Film business veteran Joan Stigliano will join completion bond company Film Finances beginning July 6.
The announcement, made by Film Finances chairman and CEO Richard Soames, comes three months after Stigliano surprised many in the film financing community by ankling her post as president of rival completion bond company Intl. Film Guarantors (Daily Variety, April 18).
At the same time Soames announced that Film Finances has strengthened its financial resources such that it is now capable of bonding productions with budgets up to $85 million.
Until now, the company’s competitors IFG and Cinema Completions Intl., insured most of the more costly productions.
“Joan will be a perfect fit within our company as we begin to bond these larger budgeted films.”
Completion bonds are basically insurance policies which pay off in the event a film goes over budget or over schedule. Banks typically require completion bonds before they will fund indie pics. Completion bond companies are also often involved in split-rights deals between two studios, which are becoming increasingly common.
Film Finances has been in business for nearly 50 years, and currently has nine offices throughout the world.
Prior to IFG, Stigliano was director of business affairs for the Completion Bond Co.