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Syncora in advanced discussions for 100% quota share reinsurance transaction

Syncora Holdings Ltd. is engaged in advanced discussions with a single counterparty related to a potential 100% quota share reinsurance transaction, according to a transcript.

The deal involves the insured portfolios of Syncora Holdings units Syncora Guarantee Inc. and Syncora Capital Assurance Inc.

The potential reinsurance transaction is subject to continued negotiation of material terms and documentation. It also remains subject to the closure of the merger of Syncora Guarantee with Syncora Capital Assurance, regulatory approvals, third-party consents and other conditions.

Syncora Holdings CEO Frederick Hnat said during the company's third-quarter earnings conference call that it will continue to work with a potential counterparty to reach an agreement in principle.