HAMILTON, Bermuda, May 31, 2017 (GLOBE NEWSWIRE) -- Syncora Holdings Ltd. (“Syncora” or the “Company”) announced today that, as previously indicated, Frederick Hnat will assume the role of Chief Executive Officer and President, and will be appointed to the Company’s Board of Directors, effective today, upon Susan Comparato’s resignation from these positions and as a director of the Company to pursue other opportunities. Ms. Comparato will continue to provide consulting services to Syncora, on an as needed basis, as provided by the terms of her separation agreement. The Chief Operating Officer position, previously held by Mr. Hnat, will not be filled.
Michael P. Esposito, Jr., Syncora’s Chairman, said, “The Board is very grateful to Susan for her many years of outstanding and dedicated service, leading Syncora through some of its most challenging times. We wish her all the best in her future endeavors. We are confident that Fred is the right leader for the Company’s next phase, with the experience and capability to drive our business forward. We look forward to working with him as we execute on our strategic initiatives to see Syncora meet its potential for delivering value to all of our stakeholders.”
About Syncora Holdings Ltd.
Syncora Holdings Ltd. (OTC:SYCRF) is a Bermuda-domiciled holding company. Syncora Guarantee Inc. and Syncora Capital Assurance Inc. are wholly-owned subsidiaries of Syncora Holdings Ltd.
Forward Looking Statements
This 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 filing with the New York Department of Financial Services, and in the Company’s, Syncora Guarantee Inc.’s and Syncora Capital Assurance 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.