A subsidiary of Bermuda-domiciled Syncora Holdings Ltd., formerly Security Capital Assurance Ltd., is on the hook for $331 million regarding a financial guaranty policy issued to the recently-collapsed IndyMac Bank.Details are contained in a complaint that was filed by XL Capital Assurance, Inc., now called Syncora Guarantee, Inc., at the U. S. District Court for the Southern District of New York on June 27, 2008. IndyMac Bank FSB was later replaced as the sole defendant by the Federal Deposit Insurance Corporation after the latter was appointed conservator of the bank on July 11, 2008.
XL Capital Assurance faces potential $331 pay-out after collapse of IndyMac Bank
16 years ago
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Bermuda Insurance Listed Securities USAKeywords
Bermuda Insurance Market IndyMac Bank IndyMac MBS, Inc. Security Capital Assurance Ltd. Syncora Holdings Ltd.