Syncora Holdings Ltd. Announces Departure of Chief Financial Officer Elizabeth A. Keys
17 Noviembre 2008 - 4:19PM
PR Newswire (US)
Mary R. Hennessy, Director, resigns from Syncora Holdings' Board of
Directors HAMILTON, Bermuda, Nov. 17 /PRNewswire-FirstCall/ --
Syncora Holdings Ltd. ("Syncora" or the "Company") (NYSE:SCA)
announced today that Ms. Elizabeth A. Keys, 39, will be leaving her
position as Chief Financial Officer, effective November 19, 2008,
to pursue another employment opportunity within the financial
services industry. The Company's Board of Directors has elected not
to name a replacement CFO at this time. Additionally, the Company
announced that Mary R. Hennessy, a Board member since the firm's
initial public offering in 2006, has resigned from the Board of
Directors of Syncora effective November 15, 2008. Ms. Hennessy
advised the Company that her resignation was due to a combination
of factors including increased demands of the Syncora Board coupled
with her other work commitments. After Ms. Hennessy's departure
there are five members on the Company's Board of Directors. The
Company expects to announce the appointment of four new Directors
in the near future who will be added to the Board of Directors
pursuant to the Master Commutation, Release and Restructuring
Agreement, dated as of July 28, 2008, once the 30,069,049 shares of
Syncora are released from escrow into the SCA Shareholder Entity in
accordance with the aforementioned agreement. "On behalf of the
Board of Directors, we'd like to thank Beth and Mary for their
service and dedication to the Company. We greatly appreciate their
hard work, particularly over the past few months during our
critical restructuring initiatives. The entire Board also joins me
in wishing Beth and Mary every success in their future endeavors,"
commented Susan Comparato, Acting Chief Executive Officer and
General Counsel of Syncora Holdings Ltd. 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/. Investor and Media Contact: Michael
Gormley +1 441-279-7450 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: our ability to
continue as a going concern; higher risk of loss in connection with
obligations guaranteed by the Company due to deterioration in the
credit markets stemming from the poor performance of subprime
residential mortgage loans; the outcome of our negotiations with
the bank counterparties concerning the commutation, termination,
amendment or otherwise restructuring of their credit default swap
("CDS") contracts and the expiration of their forbearance; Syncora
Guarantee's ability to maintain minimum required policyholders'
surplus or positive policyholders' surplus; the decision by our
regulators to take regulatory action with respect to the Company's
operating subsidiaries at any time; the availability of capital and
liquidity, including risks associated with the Master Transaction
Agreement and related transactions and agreements with the New York
Insurance Department; 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; changes in
regulation, tax laws, legislation or accounting policies or
practices; delisting from the New York Stock Exchange; limitations
on our net operating carry forwards; payment of terminations values
under CDS contracts; non-payment of premium and make whole payments
by policy holders and counterparties; challenge to the Master
Transaction Agreement and related commutations and releases; impact
of non- payment of dividends on the Company's Series A Preferences
shares on the Company's Board of Directors; the outcome of the
efforts to refund Jefferson County, Alabama's outstanding sewer
system debt and the outcome of related litigation; the performance
of invested assets, losses on credit derivatives or changes in the
fair value of CDS contracts, losses on the shares of XL Capital
Ltd.; recent and future rating agency statements and ratings
actions; the suspension of writing substantially all new business
and the Company's ability to continue to operate its business in
its historic form; the outcome of litigation; 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; our assumptions concerning
the tax treatment of the transactions contemplated by the Master
Transaction Agreement and related agreements and related
transactions; 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 officers and key employees; 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: Investor and Media Contact, Michael Gormley,
Syncora Holdings, +1-441-279-7450, Web site:
http://www.syncora.com/
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