Billionaire investor Wilbur Ross has been appointed to the board of Bermuda-based bond insurer Assured Guaranty Ltd. after his company bought $250 million of Assured shares.

Mr. Ross had announced in late February that he intended to invest up to $1 billion in Assured, one of two bond inurers to have avoided any threat to their AAA ratings from all three rating agencies during the ongoing credit crisis.

Assured announced yesterday that investment funds managed by WL Ross & Co had purchased 10.65 million shares at a price of $23.47 per share.

Mr. Ross, president and chief executive officer of WL Ross & Co. will be effective immediately following Assured's 2008 annual general meeting, scheduled to be held on May 8, 2008.

"I am pleased to welcome Mr. Ross to our board," said Dominic Frederico, chief executive officer and president of Assured. "His market knowledge and presence will further complement our extremely strong board of directors.

"Assured continues to see strong new business opportunities in all of our markets and expects a record new business production year in 2008 for our direct financial guaranty business."

Mr. Ross said: "We are delighted that the regulators approved our transaction so promptly and are greatly impressed by Assured's dramatic gains in market share in 2008."

As previously announced, WL Ross has a remaining commitment through April 8, 2009 to purchase up to $750 million of Assured's common equity, at Assured's option, subject to the terms and conditions of the investment agreement with the company.