June 1, 2009 Lilla Zuill/Reuters
A newly formed U.S. municipal bond insurer, ready to open its doors as soon as it gets credit ratings, expects to launch with about 50 employees and double that number as it ramps up, executives told Reuters.
Municipal and Infrastructure Assurance Corp (MIAC), the New York-based insurer formed by Australia's Macquarie Group Ltd (MQG.AX) and Chicago hedge fund Citadel Investment Group over the last year, is in the final stages of its launch, having won licenses in several major states and with strong support from issuers, said Rick Kolman, executive vice-chairman, in an interview last week.
"We are active in the marketplace, preparing people for our business," said Kolman, who joined MIAC last year from Goldman Sachs (GS.N)."We are on a parallel path while we are waiting for the ratings," he added, meeting with prospective customers and employees.
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