Syncora Holdings Ltd. Announces Posting of Annual Statements and Fourth Quarter 2014 Operating Supplement for Syncora Guarantee Inc. and Syncora Capital Assurance Inc., Highlights Changes in Surplus and Announces Earnings Call for Consolidated Annual Financial Statements to be Held in Second Quarter of 2015
NEW YORK, Feb. 27, 2015 /PRNewswire/ -- Syncora Holdings Ltd. (the "Company") announced today that it has posted on its website at www.syncora.com, Annual Statements for the year ended December 31, 2014 and the fourth quarter 2014 Operating Supplement for subsidiaries, Syncora Guarantee Inc. ("SGI") and Syncora Capital Assurance Inc. ("SCAI").
During the fourth quarter of 2014, SGI recorded a net loss of $137.4 million resulting primarily from adverse development in structured single risk exposures of $166.2 million. As a result of this adverse development, and together with other operating activities, SGI's statutory surplus as of December 31, 2014 declined by $116.1 million to $856.0 million from $972.1 million as of September 30, 2014. SCAI recorded net income of $14.0 million for the fourth quarter of 2014. As a result of its positive earnings and the $30 million capital contribution from SGI in the fourth quarter, SCAI's statutory surplus as of December 31, 2014 increased by $47.5 million to $164.5 million from $117.0 million as of September 30, 2014. The quarter was also highlighted by continued reduction in net par outstanding of $3.7 billion to $41.5 billion as of December 31, 2014 from $45.2 billion as of September 30, 2014 (on a consolidated basis).
In addition, the Company announced that it plans to hold an earnings call to discuss its consolidated annual GAAP financial statements which it anticipates will be filed in the second quarter. On the call management also expects to comment on the statutory surplus and liquidity positions of both SGI and SCAI and to provide an update with respect to the Company's strategic goals which were highlighted on the Company's November 20, 2014 investor call (presentation and transcript available on www.syncora.com).
About Syncora Holdings Ltd.
Syncora Holdings Ltd. (OTC: SYCRF) is a Bermuda-domiciled holding company. Syncora Guarantee Inc. and Syncora Capital Assurance Inc. are wholly owned subsidiaries of Syncora Holdings Ltd.
Contact
Michael Corbally
1 212 478 3400
[email protected]
Forward-Looking Statements
This release contains statements about future results, plans and events that may constitute "forward-looking" statements. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "comfortable with," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control. These risks and uncertainties include, but are not limited to, the factors described in the Company's historical filings with the New York Department of Financial Services or the Securities and Exchange Commission, including in its Annual Report on Form 10K for the fiscal year ended December 31, 2008, as amended and in the Company's, Syncora Guarantee Inc.'s and Syncora Capital Assurance Inc.'s financial statements posted on its website at www.syncora.com. 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.
SOURCE Syncora Holdings Ltd.
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