Syncora Holdings Ltd. (fka SYCRF)

[DennyCrane550]

I need to read that MTA agreement. I bet that we cannot write business for another year. My understanding of these agreements is that the MTA will slowly build trust so that is what I am using in my assumption.

Writing new business says for both UNITS interesting enough Agree with you that I don't anticipate this for a while... need Credit Rating which takes like 60days etc I don't think Credit Ratings would quite yet sign off on SCAI... tho who knows,... but SGI would make sense to proceed eventually

PROVISIONS
REVISED
FOR
SEPARATE
VOTING
ONLY

Writing of New Business
(§5.13(a))


SGI


SCAI

Separate Voting

Improved allocation of consent rights between constituents

Improve Insurers’ Claims-Paying Ability




Full docs/table of contents >
syncora.com/reports/mta/syncoramta.pdf

Did I read that right that the company can buy upto $100M of preferreds/surplus notes. What are those selling at? If they were able to buy $100M of surplus notes today what would that do to the ABV?

SGI made a commitment of INTER COMPANY DEBT (LOAN) to SCAI of $100m (at increments of $20M) AS NEEDED @ 6.5% -- SCAI has not tapped it as far as we know. If they did it would be only first block/slug of $20M

SCAI doesn't need it but if it gets a little lower to say below $120 like it did last time when SGI gave it $30M at no INTEREST

Before new loans b/t SUBs was prohibited by Regulators + MTA (Creditors) -- Now NO LONGER

I can't see them... they don't float

ABV -- net net doesn't really effect

Fosters better way to deal with the 'bad bank' SCAI, get capital over time back to SGI which is main unit which over time could be dividend'd up to the HOLDCO (which COMMONS fully control/own outside of Reg/MTAs -- at the end of the day)