HAMILTON, Bermuda, July 18, 2016 /PRNewswire/ -- Syncora Holdings Ltd. ("SHL") today announced that its wholly owned, New York financial guarantee insurance subsidiary, Syncora Guarantee Inc. ("SGI"), has settled a dispute 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 million.
The settlement is expected to increase SHL's GAAP net income and shareholders' equity by $40 million and is expected to have the same effect on SGI's statutory-basis net income and policyholders' surplus. This settlement will be reflected in SHL's and SGI's second quarter consolidated GAAP and statutory-basis financial statements, respectively. Having reached this settlement, SGI is not currently involved in any dispute concerning any material RMBS-related matter except to the extent that such matters are disclosed in SHL's and SGI's respective financial statements.
About Syncora Holdings Ltd.
Syncora Holdings Ltd. (OTC: SYCRF) is a Bermuda-domiciled holding company. Each of Syncora Guarantee Inc. and Syncora Capital Assurance Inc. are wholly owned subsidiaries of Syncora Holdings Ltd. For more information, please visit www.syncora.com.
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SOURCE Syncora Holdings Ltd.