Security Capital Assurance Ltd Announces the Appointment of Jonathan Bank and Gary...

Security Capital Assurance Ltd Announces the Appointment of Jonathan Bank and
Gary Grant to Its Board Of Directors
Shareholders approve resolution to change Company name from Security Capital
Assurance Ltd to Syncora Holdings Ltd

HAMILTON, Bermuda, June 6 /PRNewswire-FirstCall/ -- Security Capital
Assurance Ltd (NYSE: SCA) ("SCA" or the "Company") announced today that it has
appointed Jonathan F. Bank and Gardner L. Grant, Jr. to SCA's Board of
Directors. Mr. Bank has been appointed as a Class III Director and Mr. Grant
has been appointed as a Class I Director. Mssrs. Bank and Grant will be
members of the Audit and the Finance and Risk Oversight Committees.
"We are pleased to welcome Jonathan and Gary as new members of the board.
They bring a wealth of legal, financial and restructuring experience from
within and outside of the insurance industry," said SCA's Chairman, Michael P.
Esposito, Jr.
Mr. Bank, 65, has over 40 years of experience in legal, regulatory, and
restructuring issues in the insurance and reinsurance industries. He is
currently of counsel with the Los Angeles office of Locke Lord Bissell &
Liddell LLP. Previously, Mr. Bank was Senior Vice President of Tawa
Associates Ltd., as well as General Counsel of its operating subsidiary CX
Reinsurance Company. Prior to Tawa, he was the practice leader of
PricewaterhouseCoopers' US insurance and reinsurance regulatory and
restructuring practice. Earlier in his career, Mr. Bank was a partner in the
firm of Chadbourne & Parke focusing on reinsurance issues.
Mr. Bank is a member of the Board of Directors of Platinum Underwriters
Holding, Ltd., where he is Chairman of the Compensation Committee. He is also
a member of the Board of Directors of PXRE Reinsurance Company. He received
his J.D. from Creighton University and a B.B.A. from the University of
Oklahoma.
Mr. Grant, 51, has over 25 years of legal, management and restructuring
experience across a number of industries. Mr. Grant is currently the Managing
Member of GL Grant & Company, LLC, an independent consulting company providing
advisory services to private and public companies on special situations.
Prior to beginning his own consulting practice, Mr. Grant held various senior
legal, management and board positions.
He was an Independent Director and Member of the Special Committee of the
Board of Directors of Cable & Wireless USA, Inc. and Cable & Wireless Internet
Services, Inc. throughout the financial restructuring and sale of those
companies. He also served as Chief Restructuring Officer of FLAG Telecom
Holdings Limited, a global undersea fiber optic cable operator, and as Senior
Vice President and General Counsel of ICO Global Communications Holdings
Limited, a satellite communications company. Earlier in his career, Mr. Grant
was Executive Director of Business Development and Chief European Counsel,
respectively, at US West International, Inc. Mr. Grant received his J.D. from
the University of Colorado School of Law and a B.A. from Brown University.
Following these two appointments, SCA's Board of Directors will have 11
members.
Name Change to Syncora Holdings Ltd
The Company also announced that at the Company's Annual General Meeting
held on May 20, 2008, more than 98% of its shareholders voted in favor of
changing the Company's name to Syncora Holdings Ltd. The Company will
formally change its name to Syncora Holdings Ltd on August 4, 2008.
"We are pleased our shareholders have approved the name change," commented
Paul S. Giordano, SCA's Chief Executive Officer. "As part of our initial
public offering in August of 2006 we agreed we would transition away from the
XL name within two years. We are taking all steps to ensure a smooth
implementation of the new name."
Also on August 4, 2008, SCA's operating subsidiaries XL Capital Assurance
Inc. and XL Financial Assurance Ltd will change their names to Syncora
Guarantee Inc., and Syncora Guarantee Re Ltd, respectively. The Company's New
York Stock Exchange ticker symbol, SCA, will remain the same.
About Security Capital Assurance Ltd
Security Capital Assurance Ltd is a Bermuda-domiciled holding company
whose common shares are listed on the New York Stock Exchange (NYSE: SCA).
For more information please visit www.scafg.com.
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: recent and future rating agency
statements and ratings actions; the outcome of the Company's dispute with
Merrill Lynch International concerning the Company's termination of seven
credit default swap ("CDS") 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; the development and implementation of a strategic plan; 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 default swaps; 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 CDS 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.
SOURCE Security Capital Assurance Ltd

Investors, Frank Constantinople, +1-441-279-7450,
frank.constantinople@scafg.com; Media, Michael Gormley, +1-441-279-7450,
michael.gormley@scafg.com, or Michele Loguidice, +1-212-333-3810,
mloguidice@brunswickgroup.com