Company to Hold Second Quarter 2008 Investor Call on August 12, 2008



    HAMILTON, Bermuda, Aug. 5 /EMWNews/ -- Syncora Holdings

Ltd. (formerly known as Security Capital Assurance Ltd.) (NYSE: SCA)

("Syncora Holdings" or "the Company") reported today that the previously

announced transactions with XL Capital Ltd ("XL Capital") pursuant to the

Master Commutation, Release and Restructuring Agreement of July 28, 2008

and the related transactions intended to close concurrently with the XL

transaction have closed today. The Company also reported that the

previously announced transaction with Merrill Lynch & Co., Inc. pursuant to

the agreement with Merrill Lynch dated July 28, 2008 also closed today. In

addition, the waivers and related transactions under the Company's Credit

Agreement Amendment with its lenders, described in the Company's press

release of July 28, 2008, went into effect today.



    In conjunction with the closing of the transaction with XL Capital and

as contemplated by the Master Transaction Agreement, the following members

of Syncora Holdings' Board of Directors have resigned: Fred Corrado, Paul

E. Hellmers, Gardner L. Grant, Jr., and Jonathan F. Bank.



    Second Quarter Results Announcement and Investor Conference Call



    Separately, the Company announced that it will release its second

quarter 2008 results after the close of regular stock market hours on

Monday, August 11, 2008. Paul S. Giordano, President and Chief Executive

Officer, Syncora Holdings; Edward B. Hubbard, Executive Vice President,

Syncora Holdings and President of Syncora Guarantee Inc.; and Elizabeth A.

Keys, Senior Vice President and Chief Financial Officer, Syncora Holdings,

will host an earnings conference call to discuss Syncora Holdings' second

quarter 2008 results on Tuesday, August 12, 2008 at 8:30 am Eastern

Daylight Time (EDT).



    To access the conference call, please dial +1 888-694-4702 (U.S.) or +1

973-582-2741 (International). Please ask to be connected to "Syncora

Holdings' Q2 2008 Investors Call" and provide the following passcode:

56950360. Syncora Holdings will also broadcast a live audio webcast of the

conference call. The webcast will be available by visiting the "Investor

Relations" section of the Company's website located at

http://www.syncora.com. Following the investors conference call, an archive

of the call will be available for 30 days by dialing +1 800-642-1687 (U.S.)

or +1 706-645-9291 (International). The passcode for replay participants

is: 56950360. The audio webcast of the conference call will also be

archived for 30 days following the call in the "Investor Relations" section

of the Company's website located at http://www.syncora.com.

    About Syncora Holdings Ltd.



    Syncora Holdings Ltd. is a Bermuda-domiciled holding company whose

common shares are listed on the New York Stock Exchange (NYSE: SCA).

Effective August 4, 2008, Security Capital Assurance Ltd's name changed to

Syncora Holdings Ltd. For more information please visit http://www.syncora.com.






    Contact:

    Investors

    Frank Constantinople

    +1 441-279-7450

    [email protected]



    Media

    Michael Gormley

    +1 441-279-7450

    [email protected]



    Michele Loguidice

    +1 212-333-3810

    [email protected]

    FORWARD-LOOKING STATEMENTS



    This release contains statements about future results, plans and events

that may constitute "forward-looking" statements within the meaning of the

safe harbor provisions of the Private Securities Litigation Reform Act of

1995. You are cautioned that these statements are not guarantees of future

results, plans or events and such statements involve risks and

uncertainties that may cause actual results to differ materially from those

set forth in these statements. Forward-looking statements are subject to a

number of risks and uncertainties, many of which are beyond the Company's

control. These factors include, but are not limited to: the outcome of the

efforts to refund Jefferson County Alabama's outstanding sewer system debt;

the outcome of Syncora Holdings' negotiations with third parties concerning

the restructuring of Syncora Holdings; the decision by the New York

Insurance Department and the Bermuda Monetary Authority or other regulators

to take regulatory action with respect to Syncora Holdings' operating

subsidiaries at any time; recent and future rating agency statements and

ratings actions; the outcome of our negotiations with the Financial

Counterparties concerning the commutation, termination, amendment or

otherwise restructuring of their credit default swap contracts; the

Company's ability to successfully implement its strategic plan; higher risk

of loss in connection with obligations guaranteed by the Company due to

recent deterioration in the credit markets stemming from the poor

performance of subprime residential mortgage loans; the suspension of

writing substantially all new business and the Company's ability to

continue to operate its business in its historic form; developments in the

world's financial and capital markets that adversely affect the performance

of the Company's investments and its access to such markets; the

performance of invested assets, losses on credit derivatives or changes in

the fair value of credit derivatives; the availability of capital and

liquidity; the timing of claims payments and the receipt of reinsurance

recoverables; greater frequency or severity of claims and loss activity

including in excess of the Company's loss reserves; changes in the

Company's reinsurance agreements with certain of its subsidiaries; the

impact of provisions in business arrangements and agreements triggered by

the ratings downgrades; the impact of other triggers in business

arrangements including credit default swap contracts; changes in

regulation, tax laws, legislation or accounting policies or practices;

changes in officers; general economic conditions; changes in the

availability, cost or quality of reinsurance or retrocessions; possible

downgrade of the Company's reinsurers; possible default by the

counterparties to the Company's reinsurance arrangements; the Company's

ability to compete; changes that may occur in Company operations and

ownership as the Company matures; and other additional factors, risks or

uncertainties described in Company filings with the Securities and Exchange

Commission, including in the Company's Annual Report on Form 10-K for the

fiscal year ended December 31, 2007, and also disclosed from time to time

in subsequent reports on Form 10-Q and Form 8-K. 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.