RE: Applications

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.
<