Commercial Risk Reinsurance is very well known and reputable, according to
the BoA insurance portfolio manager.
We do see ACA a lot through our muni derivatives business.  They will insure
lower rated credits (A- to BBB-, and some below that) who are seeking an A
rating but do not want to pay for a AAA rating.  Should be fine from our
standpoint.

> -----Original Message-----
> From:	Mary Cunningham [SMTP:MCUNNINGHAM@isda.org]
> Sent:	08 November 2001 09:41
> To:	ISDA BOARD; Robert Pickel
> Subject:	Applications
> 
> Does anyone know the following applications for Subscriber membership?  I
> would like to submit their applications for the Tuesday, Nov. 13 Board
> meeting.
> Thanks Mary
> 
> 1.  Commercial Risk Reinsurance Co. - a wholly owned subsidiary of SCOR,
> is
> a specialist insurer and reinsurer that underwrites a diversified
> portfolio
> of business on a worldwide basis.  Based in Bermuda.
> 
> 2.  ACA Risk Structures, L.L.C. - see following description provided by
> the
> applicant:
> 
> A. Background.
> 
> ACA Risk Structures, L.L.C. is a limited liability company organized on
> May
> 4, 2001 under the laws of the State of Delaware.  ACA Risk Structures is
> the
> swaps vehicle for the ACA group of companies and, as such, its primary
> business purpose is to enter into derivative transactions.  The Applicant
> does not intend to make markets in derivatives.
> 
> B. Ownership and Related Entities.
> 
> The sole owner and member of ACA Risk Structures is ACA Risk Solutions,
> L.L.C. ("ACA Risk Solutions").  ACA Risk Solutions is a Delaware limited
> liability company created as a vehicle for ownership of ACA Risk
> Structures
> and other subsidiaries.  The sole member of ACA Risk Solutions is American
> Capital Access Holdings, Incorporated, a Delaware corporation
> ("Holdings").
> Holdings also owns the Applicant's affiliate ACA Financial Guaranty
> Corporation ("ACA Financial Guaranty"), an "A" rated financial guaranty
> insurance company that commenced operations in late 1997.  ACA Financial
> Guaranty is a Maryland-domiciled monoline insurance company with its
> principal office in New York, New York.  ACA Financial Guaranty is
> licensed
> to provide financial guaranty insurance in all 50 states, the District of
> Columbia, Guam, the U.S. Virgin Islands and Puerto Rico.  ACA Financial
> Guaranty's primary business is the provision of financial guaranty
> insurance
> on financial obligations that are rated from "A-" to "BB" or that are
> unrated and have in ACA Financial Guaranty's opinion an equivalent credit
> quality. 
>