HAMILTON, Bermuda, Aug. 15, 2016 /PRNewswire/ -- Syncora Holdings Ltd. ("SHL" or the "Company") and its wholly-owned subsidiaries, Syncora Guarantee Inc. ("SGI") and Syncora Capital Assurance Inc. ("SCAI"), today posted on its website at www.syncora.com, Statutory Quarterly Statements as of June 30, 2016 together with the second quarter 2016 Operating Supplement for SGI and SCAI. Highlights of SGI's and SCAI's statutory financial results as of June 30, 2016 are as follows:
As of June 30, 2016, SGI's policyholders' surplus increased by $63.8 million as compared to March 31, 2016 primarily as a result of the previously announced settlement with an originator of RMBS in relation to an insured RMBS-related transaction that was not the subject of litigation, in return for a cash payment of $40.0 million, and an increase in the value of SGI's investment in its wholly-owned subsidiary, SCAI. For SCAI, policyholders' surplus increased as compared to the prior quarter, primarily as a result of lower contingency reserves as a result of commutations and the continued run-off of the insured portfolio and the previously announced settlement agreement with an institutional counterparty, which included, among other things, the settlement dispute related to its guarantee of certain interest rate swaps issued with respect to the City of Detroit.
The Company expects to commence quarterly GAAP earnings calls following the posting of its second quarter GAAP financial statements to its website next month.
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.
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 filing with the New York Department of Financial Services, and in the Company's, Syncora Guarantee Inc.'s and Syncora Capital Assurance Inc.'s GAAP and statutory financial statements, as applicable, 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.
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SOURCE Syncora Holdings Ltd.