Syncora Holdings Ltd. Announces New Director Appointments

HAMILTON, Bermuda, Oct. 5 /PRNewswire-FirstCall/ -- Syncora Holdings Ltd.
("SHL" or the "Company") today announced the appointment of four new
Independent Directors. Messrs William M. Fitzgerald and Robert W. Shippee will
join the Board of Syncora Holdings Ltd. as well as the Boards of the Company's
financial guarantee insurance subsidiaries, Syncora Guarantee Inc. ("SGI") and
Syncora Capital Assurance Inc. ("SCAI"). Messrs James M. Gallagher and Frank
C. Puleo will join the Board of SCAI. Commenting on the appointments, SHL's
Chairman, Mike Esposito, said: "I am delighted that these four individuals
have agreed to serve on the Syncora Boards. Their wealth of risk management,
restructuring and credit experience and expertise will be extremely valuable
to the Company as it completes the remaining elements of its comprehensive
restructuring and implements an operational business plan to support the
Company's ongoing obligations."
Mr. Fitzgerald will be a Class I director and will serve on the Company's
Audit and Finance & Risk Oversight Committees. Mr. Shippee will be a Class II
director and will serve on the Company's Finance & Risk Oversight Committee.
Directors who serve solely on the Board of SCAI will have observer status on
the SHL and SGI Boards. Mr. Gallagher will serve as SCAI's representative on
the Company's Audit and Finance & Risk Oversight Committees and Mr. Puleo will
serve as SCAI's representative on the Company's Audit and Nominating &
Governance Committees.
The four appointments were made pursuant to the master transaction
agreement between SGI and certain financial counterparties to SGI's credit
default swap and financial guarantee policies. Following the appointments,
the Boards of both SHL and SGI will have nine members and the Board of SCAI
will have thirteen members.
Mr. Fitzgerald (45) is the founder of Global Infrastructure LLC. Prior to
this, he was a Managing Director of Nuveen Investments LLC and the Chief
Investment Officer of Nuveen Asset Management, a wholly owned affiliate of
Nuveen Investments. He has an M.B.A. in finance from the University of
Chicago Graduate School of Business.
Mr. Shippee (60) has over thirty-five years of banking and risk management
experience. He is currently a risk consultant for Straumur Investment Bank.
From 2001 to 2007, he held senior credit risk management positions in New York
and London for Bank of America, and for the prior thirty years held numerous
credit and business executive positions in New York, London, Tokyo, and Hong
Kong for J.P. Morgan Chase & Co. Mr. Shippee has a degree in economics from
Brown University and has edited several books on finance, history, and
numismatics.
Mr. Gallagher (63) is founder and managing director of Pine Brook
Associates LLC, a crisis management and financial consulting company focusing
on creditor and litigation trust trusteeships and federal and state court
receiverships. During a thirty-year career, he has held senior risk management
and restructuring positions at NatWest Bank N.A., Dresdner Bank AG and
Morris-Anderson & Associates Ltd. Mr. Gallagher has a B.A. cum laude in
history and economics from Fordham University, a J.D. with concentration in
taxation and labor relations from St. John's University School of Law and an
M.B.A. in finance and accounting from Columbia University Graduate School of
Business.
Mr. Puleo (63) currently serves as Director of Apollo Investment Company,
Commercial Industrial Finance Corp., Capital Markets Engineering & Trading
Holdings, LLC and SLM Corp. Mr. Puleo was for 29 years a partner at Millbank,
Tweed, Hadley & McCloy LLP where his practice focused on clients in the
financial services industry. He held the position of Co-Chair of the firm's
Global Finance Group and was a member of its Executive Committee. Mr. Puleo
has a B.S.E. degree from Princeton and a J.D. from the New York University
School of Law.
About Syncora Holdings Ltd.
Syncora Holdings Ltd. (OTC: SYCRF) is a Bermuda-domiciled holding company.
Syncora Guarantee Inc. and Syncora Capital Assurance Inc. are wholly owned
subsidiaries of Syncora Holdings Ltd. For more information, please visit
www.syncora.com.
Investor and media contact:
Michael Corbally
+1 212-478-3400
SOURCE Syncora Holdings Ltd.

Michael Corbally, Syncora Holdings, +1-212-478-3400