Syncora Holdings Ltd. (fka SYCRF)

[DennyCrane550]

Financials:

http://www.syncora.com/?page_id=77






Key Highlights

• Net loss attributable to controlling interest of $(19.3) million as compared to $(125.7) million.
• Basic and diluted loss per common share of $(0.22) as compared to $(1.45).
• Non-GAAP operating loss of $(11.7) million as compared to $(123.5) million.
• Non-GAAP basic and diluted operating loss per common share of $(0.13) as compared to $(1.42).

• Adjusted Book Value of $524.3 million as of September 30, 2018 as compared to $609.3 million as of December 31, 2017.

• Adjusted Book Value per common share of $6.03 as of September 30, 2018 as compared to $7.02 as of December 31, 2017.

Nine Months Ended September 30, 2018 and 2017 - Financial Results:
• As of September 30, 2018, net retained par exposure was $1.0 billion as compared to $14.8 billion as of December 31, 2017, primarily as a
result of the closing of the reinsurance transaction with Assured Guaranty Corp. (“Assured”) effective June 1, 2018.

• Consolidated Below Investment Grade (BIG) net par exposure of $0.5 billion as of September 30, 2018 as compared to $1.2 billion as of
December 31, 2017, also primarily as a result of the reinsurance transaction.

• GAAP BIG Flag List Leverage Ratio decreased 0.28 from 0.71 as of December 31, 2017 to 0.43 as of September 30, 2018.
Retained Insured Portfolio:

After September 30, 2018, but prior to the date of this release, the Company:

• Received approval from the NYDFS for a net payment of $275 million on its long-term and short-term notes (including principal and accrued
interest) to be made on December 28, 2018.

• Received other income in the amount of approximately $38 million, primarily from the settlement of litigation.

• Commuted a $100 million international power and gas exposure.

• Entered into a transaction for the sale of certain of the Company’s private equity investments for gross proceeds of approximately $33
million, which is expected to result in a de minimis net income effect.