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Syncora Guarantee Inc. Settles Its Dispute With RMBS Originator

07/18/16

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.

Investor and Media Contact:
Michael Corbally
+1 212-478-3400
michael.corbally@scafg.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/syncora-guarantee-inc-settles-its-dispute-with-rmbs-originator-300300176.html

SOURCE Syncora Holdings Ltd.