Security Capital Assurance Ltd. yesterday officially changed its name to Syncora Holdings Ltd.
The names of SCA's bond insurer subsidiaries-XL Capital Assurance Inc. and XL Financial Assurance Ltd.-have changed to Syncora Guarantee Inc., and Syncora Guarantee Re Ltd., respectively. The name changes come as part of a prior agreement with former SCA parent XL Capital Ltd.
Syncora Holdings will retain SCA's stock symbol SCA. The company created new Web sites - www.syncora.com, www.syncoraguarantee.com, and syncoraguaranteere.com - although the old one, www.scafg.com, and associated e-mail addresses will remain active.
The company last week announced deals with both its former parent, XL Capital Ltd., and Merrill Lynch & Co. that helped it stave off insolvency. The agreement with XL Capital Ltd. will lead to the infusion of $1.775 billion in cash and eight million XL Capital Class A ordinary shares into Syncora's subsidaries in return for the commutation of certain guaranty agreements. In the second deal, Syncora will pay $500 million to Merrill to terminate eight credit default swaps.
