobank International in London. Mark also spent 12 years with Deutsche Bank in the US, Frankfurt, and London.
"We are delighted to have Mark join our team. His depth of experience and complementary skills will further expand the Management Team's capabilities, contributing significantly to RVI's future success," said CEO, Douglas H. May. "It is exciting to have someone of Mark's caliber join RVI."
Mark received his M.B.A. in Finance from the University of Connecticut and a B.A. in Business Administration / Economics from State University of New York, Plattsburgh.
Fitch Ratings Downgrades RVI's IFS to 'A'; Outlook Stable
August 8, 2007 – Fitch Ratings has downgraded the Insurer Financial Strength (IFS) ratings of R.V.I. Guaranty Co., Ltd. and its insurance subsidiaries, R.V.I. America Insurance Co. and R.V.I. National Insurance Co. (collectively RVI) to 'A' from 'A+'. The Rating Outlook is Stable. Read full story (PDF)
RVI Group Welcomes New CFO
May 29, 2007 – David A. Klanica has joined RVI Group as Senior Vice President and Chief Financial Officer. He most recently served as Vice President and CFO for Pitney Bowes Capital Services. Prior to this, he was Global Technical Controller for GE Capital, Commercial Equipment Financing, where he was responsible for financial reporting, securitization, financial risk, business combinations and portfolio purchases, and technical accounting research and training throughout that organization. He also served as the Director of Accounting Services at Mercedes-Benz Credit Corporation with responsibilities including financial reporting, portfolio and general accounting, financial planning and analysis, and treasury. Upon graduation from college, he was with KPMG LLP for twelve years, the last six years of which were as a Senior Audit Manager. He received his B.S. in Accounting from Quinnipiac University. He is a Certified Public Accountant.
Standard and Poor’s Lowers RVI’s Ratings to A-
May 17, 2007 – Standard & Poor's Ratings Services lowered its rating on R.V.I. Guaranty Co. Ltd., R.V.I. America Insurance Co., and R.V.I. National Insurance Co. (collectively referred to as RVI) to 'A-' from 'A.' The outlook is negative. Read full story (PDF)
RVI welcomes new Quantitative Analyst
May 14, 2007 – Domenick Carbone has joined the Quant Department at RVI. Domenick has an MBA from the University of Connecticut and a B.S. from Sacred Heart. Domenick has held several analytical and quantitative positions during his career including Manager of Analytics at JHP Associates LLC, Senior Business Analyst at Cendant Mobility, and Senior Analyst at Louis Dreyfus Energy. Domenick willl be a valuable asset to RVI and we are thrilled to welcome him to the team!
RVI's new online analytical system featured in "Ward's Dealer Business"
Michael P. McGroarty joins the RVI Group as Senior Vice President and General Counsel.
March 5, 2007 - Mr. McGroarty most recently spent over five years as Senior Vice President and General Counsel of Portrait Software in New Haven, CT. Prior to this, he worked at Information Management Associates of Meriden, Connecticut. He served there as Vice President, General Counsel and Secretary and for the final 18 months as Chief Operating Officer, General Counsel and Secretary.
His responsibilities at RVI will include direction of the legal functions of RVI in compliance with applicable law and regulations for the insurance industry as well as partnering with the CEO and Executive Team in strategy development and execution.
Mr. McGroarty received his Juris Doctor in May, 1986 from Villanova University School of Law and his BSBA in Finance in May 1982 from Georgetown University. He is a member of the state bars of Connecticut, California, and Pennsylvania.
Moody’s Rates R.V.I. National Insurance Co.
January 10, 2007 – New York – Moody's Investors Service announced today that it has assigned an A3 insurance financial strength rating to R.V.I. National Insurance Company ("RVI National"), a subsidiary of R.V.I. Guaranty Co., Ltd ("RVI Guaranty"). Moody's currently rates RVI Guaranty and R.V.I. America Insurance Company ("RVI America") A3 for insurance financial strength. The outlook for the ratings is stable. Read full story (PDF)
Standard & Poor Rates R.V.I. National Insurance Co.
December 12, 2006 – Standard & Poor's Ratings Services assigned its 'A' counterparty credit and financial strength ratings on RVI National Insurance Co. (RVI National) based on its core status to R.V.I. Guaranty Co. Ltd. (collectively, RVI). The outlook is negative. Read full story (PDF)
Fitch Rates R.V.I. National Insurance Co.
December 11, 2006 – CHICAGO (BUSINESS WIRE) – Fitch Ratings has assigned an 'A+' insurer financial strength (IFS) rating to R.V.I. National Insurance Company (RVI National), a subsidiary of RVI Guaranty Co., Ltd. (RVI Guaranty). The 'A+' rating of RVI Guaranty and R.V.I. America Insurance Company, a subsidiary of RVI Guaranty, (collectively RVI) is not affected by this action. Read full story (PDF)