Security Capital Assurance Ltd Announces Workforce Reductions
March 26 2008 - 9:15AM
PR Newswire (US)
Reduces Cost Structure, Aligns Resources with Current Operating
Needs HAMILTON, Bermuda, March 26 /PRNewswire-FirstCall/ --
Security Capital Assurance Ltd (NYSE:SCA) ("SCA") announced today
that it will reduce its workforce by approximately 60 positions.
The reductions are focused largely on the insurance business
origination staff and are intended to reduce long term operating
costs and align resources with current needs. "Decisions such as
this one are always difficult, but as we are not writing new
business at this time, today's action was necessary," stated Paul
Giordano, SCA's president and chief executive officer. "Our action
today is consistent with our recently described plans, and we
intend to treat our employees as fairly as we can under the
circumstances. I am grateful for all the hard work and dedication
of our employees, and for their continued professionalism in this
very difficult environment." About Security Capital Assurance Ltd
Security Capital Assurance Ltd is a Bermuda-domiciled holding
company whose common shares are listed on the New York Stock
Exchange (NYSE:SCA). For more information please visit
http://www.scafg.com/. Contact: Investors Frank Constantinople +1
441-279-7450 Media Michael Gormley +1 441-279-7450 Michele
Loguidice +1 212-333-3810 FORWARD-LOOKING STATEMENTS This release
contains statements about future results, plans and events that may
constitute "forward-looking" statements within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. You are cautioned that these statements are not
guarantees of future results, plans or events and such statements
involve risks and uncertainties that may cause actual results to
differ materially from those set forth in these statements.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's control.
These factors include, but are not limited to: the outcome of the
ongoing rating assessments for SCA and its subsidiaries and for all
bond insurers, generally, by Fitch, Moody's and S&P, the
outcome of the Company's discussions with Fitch, Moody's and
S&P, and the Company's ability to successfully address any
capital requirements within required timeframes; the impact of the
recent ratings actions on SCA's operating subsidiaries announced on
March 4, 2008 by Moody's, February 25, 2008 by S&P, and January
23, 2008 by Fitch, including the downgrades of the IFS ratings of
XLCA, XLCA-U.K. and XLFA; higher risk of loss in connection with
obligations guaranteed by the Company due to recent deterioration
in the credit markets stemming from the poor performance of
subprime residential mortgage loans; the suspension of writing
substantially all new business and the Company's ability to
continue to operate its business in its historic form; the
development and implementation of a strategic plan; developments in
the world's financial and capital markets that adversely affect the
performance of the Company's investments and its access to such
markets; the performance of invested assets, losses on credit
derivatives or changes in the fair value of credit default swaps;
the availability of capital and liquidity; the timing of claims
payments and the receipt of reinsurance recoverables; greater
frequency or severity of claims and loss activity including in
excess of the Company's loss reserves; changes in the Company's
reinsurance agreements with certain of its subsidiaries; the impact
of provisions in business arrangements and agreements triggered by
the ratings downgrades; the impact of other triggers in business
arrangements including CDS contracts; changes in regulation, tax
laws, legislation or accounting policies or practices; changes in
officers; general economic conditions; changes in the availability,
cost or quality of reinsurance or retrocessions; possible downgrade
of the Company's reinsurers; possible default by the counterparties
to the Company's reinsurance arrangements; the Company's ability to
compete; changes that may occur in Company operations and ownership
as the Company matures; and other additional factors, risks or
uncertainties described in Company filings with the Securities and
Exchange Commission, including in the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 2007, and also
disclosed from time to time in subsequent reports on Form 10-Q and
Form 8-K. Readers are cautioned not to place undue reliance on
forward-looking statements which speak only as of the date they are
made. The Company does not undertake to update forward-looking
statements to reflect the impact of circumstances or events that
arise after the date the forward-looking statements are made.
DATASOURCE: Security Capital Assurance Ltd CONTACT: Investors,
Frank Constantinople, +1-441-279-7450, , or Media, Michael Gormley,
+1-441-279-7450, , or Michele Loguidice, +1-212-333-3810, , all of
Security Capital Assurance Ltd Web site: http://www.scafg.com/
Copyright
Stellus Capital Investment (NYSE:SCA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Stellus Capital Investment (NYSE:SCA)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Stellus Capital Investment Corporation (New York Stock Exchange): 0 recent articles
More Security Capital Ass News Articles