Syncora Holdings Ltd. Announces 2018 Year End GAAP

HAMILTON, Bermuda, March 28, 2019 (GLOBE NEWSWIRE) -- Syncora Holdings Ltd. (“Syncora” or the “Company”), a Bermuda holding company whose wholly-owned subsidiary provides financial guarantee insurance and reinsurance, today reported financial results for the year ended December 31, 2018.


Syncora Holdings Ltd.
Summary of Consolidated Financial Results
Years Ended December 31, 2018 and 2017
(U.S. dollars in millions, except per share amounts)

		2018			2018			2017
	(Pro forma)⁽²⁾			(Actual)			(Actual)

Premiums earned, net of reinsurance ceded	$	26.7		$	26.7		$	51.1
Net investment income		41.8			41.8			45.3
Net unrealized and realized losses on investments		(4.5	)		(4.5	)		(17.7	)
Net loss on insurance cash flow certificates		(15.6	)		(15.6	)		(120.1	)
Net (loss) earnings on credit default and other swap contracts		(24.6	)		(24.6	)		59.7
Other income and fees		60.5			60.5			6.3
Recoveries and loss adjustment expenses, net of reinsurance ceded		(82.5	)		(82.5	)		(197.7	)
Loss on debt prepayment		163.3			163.3			-
Operating expenses		47.6			47.6			47.0
(Loss) income from continuing operations		(96.9	)		(96.9	)		121.4
Income from discontinued operations, including gain on disposal		66.2			66.2			12.5
Net (loss) income attributable to controlling interest	$	(31.3	)	$	(31.3	)	$	133.5
Basic and diluted income from discontinued operations
per common share	$	0.76		$	0.76		$	0.14
Basic and diluted (loss) income per common share	$	(1.02	)	$	(0.36	)	$	1.54

Non-GAAP operating (loss) income ⁽¹⁾	$	(10.3	)	$	(10.3	)	$	148.3
Non-GAAP basic and diluted operating (loss) income per common share⁽¹⁾	$	(0.12	)	$	(0.12	)	$	1.71
Basic and diluted weighted average common shares outstanding		86.9			86.9			86.7


	As of Year-End
		2018			2018			2017
	(Pro forma)			(Actual)			(Actual)

Adjusted Book Value ⁽¹⁾	$	599.2		$	587.8		$	609.3
Common shares outstanding at end of period		87.0			87.0			86.8
Adjusted Book Value per common share ⁽¹⁾	$	6.89		$	6.76		$	7.02


⁽¹⁾ Non-GAAP operating income (loss) and adjusted book value are Non-GAAP financial measures that exclude (or include) amounts that are included in (or excluded from) total Syncora Holdings Ltd. net income (loss) and common shareholders' equity, respectively, which are presented in accordance with GAAP. See below for reconciliations between GAAP and Non-GAAP financial measures.

⁽²⁾Pro-forma amounts give effect to the January 14, 2019 purchase of SGI’s Series B preferred shares. For purposes of earnings per share to common shareholders, this purchase is reflected as a reduction to net income available to common shareholders.

Financial Results

Consolidated Statements of Operations

Net premiums earned were $26.7 million for the year 2018, as compared to $51.1 million for the year 2017. The decrease was due to higher premiums ceded of $10.0 million and lower earned premiums from the continued run-off of the Company’s book of business. Total premium accelerations were $15.3 million for the year 2018, as compared to $24.8 million for the year 2017.

Net investment income decreased slightly by $3.5 million from $45.3 million for the year 2017 to $41.8 million for the year 2018. The decrease was primarily due to lower invested assets as a result of the surplus note payments made during the year and from lower income on remediation bonds as compared to the prior year.

Net unrealized and realized losses on investments decreased by $13.2 million to $4.5 million for the year 2018 from $17.7 million for the year 2017. The change was primarily due to lower other-than-temporary impairment charges and foreign exchange gains on the sale of certain Euro-denominated remediation bonds in the current year.

Net loss on insurance cash flow certificates was $15.6 million for the year 2018, as compared to $120.1 million for the year 2017. The decrease was a result of a reduction to reimbursements owed to third party UCF holders as a result of the receipt of cash from the GreenPoint litigation settlement in the first quarter of 2018.

