HAMILTON, Bermuda, Aug. 2 /PRNewswire-FirstCall/ -- Security Capital Assurance Ltd (NYSE:SCA) announced today the pricing of its initial public offering of 22,447,728 common shares at $20.50 per share. Of the shares offered, 18,009,119 are being offered by SCA and 4,438,609 are being offered by the shareholder of SCA, XL Insurance (Bermuda) Ltd. The selling shareholder has granted to the underwriters a 30-day option to purchase up to an additional 2,244,773 common shares. The offering is expected to close on August 4, 2006, subject to customary conditions. SCA's common shares are expected to begin trading today, August 2, 2006, on the New York Stock Exchange under the trading symbol "SCA". Goldman, Sachs & Co., J.P. Morgan Securities Inc. and Merrill Lynch & Co. are serving as joint book-running managers of the offering. A prospectus relating to these securities, when available, may be obtained by writing to or telephoning the joint book-running managers: Goldman, Sachs & Co. Attn: Prospectus Department 85 Broad Street New York, NY 10004 Fax: +1 212-902-9316 Email: J.P. Morgan Securities Inc. Attn: National Statement Processing Prospectus Library 4 Chase Metrotech Center, CS Level Brooklyn, NY 11245 Telephone: +1 212-552-5164 Merrill Lynch & Co. Attn: Prospectus Department 4 World Financial Center New York, New York 10080 Telephone: +1 866-500-5408 A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such State. About Security Capital Assurance Ltd Security Capital Assurance Ltd is a Bermuda-domiciled holding company whose operating subsidiaries provide credit enhancement and protection products to the public finance and structured finance markets throughout the United States and internationally. Security Capital Assurance Ltd provides credit enhancement and protection through the issuance of financial guarantee insurance policies and credit default swaps, as well as the reinsurance of financial guarantee insurance and credit default products written by other insurers. Contact: David P. Shea, 441-294-7448 DATASOURCE: Security Capital Assurance Ltd CONTACT: David P. Shea, of Security Capital Assurance Ltd, +1-441-294-7448

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