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Syncora Holdings Ltd. Announces Interim GAAP Consolidated Financial Results for the Six Months Ended June 30, 2017

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HAMILTON, Bermuda, Aug. 14, 2017 (GLOBE NEWSWIRE) -- Syncora Holdings Ltd. ("SHL" or the "Company"), a Bermuda holding company whose subsidiaries primarily provide financial guarantee insurance and reinsurance, today reported financial results for the six months ended June 30, 2017.


Syncora Holdings Ltd.
Summary Results of Consolidated Operations
Six Months Ended June 30, 2017 and 2016
(U.S. dollars in millions, except per share amounts)
          2017       2016       2017       2016  
  (Actual)   (Actual)   (Pro Forma)   (Pro Forma)
 
Net premiums earned $   27.4     $   26.5     $   27.4     $   26.5  
Net investment income     23.5         23.2         23.5         23.0  
Net realized losses on investments     (9.8 )       (12.1 )       (9.8 )       (12.1 )
Net loss on insurance cash flow certificates     (16.7 )       (31.9 )       (16.7 )       (31.9 )
Net earnings (loss) on credit default and other swap contracts     3.1         (28.4 )       3.1         (28.4 )
Net losses (recoveries) and loss adjustment expenses     41.9         (91.4 )       41.9         (91.4 )
Operating expenses     31.3         44.2         21.4         34.8  
Income from discontinued operations on a pro forma basis     -          -          6.0         6.7  
Net (loss) income attributable to controlling interest $   (69.5 )   $   8.5     $   (62.6 )   $   8.5  
GAAP basic and diluted (loss) income per common share $   (0.80 )   $   0.15     $   (0.72 )   $   0.15  
                 
Non-GAAP operating (loss) income (1) $   (33.0 )   $   81.2     $   (26.1 )   $   81.2  
Non-GAAP basic and diluted operating (loss) income per common share (1) $   (0.38 )   $   1.44     $   (0.30 )   $   1.44  
GAAP and Non-GAAP basic and diluted earnings per common share from discontinued operations (1) (2) $   -      $   -      $   0.07     $   0.12  
Basic and diluted weighted average common shares outstanding     86.7         56.3         86.7         56.3  
                 
     As of     As of     As of     As of 
     June 30,     December 31,     June 30,     December 31, 
      2017       2016       2017       2016  
    (Actual)   (Actual)   (Pro Forma)   (Pro Forma)
                 
Adjusted Book Value (1) $   436.0     $   484.1     $   442.9     $   484.1  
Common shares outstanding at end of period     86.8         86.6      
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