Net loss on credit default and other swap contracts was $24.6 million for the year 2018, as compared to earnings of $59.7 million for the year 2017. The decrease was primarily due to the effect of entering into the reinsurance agreement with Assured Guaranty Corp. and lower non-performance risk spreads during the current year.

Other income and fees increased by $54.2 million from $6.3 million for the year 2017 to $60.5 million for the year 2018. The increase was primarily due to a $38.0 million benefit from the settlement of litigation during the fourth quarter of 2018 and from gains on the monetization of certain Detroit real estate options.

Recoveries and loss adjustment expenses were $(82.5) million for the year 2018, as compared to $(197.7) million for the year 2017. The change was primarily due to the accrual of the GreenPoint settlement in 2017, which was collected in 2018, partially offset by public finance and RMBS positive developments in 2018, including the effect of the sale of a reimbursement claim related to prior payments on Puerto Rico General Obligation bonds.

Loss on debt prepayment was $163.3 million for the year 2018, as a result of payments made during the year on the long-term notes which have not yet been fully accreted to par. On June 27, 2018 and December 28, 2018, Syncora Guarantee Inc. made net payments of $400 million and $275 million, respectively, on its long-term and short-term notes.

Operating expenses were $47.6 million for the year 2018, as compared to $47.0 million for the same period last year. The increase in operating expenses was primarily due to expenses incurred in connection with the reinsurance transaction, which were mostly offset by lower expenses associated with headcount reductions.

Income from discontinued operations represents the total revenues and total expenses and gain on disposal of American Roads LLC, which was $66.2 million for the year 2018 and $12.5 million for the same period last year. The current year includes a $64.4 million gain on the sale of American Roads LLC which closed on July 16, 2018.

Consolidated Balance Sheets

Total assets decreased by $695.1 million from $2,385.5 million as of December 31, 2017 to $1,690.4 million as of December 31, 2018 primarily as a result of the $675.0 million of net note payments made during the year, $362.3 million of net reinsurance payments to Assured Guaranty Corp. partially offset by $338.0 million of cash receipts from the GreenPoint settlement.

Total liabilities decreased by $642.6 million from $1,683.5 million as of December 31, 2017 to $1,040.9 million as of December 31, 2018. The decrease was primarily due to lower notes payable and accrued interest balances as a result of the note payments, public finance and RMBS positive developments, lower unearned premium revenue from the continued run-off of the Company’s insured portfolio, lower liabilities of variable interest entities as a result of the deconsolidation of two variable interest entities, lower accounts payable, accrued expenses and other liabilities due to lower compensation-related expenses as a result of headcount reductions and the elimination of liabilities of entity held-for-sale as a result of the American Roads LLC sale. These amounts were partially offset by higher mark-to-market fair values on credit default and other swap contracts due to lower non-performance risk spreads primarily on the ceded book of business.

Subsequent Events

On January 14, 2019, SGI made a one-time purchase from third parties of $76.4 million of aggregate face amount of Pass-Through Trust Preferred Securities issued by the Twin Reefs Pass-Through Trust for $64.9 million, leaving outstanding $58.1 million of aggregate face amount held by third parties. As a result of this purchase, the Company will record an increase to accumulated deficit for the difference between the cash paid and reduction to the carrying value of SGI’s preferred shares in the first quarter of 2019. For purposes of earnings per share to common shareholders in the first quarter of 2019, this purchase will be reflected as a reduction to net income available to common shareholders. On a Pro Forma basis, the effect of this purchase to basic and diluted loss per common share and Non-GAAP adjusted book value per common share was $(0.66) and $0.13, respectively.

On March 28, 2019, the NYDFS approved a net payment of $169.9 million, which represents the remaining principal and accrued interest on SGI’s surplus notes. As a result of the payment in full of the surplus notes, which is scheduled to be made on April 30, 2019, most of the restrictive covenants placed on SGI by the MTA II agreement will be eliminated, including those that relate to a merger or sale of SGI, payments of dividends and equity repurchases.

