Security Capital Assurance Ltd Announces the Appointment of Jonathan Bank and Gary Grant to Its Board Of Directors
June 06 2008 - 9:15AM
PR Newswire (US)
Shareholders approve resolution to change Company name from
Security Capital Assurance Ltd to Syncora Holdings Ltd HAMILTON,
Bermuda, June 6 /PRNewswire-FirstCall/ -- Security Capital
Assurance Ltd (NYSE:SCA) ("SCA" or the "Company") announced today
that it has appointed Jonathan F. Bank and Gardner L. Grant, Jr. to
SCA's Board of Directors. Mr. Bank has been appointed as a Class
III Director and Mr. Grant has been appointed as a Class I
Director. Mssrs. Bank and Grant will be members of the Audit and
the Finance and Risk Oversight Committees. "We are pleased to
welcome Jonathan and Gary as new members of the board. They bring a
wealth of legal, financial and restructuring experience from within
and outside of the insurance industry," said SCA's Chairman,
Michael P. Esposito, Jr. Mr. Bank, 65, has over 40 years of
experience in legal, regulatory, and restructuring issues in the
insurance and reinsurance industries. He is currently of counsel
with the Los Angeles office of Locke Lord Bissell & Liddell
LLP. Previously, Mr. Bank was Senior Vice President of Tawa
Associates Ltd., as well as General Counsel of its operating
subsidiary CX Reinsurance Company. Prior to Tawa, he was the
practice leader of PricewaterhouseCoopers' US insurance and
reinsurance regulatory and restructuring practice. Earlier in his
career, Mr. Bank was a partner in the firm of Chadbourne &
Parke focusing on reinsurance issues. Mr. Bank is a member of the
Board of Directors of Platinum Underwriters Holding, Ltd., where he
is Chairman of the Compensation Committee. He is also a member of
the Board of Directors of PXRE Reinsurance Company. He received his
J.D. from Creighton University and a B.B.A. from the University of
Oklahoma. Mr. Grant, 51, has over 25 years of legal, management and
restructuring experience across a number of industries. Mr. Grant
is currently the Managing Member of GL Grant & Company, LLC, an
independent consulting company providing advisory services to
private and public companies on special situations. Prior to
beginning his own consulting practice, Mr. Grant held various
senior legal, management and board positions. He was an Independent
Director and Member of the Special Committee of the Board of
Directors of Cable & Wireless USA, Inc. and Cable &
Wireless Internet Services, Inc. throughout the financial
restructuring and sale of those companies. He also served as Chief
Restructuring Officer of FLAG Telecom Holdings Limited, a global
undersea fiber optic cable operator, and as Senior Vice President
and General Counsel of ICO Global Communications Holdings Limited,
a satellite communications company. Earlier in his career, Mr.
Grant was Executive Director of Business Development and Chief
European Counsel, respectively, at US West International, Inc. Mr.
Grant received his J.D. from the University of Colorado School of
Law and a B.A. from Brown University. Following these two
appointments, SCA's Board of Directors will have 11 members. Name
Change to Syncora Holdings Ltd The Company also announced that at
the Company's Annual General Meeting held on May 20, 2008, more
than 98% of its shareholders voted in favor of changing the
Company's name to Syncora Holdings Ltd. The Company will formally
change its name to Syncora Holdings Ltd on August 4, 2008. "We are
pleased our shareholders have approved the name change," commented
Paul S. Giordano, SCA's Chief Executive Officer. "As part of our
initial public offering in August of 2006 we agreed we would
transition away from the XL name within two years. We are taking
all steps to ensure a smooth implementation of the new name." Also
on August 4, 2008, SCA's operating subsidiaries XL Capital
Assurance Inc. and XL Financial Assurance Ltd will change their
names to Syncora Guarantee Inc., and Syncora Guarantee Re Ltd,
respectively. The Company's New York Stock Exchange ticker symbol,
SCA, will remain the same. About Security Capital Assurance Ltd
Security Capital Assurance Ltd is a Bermuda-domiciled holding
company whose common shares are listed on the New York Stock
Exchange (NYSE:SCA). For more information please visit
http://www.scafg.com/. FORWARD-LOOKING STATEMENTS This release
contains statements about future results, plans and events that may
constitute "forward-looking" statements within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. You are cautioned that these statements are not
guarantees of future results, plans or events and such statements
involve risks and uncertainties that may cause actual results to
differ materially from those set forth in these statements.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's control.
These factors include, but are not limited to: recent and future
rating agency statements and ratings actions; the outcome of the
Company's dispute with Merrill Lynch International concerning the
Company's termination of seven credit default swap ("CDS")
contracts; the Company's ability to successfully implement its
strategic plan; higher risk of loss in connection with obligations
guaranteed by the Company due to recent deterioration in the credit
markets stemming from the poor performance of subprime residential
mortgage loans; the suspension of writing substantially all new
business and the Company's ability to continue to operate its
business in its historic form; the development and implementation
of a strategic plan; developments in the world's financial and
capital markets that adversely affect the performance of the
Company's investments and its access to such markets; the
performance of invested assets, losses on credit derivatives or
changes in the fair value of credit default swaps; the availability
of capital and liquidity; the timing of claims payments and the
receipt of reinsurance recoverables; greater frequency or severity
of claims and loss activity including in excess of the Company's
loss reserves; changes in the Company's reinsurance agreements with
certain of its subsidiaries; the impact of provisions in business
arrangements and agreements triggered by the ratings downgrades;
the impact of other triggers in business arrangements including CDS
contracts; changes in regulation, tax laws, legislation or
accounting policies or practices; changes in officers; general
economic conditions; changes in the availability, cost or quality
of reinsurance or retrocessions; possible downgrade of the
Company's reinsurers; possible default by the counterparties to the
Company's reinsurance arrangements; the Company's ability to
compete; changes that may occur in Company operations and ownership
as the Company matures; and other additional factors, risks or
uncertainties described in Company filings with the Securities and
Exchange Commission, including in the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 2007, and also
disclosed from time to time in subsequent reports on Form 10-Q and
Form 8-K. Readers are cautioned not to place undue reliance on
forward- looking statements which speak only as of the date they
are made. The Company does not undertake to update forward-looking
statements to reflect the impact of circumstances or events that
arise after the date the forward-looking statements are made.
DATASOURCE: Security Capital Assurance Ltd CONTACT: Investors,
Frank Constantinople, +1-441-279-7450, ; Media, Michael Gormley,
+1-441-279-7450, , or Michele Loguidice, +1-212-333-3810, Web site:
http://www.scafg.com/
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