July 25, 2014 9:44 AM ET

Insurance

Company Overview of Syncora Guarantee, Inc.

Company Overview

Syncora Guarantee, Inc. provides credit enhancement and primary financial guarantee insurance solutions to debt issuers. It offers guarantee services for U.S. municipal bonds; asset-backed securities; debt backed by utilities and infrastructure projects; collateralized debt obligations (CDOs); and specialized risks, including future flow securitizations and bank deposit insurance. The company also provides solutions for traditional and structured public finance and infrastructure transactions, investment-grade and leveraged corporate loans, future flow securitization, and bank deposit insurance. Syncora Guarantee, Inc. was formerly known as XL Capital Assurance, Inc. The company is headquart...

135 West 50th Street

20th Floor

New York, NY 10020

United States

Phone:

212-478-3400

Fax:

212-478-3587

Key Executives for Syncora Guarantee, Inc.

Acting Chief Executive Officer
Age: 44
Chief Financial Officer
Age: 48
Managing Director
Senior Vice President
Age: 54
Senior Vice President and Corporate Secretary
Compensation as of Fiscal Year 2014.

Syncora Guarantee, Inc. Key Developments

Syncora Holdings Ltd. Announces Syncora Guarantee Inc.'s Jefferson County Settlement

Syncora Holdings Ltd. announced that Syncora Guarantee Inc. has settled all litigation and claims and that it has commuted all its insurance policies issued in connection with the Jefferson County, Alabama Sewer Warrants pursuant to the consensual plan of debt adjustment of Jefferson County. As provided by the plan, the company also received a partial recovery on claims totaling $246 million, including claims with respect to certain warrants it owned as a result of past payments under its insurance policies. Going forward, the company will have no insurance exposure to, and expects to hold no warrants or other debt instruments issued by, Jefferson County. In connection with the plan, the company was released by all relevant parties from any legal claims against it in connection with its insurance of the Warrants. In exchange for the commutation of its insurance policies and partial payment in respect of the warrants it owned, the company released Jefferson County and JP Morgan Chase Bank N.A. and JP Morgan Securities from all legal claims held by the company against them in connection with the Warrants. The company's losses with respect to Jefferson County are within its established loss reserves. While the combined effects of the foregoing positively affect the company's cash position, it is not expected to mitigate the potential 'liquidity mismatch' between the company's expected future medium to long-term claim payments and recoveries relating to such claims and the other significant risks and uncertainties, as described in the company's most recent financial statements.

The City of Detroit Files Suit in Wayne County Circuit Court against Syncora Guarantee Inc

The City of Detroit filed suit in Wayne County Circuit Court against Syncora Guarantee Inc. to recover up to $11 million a month in casino revenues that the City believes are being improperly withheld due to Syncora's conduct. This threatens the City's ongoing restructuring efforts. At a hearing this afternoon, Wayne County Circuit Court Judge Annette Berry granted the city's request for a temporary restraining order and enjoined US Bank from refusing to make payments to the city. Berry also set a hearing for 9 a.m. July 26 before Judge Jeanne Stempien where Syncora must show cause why further preliminary injunction should be granted. At issue are the actions by Syncora, a monoline insurer, to keep Detroit from receiving revenue collected from the City's three casinos. In 2009, the City pledged a specific revenue stream -- payment from the developers of the City's casinos and taxes upon each casino's gross receipts -- as collateral to secure the City's obligations on certain hedging agreements. Syncora insured these hedge agreements, which are often called swap agreements. Syncora also insured certain of the $1.4 billion in certificates of participation that were issued to shore up the underfunding in the City's two public employee pension funds in 2005 and 2006. The swap agreements serve as hedges for the interest rate payable on certain of the COPs, but are separate independent contracts, that unlike the COPs are supported by a pledge of the City's casino revenues. Under that pledge, the casino revenues are paid to a custodian, and upon payment of amounts due under the swap agreements, the custodian releases the casino revenues to the City.

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