Syncora Holdings Ltd.
Consolidated Statements of Operations
Years Ended December 31, 2018 and 2017
(U.S. dollars in thousands)

	2018				2017
Revenues
Premiums earned, net of reinsurance ceded	$	26,735		$	51,081
Net investment income	41,798				45,313
Net unrealized and realized losses on investments, including
other-than-temporary impairment losses of $(11,415) and $(41,453)	(4,478		)		(17,735	)
Net loss on insurance cash flow certificates	(15,649		)		(120,103	)
Net (loss) earnings on credit default and other swap contracts	(24,621		)		59,686
Net change in fair value of consolidated variable interest entities	20,861				37,594
Other income and fees	60,469				6,282
Total revenues	105,115				62,118

Expenses
Recoveries and loss adjustment expenses, net of reinsurance ceded	(82,541		)		(197,687	)
Amortization of deferred acquisition costs, including deferred loss on reinsurance	6,251				7,684
Interest expense, including accretion of $40,039 and $40,705	76,183				88,503
Loss on debt prepayment	163,279				–
Operating expenses	47,630				47,024
Total expenses	210,802				(54,476	)
(Loss) income before income tax benefit from continuing operations	(105,687		)		116,594
Income tax benefit	(8,757		)		(4,793	)
(Loss) income from continuing operations	(96,930		)		121,387
Income from discontinued operations, net of tax, including gain on disposal of $64,383 in 2018	66,183				12,522
Net (loss) income	(30,747		)		133,909
Net income attributable to non-controlling interest	505				407
Net (loss) income attributable to controlling interest	(31,252		)		133,502

Syncora Holdings Ltd.
Consolidated Balance Sheets
December 31, 2018 and 2017
(U.S. dollars in thousands, except share and per share amounts)

ASSETS		2018			2017
Cash and invested assets:
Debt securities, available-for-sale, at fair value (amortized cost: $613,167 and $910,858)	$	613,488		$	928,044
Other invested assets, at fair value (cost: $91,364 and $94,232)		87,504			117,110
Cash and cash equivalents		150,388			311,951
Total cash and invested assets		851,380			1,357,105
Insurance operating assets, retained business:
Premiums receivable		14,260			79,903
Salvage and subrogation recoverable		147,866			422,687
Receivables on insurance cash flow certificates, net		91,905			109,869
Deferred acquisition costs and deferred loss on reinsurance, net		18,423			34,930
Assets of consolidated variable interest entities, at fair value		20,843			118,154
Total insurance operating assets, retained business		293,297			765,543
Insurance operating assets, ceded business:
Premiums receivable		42,458			12,921
Prepaid reinsurance premiums		112,011			15,565
Reinsurance recoverable on unpaid losses and loss adjustment expenses		120,011			–
Credit default and other swap contracts, at fair value		227,052			–
Total insurance operating assets, ceded business		501,532			28,486
Other assets		44,173			38,811
Assets of entity held-for-sale		–			195,540
Total assets	$	1,690,382		$	2,385,485

LIABILITIES AND SHAREHOLDERS' EQUITY
Insurance operating liabilities, retained business:
Unpaid losses and loss adjustment expenses	$	365,774		$	674,999
Unearned premium revenue		28,500			209,320
Credit default and other swap contracts, at fair value		8,489			104,094
Liabilities of consolidated variable interest entities, at fair value		340			60,708
Total insurance operating liabilities, retained business		403,103			1,049,121
Insurance operating liabilities, ceded business:
Reinsurance premiums payable		42,458			12,921
Unearned premium revenue		112,011			15,565
Unpaid losses and loss adjustment expenses		120,011			–
Credit default and other swap contracts, at fair value		227,052			–
Total insurance operating liabilities, ceded business		501,532			28,486
Notes payable (par value: $150,137 and $677,117)		104,206			428,887
Accrued interest on notes payable		16,472			127,329
Other liabilities		15,545			29,244
Liabilities of entity held-for-sale		–			20,428
Total liabilities		1,040,858			1,683,495

Shareholders’ equity
Non-controlling interest in subsidiary- Series B perpetual non-cumulative preferred
shares of Syncora Guarantee Inc. (2,000 shares authorized and issued; 1,345 shares
outstanding, 655 shares held by subsidiary; $134,526 liquidation preference)		13,453			13,453

