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New York regulator approves Syncora Guarantee notes payment

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New York regulator approves Syncora Guarantee notes payment

Syncora Holdings Ltd. announced that the New York State Department of Financial Services approved its payments on Syncora Guarantee Inc.'s long-term and short-term surplus notes held by third-party holders.

The company will pay $21.7 million for long-term surplus notes and $5.8 million for short-term surplus notes. Payment will be made on Dec. 28 to third-party holders of the notes on record as of Dec. 18.

Syncora Holdings is in advanced discussions for a potential 100% quota share reinsurance transaction involving the insured portfolios of Syncora Guarantee and Syncora Capital Assurance Inc.