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News From New York State Insurance Department
News from New York State Insurance Department
For more information contact: Andy Mais, 212-480-5262; 917-749-3408
STATEMENT BY NEW YORK STATE INSURANCE SUPERINTENDENT ERIC DINALLO
ON ANNOUNCEMENT OF SUCCESSFUL CLOSING OF AGREEMENT BETWEEN XL CAPITAL AND SYNCORA
NEW YORK, NY (08/05/2008; 2118)(readMedia)-- "The closing of the previously announced transactions between XL Capital Ltd. ("XL") and Syncora Holdings Ltd. (formerly known as Security Capital Assurance Ltd.), in addition to the closing of the transactions between Syncora and Merrill Lynch & Co., and the successful effort by XL to raise capital to help fund the transaction are continuing steps in the effort to stabilize Syncora and protect the bond insurance company's policyholders. Along with the CDO terminations recently announced by Ambac, these steps add momentum to the movement towards renewed certainty and stability in the market. The Department will continue to support and facilitate these and other efforts to enhance the financial condition of stressed bond insurers."
