Security Capital Assurance has announced that its wholly owned financial guarantee insurance subsidiary XL Capital Assurance, has appointed Adam Bergonzi as new chief credit officer.

Mr Bergonzi will replace Richard Heberton, managing director and chief credit officer. The company has also announced that Wynne Morriss Jr, senior vice president and head of origination of XL Capital Assurance (XLCA), had left the company.

Mr Bergonzi joined XLCA in 2006 as a managing director in the credit group, where he had primary responsibility for reviewing credits including global infrastructure and project financings, as well as the US public finance. Prior to joining XLCA, Mr Bergonzi spent 15 years at MBIA, where he held positions of increasing responsibility in MBIA’s insured portfolio management, new business, finance and corporate strategy areas.

Mr Bergonzi received his BA from Colgate University and received his JD from the New York Law School.

Paul Giordano, president and CEO of Security Capital Assurance, said: We look forward to benefiting from Adam’s strong background and experience in his expanded role. We thank both Dick and Wynne for their many years of dedicated service. They were instrumental in helping to build the company, and we wish them well in their future endeavors.