SCA Stellus Capital Investment Corporation

HAMILTON, Bermuda, Aug. 11 /PRNewswire-FirstCall/ -- Syncora Holdings Ltd. (NYSE:SCA) ("Syncora" or the "Company") announced today that beginning August 18, 2008, Claude L. LeBlanc, Executive Vice President, Corporate Development and Strategy, will serve as a special advisor to Syncora's Board of Directors, providing advisory services during the second phase of Syncora's restructuring efforts. Mr. LeBlanc will step down from his current position effective August 15, 2008 in order to allow him to focus on the second phase. "On behalf of the Board of Directors, I'd like to thank Claude for his committed service and for helping Syncora navigate through these challenging times. Claude was essential in the leadership and successful execution of the first phase of Syncora's restructuring. The Board of Directors believes Claude's involvement and counsel is critical to the next phase of the restructuring and we look forward to our continued working relationship with Claude," stated Michael P. Esposito, Jr., Syncora's Chairman of the Board of Directors. Mr. LeBlanc, 43, joined Syncora on November 16, 2006 from XL Capital Ltd where he served as Senior Vice President, Corporate Development and was a member of the Executive Management Group. Prior to joining XL Capital in 2002, Mr. LeBlanc held senior financial and operating roles with a North American telecommunications group, where in his last position he oversaw strategic and financial planning, corporate development and management of business operations. About Syncora Holdings Ltd. Syncora Holdings Ltd. is a Bermuda-domiciled holding company whose common shares are listed on the New York Stock Exchange (NYSE:SCA). Syncora Holdings Ltd. was formerly known as Security Capital Assurance Ltd. For more information please visit http://www.syncora.com/ . 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 efforts to refund Jefferson County Alabama's outstanding sewer system debt; the outcome of Syncora Holdings' negotiations with third parties concerning the restructuring of Syncora Holdings; the decision by the New York Insurance Department and the Bermuda Monetary Authority or other regulators to take regulatory action with respect to Syncora Holdings' operating subsidiaries at any time; recent and future rating agency statements and ratings actions; the outcome of our negotiations with the Financial Counterparties concerning the commutation, termination, amendment or otherwise restructuring of their credit default swap contracts; the Company's ability to successfully implement its strategic plan; 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; 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 derivatives; 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 credit default swap 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: Syncora Holdings Ltd. CONTACT: Investors, Frank Constantinople, +1-441-279-7450, , or Media, Michael Gormley, +1-441-279-7450, , both of Syncora Holdings Ltd. Web site: http://www.scafg.com/

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