Syncora Holdings Ltd. (fka SYCRF)

[rockraider3]

Making Surplus payments is a good sign of things to come. It's one of the first building blocks of things that needed to happen on a path towards writing new business again. We were never going to get rated by an Agency, get listed on an exchange, or write new business until we get the NYDFS approval to make our required debt payments.

First, an important item described in our June 20 press release, I'm pleased to report that the NYDFS has approved a semi-annual payment of $27.5 million to our third-party surplus noteholders. This payment is consistent with the annual net payment of $55 million permitted in August 2016 and will be made in accordance with the terms of the surplus notes.

The approval by the NYDFS of the second payment on our surplus notes underscores our strong financial condition and is an indication of the success this company is having and its efforts to return value to our stakeholders.