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New York regulator approves Syncora's reinsurance deal with Assured Guaranty

The New York State Department of Financial Services has approved the reinsurance transaction between Syncora Guarantee Inc. and Assured Guaranty Corp. and a related payment on long-term and short-term surplus notes held by third-party holders.

The company will pay $316.5 million for long-term surplus notes and $83.5 million for short-term surplus notes. The payment date will be June 27 to holders of record as of June 12.

Holders also approved the waiver of certain restrictions in the agreement to allow the reinsurance transaction to proceed. The deal is expected to close June 1.

Syncora Guarantee's parent company, Syncora Holdings Ltd., also recorded a first-quarter net loss attributable to controlling interests of $8.8 million, or a loss of 10 cents per share. The company reported a net loss attributable to controlling interests of $30.8 million, or a loss of 36 cents per share, in the prior-year quarter.

Non-GAAP operating income was $16.7 million, or 19 cents per share, versus a non-GAAP operating loss of $21.9 million, or a loss of 25 cents per share, in the first quarter of 2017.