Along with Buffett, Ross’s Foray into the Bond-Insurance Industry Could Ignite its Turnaround

(NewsVisual, powered by IntellectSpace) -- The New York Times reported in its DealBook section on Friday that Wilbur L Ross, considered a turnaround artist by many observers, plans to invest $1 billion in the troubled bond-insurance company Assured Guaranty (NYSE: AGO).

This move places Ross in the august company of the Sage of Omaha, Warren E Buffet, who has recently established Berkshire Hathaway Assurance, which could “reinsure parts of MBIA’s and Ambac’s portfolios,” The Times reported in its article.

With respect to Ross’s own professional background, he is steeped in the “recovery” business, so to speak.

For example, NewsVisual created an IntellectSpace Knowledge Map that shows that Mr. Ross is the CEO/Chairman of the merchant banking firm WL Ross & Co LLC, the CEO/Chairman of the WLR Recovery Fund LP, the Asia Recovery Fund, and the Absolute Recovery Hedge Fund.

We note that the word “Recovery” pops up repeatedly in Mr Ross’s financial ventures, which suggests that he specializes in financing companies that require measures to effectuate a turnaround to financial well being.

Mr Ross’s business experience is more comprehensive than that with just fund companies, however.

Indeed, Mr Ross also serves as a member of the Board of Directors of several large companies, including the following:

Ross Jr is the non-executive Chairman of the International Coal Group Inc; the Chairman of the International Textile Group Inc; and a Director of Mittal Steel Co NV (which recently acquired International Steel Group Inc).

In terms of his involvement with non-profits institutions, Mr. Ross is a member of the Business Roundtable as well as a board member of the Japan Society and the Yale University School of Management.

Given his sterling credentials, Mr Ross’s entry into the bond-insurance industry could offer many of its executives a cause for optimism.

(Note: the information contained and presented in Knowledge Maps is public information from the Securities and Exchange Commission of the United States of America).

Click here for an interactive version of this IntellectSpace Knowledge Map.

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[Pham Vin Diesel]

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