Non-controlling interest in consolidated entity		2,247			2,578

Common shares (500,000,000 shares authorized; 90,013,135 and 89,811,623 shares
issued; 86,968,547 and 86,767,035 shares outstanding, 3,044,588 shares held as
treasury; $0.01 par value) and additional paid-in capital		2,717,633			2,716,798
Accumulated deficit		(2,085,637	)		(2,061,854	)
Accumulated other comprehensive income		1,828			31,015
Total Syncora Holdings Ltd. shareholders’ equity		633,824			685,959
Total shareholders’ equity		649,524			701,990
Total liabilities and shareholders’ equity	$	1,690,382		$	2,385,485

Non-GAAP Financial Measures

This earnings release references Non-GAAP operating income (loss) and Adjusted Book Value, financial measures that are not calculated in accordance with GAAP. A Non-GAAP financial measure is a numerical measure of financial performance or financial position that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. While the Company does not manage its business or measure its performance using Non-GAAP measures, we are presenting these Non-GAAP financial measures because they provide greater transparency and enhanced visibility into the underlying performance of our business and, with respect to Adjusted Book Value, the effect of certain items that the Company believes will reverse from GAAP book value over time. In addition, we have included these measures because we believe they provide investors with important additional information to compare the Company to other financial guarantors. Non-GAAP operating income (loss) and Adjusted Book Value as calculated do not consider timing or amounts, if any, of payment on SGI’s surplus notes, which would require NYDFS approval, dividend restrictions under New York Insurance Law applicable to the insurance subsidiaries and contractual constraints with respect to any dividend payment. Reference should be made to Note 13 in the most recently issued consolidated GAAP financial statements. In addition, because other financial guarantors may calculate Non-GAAP operating income (loss) and Adjusted Book Value or similarly titled measures differently, or may not be subject to the restrictions noted above, Non-GAAP operating income (loss) and Adjusted Book Value may not necessarily be comparable to similarly titled measures reported by other financial guarantors. Non-GAAP operating income (loss) and Adjusted Book Value are not substitutes for the most directly comparable GAAP measures, should not be viewed in isolation and may be subject to change.

The following table reconciles GAAP net (loss) income attributable to common shareholders of Syncora Holdings Ltd. to Non-GAAP operating (loss) income attributable to common shareholders of Syncora Holdings Ltd.:


Syncora Holdings Ltd.
Reconciliation of GAAP Net (Loss) Income to Non-GAAP Operating (Loss) Income
(in millions, except per share amounts)

	Year Ended December 31,
		2018			2018			2017
	(Pro forma)⁽⁷⁾			(Actual)			(Actual)

GAAP net (loss) income	$	(31.3	)	$	(31.3	)	$	133.5

Purchase of Series B perpetual non-cumulative
preference shares		(57.3	)		-			-
GAAP (loss) earnings attributable to common shareholders of
Syncora Holdings Ltd.	$	(88.6	)	$	(31.3	)	$	133.5

GAAP net (loss) earnings attributable to controlling interest		(31.3	)		(31.3	)		133.5

Pre-tax adjustments:

Non-credit impairment of net realized and unrealized fair value (gains) and losses on credit derivatives ⁽¹⁾		42.5			42.5			(38.1	)

Surplus note accretion ⁽²⁾		40.0			40.0			40.7

Net unrealized and realized (gains) losses on investments ⁽³⁾		(3.9	)		(3.9	)		24.8

Non-recurring transaction related expenses ⁽⁴⁾		8.6			8.6			-

Income from discontinued operations ⁽⁵⁾		(66.2	)		(66.2	)		(12.5	)

Total pre-tax adjustments		21.0			21.0			14.8

Less tax effect on pre-tax adjustments ⁽⁶⁾		-			-			-
Non-GAAP operating (loss) income	$	(10.3	)	$	(10.3	)	$	148.3

Basic and diluted weighted average common shares		86.9			86.9			86.7

GAAP basic and diluted (loss) income per common share	$	(1.02	)	$	(0.36	)	$	1.54

Non-GAAP basic and diluted operating (loss) income per common share	$	(0.12	)	$	(0.12	)	$	1.71

Non-GAAP operating (loss) income adjustments:

(1) Elimination of non-credit impairment net realized and unrealized fair value (gains) and losses on credit derivatives in excess of the present value of the expected estimated economic credit losses, and non-economic payments. The fair value adjustments on derivative financial instruments are heavily influenced by, and fluctuate, in part according to, market interest rates, credit spreads and other factors that management cannot control or predict and that are not expected to result in an economic gain or loss. In addition, this adjustment presents all financial guaranty contracts on a more consistent basis of accounting, whether or not they are subject to derivative accounting rules.

