Syncora Holdings Ltd. Announces The Board of Directors to Engage Claude LeBlanc as a Special Advisor to the Board
August 11 2008 - 9:00AM
PR Newswire (US)
HAMILTON, Bermuda, Aug. 11 /PRNewswire-FirstCall/ -- Syncora
Holdings Ltd. (NYSE:SCA) ("Syncora" or the "Company") announced
today that beginning August 18, 2008, Claude L. LeBlanc, Executive
Vice President, Corporate Development and Strategy, will serve as a
special advisor to Syncora's Board of Directors, providing advisory
services during the second phase of Syncora's restructuring
efforts. Mr. LeBlanc will step down from his current position
effective August 15, 2008 in order to allow him to focus on the
second phase. "On behalf of the Board of Directors, I'd like to
thank Claude for his committed service and for helping Syncora
navigate through these challenging times. Claude was essential in
the leadership and successful execution of the first phase of
Syncora's restructuring. The Board of Directors believes Claude's
involvement and counsel is critical to the next phase of the
restructuring and we look forward to our continued working
relationship with Claude," stated Michael P. Esposito, Jr.,
Syncora's Chairman of the Board of Directors. Mr. LeBlanc, 43,
joined Syncora on November 16, 2006 from XL Capital Ltd where he
served as Senior Vice President, Corporate Development and was a
member of the Executive Management Group. Prior to joining XL
Capital in 2002, Mr. LeBlanc held senior financial and operating
roles with a North American telecommunications group, where in his
last position he oversaw strategic and financial planning,
corporate development and management of business operations. About
Syncora Holdings Ltd. Syncora Holdings Ltd. is a Bermuda-domiciled
holding company whose common shares are listed on the New York
Stock Exchange (NYSE:SCA). Syncora Holdings Ltd. was formerly known
as Security Capital Assurance Ltd. For more information please
visit http://www.syncora.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: the outcome of the
efforts to refund Jefferson County Alabama's outstanding sewer
system debt; the outcome of Syncora Holdings' negotiations with
third parties concerning the restructuring of Syncora Holdings; the
decision by the New York Insurance Department and the Bermuda
Monetary Authority or other regulators to take regulatory action
with respect to Syncora Holdings' operating subsidiaries at any
time; recent and future rating agency statements and ratings
actions; the outcome of our negotiations with the Financial
Counterparties concerning the commutation, termination, amendment
or otherwise restructuring of their credit default swap 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; 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 derivatives; 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
credit default swap 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: Syncora Holdings Ltd. CONTACT: Investors, Frank
Constantinople, +1-441-279-7450, , or Media, Michael Gormley,
+1-441-279-7450, , both of Syncora Holdings Ltd. Web site:
http://www.scafg.com/
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