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Nutt left Friday and has been replace d by new CEOEric Martinez, according to Davidf Monfried, a spokesman for AIG based in New York. Localo officials with Greensboro-based United Guaranty said they couldnot comment. Monfried coulc not comment on the circumstancesof Nutt’s departure from the company. Nutt has been CEO of United Guarantysince 2001. United Guarantty employs about 500 peoplein Greensboro. Like others in the mortgagse insurance business, it has been hit hard by the nationwideehousing bust. In the first quarter of this year the unit reportesd operating lossesof $483 million.
The new CEO Eric Martinez has been with AIG since January and managedthe just-concludex sale of a $1.2 billio n real estate holding by the company in Monfried said Martinez has also been involvedx in a “deep strategic review” of United Guaranty. Monfriex said there are no other operational changes at United Guarantgy to announce atthis time.
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