Syncora completes sale of its financial guarantee arm to Star Insurance

06-01-2020

Syncora Holdings has completed the sale of Syncora Guarantee, its wholly-owned, New York financial guarantee insurance subsidiary, to Star Insurance Holdings. 

Syncora anticipates distributing the net proceeds of the sale imminently, following the approval of a plan of liquidation by its board of directors and by its shareholders at a special general meeting expected to be held in January 2020. It will supplement this cash with a portion of its remaining liquid assets, which Syncora estimates will total approximately $415 million in the aggregate. It will make one or more subsequent liquidating distributions of its remaining assets to shareholders in the future.

A proxy statement containing additional information regarding the special general meeting, the plan of liquidation and certain US federal income tax considerations for US shareholders will be sent to shareholders in advance of the special general meeting.

Star Insurance is organised by GoldenTree Asset Management on behalf of its managed funds and accounts.

Syncora Holdings, Syncora Guarantee, Star Insurance Holdings

Bermuda Re