Syncora Guarantee Announces Resolution of GreenPoint Litigation

HAMILTON, Bermuda, Jan. 02, 2018 -- Syncora Holdings Ltd. ("SHL") today announced that its wholly owned, New York financial guarantee insurance subsidiary, Syncora Guarantee Inc. (“SGI”), together with other parties, has settled a dispute with GreenPoint Mortgage Funding, Inc. in relation to the GreenPoint Mortgage Funding Trust 2006-HE1 transaction.   

As a result of this settlement, SGI is expected to receive approximately $335 million in the first quarter of 2018 and up to an additional approximately $15 million over the remainder of the transaction.  As the amount expected to be received by SGI is in excess of the amounts carried primarily as salvage and subrogation recoverable on SHL’s GAAP financial statements, this settlement is expected to increase SHL’s 2017 GAAP net income by approximately $283 million.    

The financial effects of this settlement and other related disclosures will be described in SHL’s year-end 2017 consolidated GAAP financial statements and SGI’s statutory-basis financial statements included in its Annual Statement to be filed with the New York Department of Financial Services in February 2018.      

About Syncora Holdings Ltd.
Syncora Holdings Ltd. (OTC:SYCRF) is a Bermuda-domiciled holding company.  Syncora Guarantee Inc. is a wholly-owned subsidiary of Syncora Holdings Ltd.  For additional information, please visit www.syncora.com.

Contacts
Scott Beinhacker
Syncora Holdings Ltd.
(212)478-3400
[email protected]

Important Information and Forward Looking Statements
This press release contains statements about future results, plans and events that may constitute "forward-looking" statements.  We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release.  In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "comfortable with," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology.  Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control. These risks and uncertainties include, but are not limited to, the factors described in the Company's historical filings with the NYDFS, and in the Company's and Syncora Guarantee Inc.'s GAAP and statutory financial statements, as applicable, posted on its website at www.syncora.com.  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.