Cain Brothers & Co., a health care investment banking firm, hired Steven Rofsky as head of the firm’s restructuring group.

Robert Fraiman, CEO of Cain Brothers, alluded to a number of industry dynamics that could give rise to more restructuring work in the healthcare space. Specifically, he cited ongoing economic difficulties, healthcare reform and continued uncertainty in the financial markets.

Rofsky joins as a managing director in the firm’s New York office, where he will lead a team of senior bankers in assisting tax-exempt and investor-owned entities.

Most recently, Rofsky was managing director, portfolio risk management at Ambac Assurance Corp., where he directed the portfolio risk management activities for more than $175 billion of insured exposure in many of Ambac’s most risky asset classes. He also led the company's restructuring, workout, and recovery efforts.

Before Ambac, Rofsky held similar roles positions at American Capital Access Financial Guaranty Corp., Merrill Lynch Asset Management, Prudential Insurance Co. of America, and JPMorgan Securities.