ACA Financial Guaranty, the monoline insurer which is now controlled by a group of its former counterparties, has announced that it has appointed new management. Its chief executive officer will be Ray Brooks, a former managing director with Alvarez & Marsal. Willis King, executive chairman of First Protective Insurance and Fidelity Fire and Casualty Insurance, will chair the company. ACA Financial Guaranty is no longer controled by ACA Capital Holdings, the former holding company of the monoline.