Syncora Holdings Ltd. (fka SYCRF)

[rockraider3]

A nice overview on changes in the book during the quarter:

I would like to now cover some highlights of our insured portfolio. As outlined on Slides 11 and 12 of the financial highlights deck, for the three months ended March 31, SHL reduced its total net par exposure by 12% to $18 billion. The reduction in total net par exposure was driven mainly by $1.8 billion in public finance refundings; $333 million in amortizations; and $274 million in terminations and commutations. The average internal rating of our portfolio was unchanged from year-end 2016 at BBB+ and total credit count decreased 13.3% from 819 credits as of December 31, 2016 to 710 credits as of March 31, 2017.

Our below investment grade credits or big exposures were $2.8 billion or 15% of Syncora's total insured portfolio as of March 31, 2017. In addition, our big flag list leverage ratio as shown on Slide 15 of the deck and defined as our big exposure divided by our claims paying resources decreased by 1% in total, which was driven by decreases in big exposures at SGI.