Security Capital Assurance Ltd.

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.

London-based Merrill Lynch International has filed a lawsuit against a subsidiary of Bermuda-based bond insurer Security Capital Assurance Ltd. in an attempt to enforce guarantees of up to $3.1 billion.MLI, which is incorporated in England and Wales, filed a complaint at the U. S. District Court for the Southern District of New York on March 19, 2008. Defendants are XL Capital Assurance Inc., which is incorporated and based in New York and a subsidiary of SCA, and XLCA Admin LLC, as Trustee for seven trusts, which are all based in New York. MLI is seeking declaratory judgments that guarantees from XLCA are "binding and enforceable".

XL Insurance Ltd. has been named as a defendant in two class action complaints filed in December concerning shares worth $300 million that it sold in another Bermuda firm, Security Capital Assurance Ltd., which has been ravaged by the subprime mortgage meltdown in the United States.