(2) Elimination of surplus note accretion as the full face amount of the surplus notes (including interest paid-in-kind) is included in the Adjusted Book Value calculation.

(3) Elimination of realized gains (losses) on the Company’s investments, except for gains and losses on investments for which the fair value option of accounting was elected and changes in net unrealized gains (losses) on equity securities. The timing of realized gains and losses, which depends largely on market credit cycles, can vary considerably across periods. The timing of sales is largely subject to the Company’s discretion and influenced by market opportunities, as well as the Company’s tax and capital profile.

(4) Elimination of expenses associated with the reinsurance transaction completed on June 1, 2018 with Assured Guaranty Corp. pursuant to which Assured Guaranty Corp. agreed to provide reinsurance, generally on a 100% quota share basis, to SGI.

(5) Elimination of the results from discontinued operations, including the gain on sale related to American Roads LLC. On July 16, 2018, the Company closed the sale of American Roads LLC.

(6) Elimination of the tax effects related to the above adjustments. SHI has a significant tax NOL that is offset by a full valuation allowance in the GAAP consolidated financial statements. As a result, for purposes of Non-GAAP measures, the Company utilizes a 0% effective tax rate until the expiration of these NOLs.

(7) Pro-forma amounts give effect to the January 14, 2019 purchase of SGI’s Series B preferred shares. For purposes of earnings per share to common shareholders, this purchase is reflected as a reduction to net income available to common shareholders.

The following table reconciles GAAP common shareholders’ equity to Adjusted Book Value:


Syncora Holdings Ltd.
Reconciliation of GAAP Common Shareholders' Equity to
Adjusted Book Value
(in millions, except per share amounts)

	As of December 31,
		2018			2018			2017
	(Pro forma)⁽¹¹⁾			(Actual)			(Actual)

GAAP common shareholders' equity	$	576.5		$	633.8		$	686.0

Series B preferred stock ⁽¹⁾		(52.3	)		(121.0	)		(121.0	)

Adjusted GAAP common shareholders' equity	$	524.2		$	512.8		$	565.0

Pre-tax adjustments:

Deferred acquisition costs ⁽²⁾		(2.6	)		(2.6	)		(34.9	)

Net credit derivative liability ⁽³⁾		6.4			6.4			84.2

Net present value of estimated net future credit derivative
revenue ⁽⁴⁾		2.0			2.0			65.8

Net unearned premium reserve on financial guaranty contracts in excess of expected loss to be expensed ⁽⁵⁾		19.3			19.3			208.9

Deferred gain on insurance cash flow certificates ⁽⁶⁾		113.4			113.4			-

Deferred loss on reinsurance ⁽⁷⁾		(15.8	)		(15.8	)		-

Notes payable ⁽⁸⁾		(45.9	)		(45.9	)		(248.2	)

Unrealized gains on investments ⁽⁹⁾		(1.8	)		(1.8	)		(24.4	)

Taxes ⁽¹⁰⁾		-			-			(7.1	)

Adjusted Book Value	$	599.2		$	587.8		$	609.3

Common shares outstanding at end of the period		87.0			87.0			86.8

Book value per common share	$	6.03		$	5.90		$	6.51

Adjusted book value per common share	$	6.89		$	6.76		$	7.02

Notes:
- Had the deferred gain on insurance cash flow certificates adjustment been included as of December 31, 2017, the adjusted book value and adjusted book value per common share would have been $725.7 million and $8.36, respectively.

Adjusted Book Value adjustments:

(1) Addition of the excess of the outstanding liquidation preference of the SGI Series B non-cumulative preferred shares over their carrying values. Including the SGI Series B non-cumulative preferred shares at their outstanding liquidation value (which is net of the shares received in connection with our 2012 settlement with Countrywide, Bank of America Corp.) instead of their carrying value is more in line with the residual value to common shareholders. Pro Forma amounts give effect to the purchase of $76.4 million face amount of Series B preferred shares for $64.9 million.

