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Eric R. Dinallo   Superintendent of Insurance  25 Beaver Street  New York, N.Y. 10004

ISSUED 08/06/2008 FOR IMMEDIATE RELEASE

 

STATEMENT BY NEW YORK STATE INSURANCE SUPERINTENDENT ERIC DINALLO ON ANNOUNCEMENT OF SUCCESSFUL CLOSING OF AGREEMENT BETWEEN XL CAPITAL AND SYNCORA

“The closing of the previously announced transactions between XL Capital Ltd. (XL) and Syncora Holdings Ltd. (formerly known as Security Capital Assurance Ltd.), in addition to the closing of the transactions between Syncora and Merrill Lynch & Co., and the successful effort by XL to raise capital to help fund the transaction are continuing steps in the effort to stabilize Syncora and protect the bond insurance company’s policyholders. Along with the CDO terminations recently announced by Ambac, these steps add momentum to the movement towards renewed certainty and stability in the market. The Department will continue to support and facilitate these and other efforts to enhance the financial condition of stressed bond insurers.”

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