(2) Elimination of pre-tax deferred acquisition costs as these amounts represent net deferred expenses that have already been paid and will be expensed in future accounting periods.

(3) Elimination of the consolidated net credit derivative liability which represents an estimate of the fair value of the Company’s guarantees issued as CDS contracts in excess of the present value of the expected losses. By excluding the net credit derivative liability, this metric eliminates the benefit to our shareholders’ equity embedded therein from the Company’s non-performance risk, which reflects the market’s view of the risk that the Company will not be able to financially honor its obligations as they become due. The fair value adjustments on derivative financial instruments are heavily influenced by, and fluctuate, in part according to, market interest rates, credit spreads and other factors that management cannot control or predict and that are not expected to result in an economic gain or loss. In addition, by including our best estimate of losses we expect to incur on our CDS contracts if we were to hold such CDS contracts to maturity and pay claims as they arise over the remaining life of such contracts, the metric presents our guarantees of insurance and derivatives on a consistent basis, which results in a more meaningful measure of our value.

(4) Addition of the pre-tax net present value of estimated net future credit derivative revenues. Including the net present value of estimated net future credit derivative revenues enables an evaluation of the value of future estimated credit derivative revenue for which there is no corresponding GAAP financial measure.

(5) Addition of the pre-tax value of the unearned premium reserve on financial guaranty contracts in excess of expected losses to be expensed on an individual policy level, net of reinsurance as the unearned premium reserve on financial guaranty contracts represents revenues that are expected to be earned in the future.

(6) Addition of the deferred gain on insurance cash flow certificates which represent the excess of amounts paid to directly or effectively defease or, in substance, commute the Company’s exposure on certain of its financial guarantee insurance policies over the amount of future expected claim payments on those policies. As these remediation costs have already been paid, the effect of these deferred gains is deemed to be economic.

(7) Elimination of the deferred loss on reinsurance which is amortized over the life of the underlying reinsured contracts and which represents the difference between amounts paid for the reinsurance and the amount of liabilities for policy benefits relating to those underlying reinsured contracts. The effect of this deferred loss is considered economic as the reinsurance premium has already been paid.

(8) Addition to the full face amount, in excess of the carrying amount, of the surplus notes payable held by third parties (including interest paid-in-kind), as including the full face amount of the surplus notes is consistent with the treatment of these instruments as debt.

(9) Elimination of the pre-tax unrealized gains on the Company’s investments that are recorded as a component of accumulated other comprehensive income (“AOCI”), excluding the effects of foreign exchange. The effects of the AOCI component of the fair value adjustment on investments are not deemed economic until the Company sells such investments.

(10) Elimination of the tax effects related to the above adjustments. SHI has a significant tax NOL that is offset by a full valuation allowance in the GAAP consolidated financial statements. As a result, for purposes of Non-GAAP measures, the Company utilizes a 0% effective tax rate until the expiration of these NOLs.

(11) Pro-forma amounts give effect to the January 14, 2019 purchase of SGI’s Series B preferred shares.

Conference Call Details

The Company plans to host a conference call at 8:30 a.m. on Friday, March 29, 2019, to discuss its financial results for the year ended December 31, 2018. The earnings call will be webcast via the Investor Events page of the Investor Relations section of the Company's website, or by dialing (877) 512-9165 (U.S. toll free), or (706) 679-5795 outside the U.S., Puerto Rico and Canada, approximately 10 minutes prior to the scheduled start time and providing conference ID# 2865869. Following conclusion of the call, the Company will post a transcript on its website alongside a replay of the webcast. The replay will also be available via telephone by dialing (855) 859-2056 (U.S. toll free), or (404) 537-3406 outside the U.S., Puerto Rico and Canada, and providing conference ID# 708-5199.

Important Information

This press release contains statements about future results, plans and events that may constitute "forward-looking" statements within the meaning of the U.S. federal securities laws. The Company cautions 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 filings with the New York State Department of Financial Services, and in the Company's and Syncora Guarantee 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.

Contact
Scott Beinhacker
1-212-478-3400
Scott.Beinhacker@scafg.com

Syncora Holdings Ltd. Announces 2018 Year End GAAP Consolidated Financial Results

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Syncora Holdings Ltd. Announces 2018 Year End GAAP Consolidated Financial Results

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